Among those currently scheduled to release results next week:
20-Apr |
|---|
No FTSE 350 Reporters |
21-Apr | |
|---|---|
Associated British Foods* | Half Year Results |
BHP Group | Q3 Operations Update |
British Land* | Full Year Trading Statement |
IntegraFin Holdings | Q2 Trading Statement |
Jupiter Fund Management | Q1 Trading Statement |
Rio Tinto | Q1 Operations Update |
22-Apr | |
|---|---|
Aberdeen Group | Q1 Trading Statement |
Bunzl | Q1 Trading Statement |
Croda* | Q1 Trading Statement |
Fresnillo | Q1 Production Update |
GB Group | Full Year Trading Statement |
Hochschild Mining | Q1 Production Update |
Intuitive Surgical* | Q1 Results |
Quilter | Q1 Trading Statement |
Reckitt Benckiser* | Q1 Trading Statement |
Tesla* | Q1 Results |
23-Apr | |
|---|---|
ASOS* | Half Year Results |
Hikma Pharmaceuticals | Trading Statement |
J Sainsbury* | Full Year Results |
LSEG* | Q1 Trading Statement |
Man Group | Q1 Trading Statement |
RELX* | Q1 Trading Statement |
SEGRO | Q1 Trading Statement |
WH Smith | Half Year Results |
24-Apr | |
|---|---|
Mondi | Q1 Trading Statement |
Mid-teens sales growth expected for Intuitive Surgical’s first quarter
Market forecasts are looking for Intuitive Surgical to deliver first quarter sales growth of 16% to $2.6bn next week, a reasonable clip faster than the 14% forecasted for the full year. Surgical procedures using the company’s flagship da Vinci platform is another key metric to monitor, where full-year guidance points to growth of 13-15%, which we think is a little on the light side. The guidance range for the increase in underlying operating expenses is a little wider at 11-15%, and given the inflationary pressures in today’s economy, we’re keen to get a further update.
Utilisation is a key driver of procedure growth. In particular, we’ll want to hear how early adoption for recently approved cardiac procedures is tracking. But it’s system placements that drive expansion of the company’s installed base. Placement growth for da Vinci was healthy last year, but momentum in system sales for the Ion Robotic lung biopsy platform slowed, and we’ll be looking out for any changes to these trends.
Associated British Foods still weighing up Primark spin-off
Trading at Associated British Foods’ (ABF) crown jewel, Primark, has been mixed, with like-for-like sales growth in the UK being more than offset by weakness in continental Europe. Meanwhile, most of its food businesses posted low single-digit sales declines. That saw ABF downgrade its full-year underlying operating profit guidance, which is now expected to fall below last year’s level of £1.7bn. Due to the conflict in Iran, oil, fertiliser, and freight prices have since soared, and we’ll be watching whether the profit outlook has worsened further when ABF reports first-half results next week.
Given the cyclical nature of its food businesses, the group’s considering spinning off Primark. We’re supportive of the potential move, viewing it as a way to sharpen management’s focus and unlock value for shareholders. There’s no deadline for making a decision, but we currently view it as more likely than not.
J Sainsbury looks on track to hit full-year profit targets
Sainsbury’s grocery sales continued to impress in the third quarter, rising 5.4% as it gained market share from the competition. The group’s doing a great job of improving its products, value perception, and innovation more generally, which has helped sales of its premium Taste the Difference range grow by an impressive 15%. However, its general merchandise and Argos divisions were a small drag on performance. Given that these areas are more discretionary than food sales, the picture could get tougher in the coming year if oil prices remain elevated, squeezing consumers’ budgets.
Looking ahead to next week’s full-year results, top-line growth alongside efficiency improvements should be enough to offset rising employment costs. And with an all-out price-war between the grocers failing to materialise, we think guidance for underlying retail operating profit of more than £1.0bn looks well within reach.
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