Among those currently scheduled to release results next week:
17-Nov | |
|---|---|
Big Yellow Group | Half Year Results |
Ninety One | Half Year Results |
Sirius Real Estate | Half Year Results |
18-Nov | |
|---|---|
Capital Gearing Trust | Half Year Results |
Diploma | Full Year Results |
FirstGroup | Half Year Results |
Great Portland Estates | Half Year Results |
Greencore Group PLC | Full Year Results |
Imperial Brands* | Full Year Results |
Intermediate Capital Group | Half Year Results |
TwentyFour Income Fund | Half Year Results |
19-Nov | |
|---|---|
British Land* | Half Year Results |
NVIDIA* | Q3 Results |
Sage Group | Full Year Results |
Severn Trent | Half Year Results |
Smiths Group | Q1 Trading Statement |
Workspace Group | Half Year Results |
20-Nov | |
|---|---|
Breedon Group | Q3 Trading Statement |
CMC Markets | Half Year Results |
Grainger | Full Year Results |
Halma | Half Year Results |
Investec | Half Year Results |
JD Sports Fashion* | Q3 Trading Statement |
Johnson Matthey | Half Year Results |
LondonMetric Property | Half Year Results |
Mitie Group | Half Year Results |
Partners Group | Q3 Results |
PayPoint | Half Year Results |
Pershing Square Holdings | Q3 Results |
XPS Pensions Group | Half Year Results |
21-Nov | |
|---|---|
Babcock International Group | Half Year Results |
Imperial Brands lights up with strong pricing amid declining volumes
Imperial Brands reports full-year results next week. Management recently confirmed that the company’s on track to deliver underlying revenue growth in the low single digits. Underlying operating profits is expected to increase at a similar pace to the 4.6% seen last year. Market consensus aligns with this outlook, forecasting revenues of £9.6bn and operating profit of £4.2bn.
This reflects efforts to successfully navigate the ongoing decline in cigarette volumes through strategic pricing. The group’s robust pricing has helped to offset volume declines, which have moderated across most regions, while sales of Next Generation Products such as vapes and nicotine pouches have grown about 13%. Given their relatively small contribution we’d like to see growth accelerate before calling out this category as a driver of future profit growth.
Imperial’s cash generation supports generous payouts to shareholders, who will be keen for a progress update on this year’s targeted returns of £1.25bn.
Nvidia bubble fears meet big expectations
For the first time in several quarters, Nvidia enters earnings with sentiment under pressure. Shares have softened on concerns of an AI bubble and the reality that China sales are unlikely to rebound soon. Still, the underlying picture remains strong, with third-quarter revenue expected near the top end of guidance at around $55bn - and scope for an upside surprise.
Attention will also turn to guidance for the fourth quarter and any colour on 2026. CEO Jensen Huang recently flagged $500bn worth of orders on the books, and investors will be keen for clarity on timing, which could imply material upside to current forecasts. With plenty of nervousness in the air, strong results from Nvidia could be the perfect catalyst to reignite the AI flame.
The author holds shares in NVIDIA.
JD Sports chases a second-half rebound
JD Sports' first-half results revealed some challenges beneath headline growth figures. On the face of it, total revenue growth of 20% sounds great, but this was driven entirely by recent acquisitions. Underlying performance told a different story, with like-for-like sales falling by 2.5% driven by declines across all regions. Despite this, management kept its full-year pre-tax profit guidance broadly flat at £878mn, implying a significant improvement over the second half.
Next week’s third-quarter numbers will be key in proving whether trading momentum has genuinely turned a corner. We’ll be watching closely for signs of stabilisation in the US market, which has struggled recently due to a weak macroeconomic backdrop, delays in product launches, and intense discounting from competitors.
Trading in the UK and Europe has also been subdued, with last year’s numbers getting a foot up from the men’s 2024 Euros. Comparisons on this side of the Atlantic should get easier from here, but there’s a lot of pressure to deliver. Meeting full-year guidance will be challenging, and we wouldn’t be surprised if the group falls just short of its target.
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