Among those currently scheduled to release results next week:
20-Jul | |
|---|---|
Big Yellow Group | Q1 Trading Statement |
21-Jul | |
|---|---|
Compass Group | Q3 Trading Statement |
Kier Group | Full Year Trading Statement |
Mitie Group | Q1 Trading Statement |
MONY Group | Half Year Results |
Wickes | Half Year Trading Statement |
22-Jul | |
|---|---|
Alphabet* | Q2 Results |
Fresnillo | Half Year Production Report |
Greencore | Q3 Trading Statement |
Hochschild Mining | Q2 Production Results |
J D Wetherspoon* | Q4 Trading Statement |
Tesla* | Q2 Results |
23-Jul | |
|---|---|
3i | Q1 Trading Statement |
Airtel Africa | Q1 Results |
AJ Bell | Q3 Trading Statement |
Anglo American | Q2 Production Report |
BT* | Q1 Results |
Centrica* | Half Year Results |
CVS Group* | Full Year Trading Statement |
Howden Joinery | Half Year Results |
Jupiter Fund Management | Half Year Results |
Morgan Sindall | Half Year Results |
Relx* | Half Year Results |
24-Jul | |
|---|---|
discoverIE | Trading Statement |
Verizon* | Q2 Results |
Margin pressure and investment plans in focus for CVS Group
Back in March, CVS Group guided to full-year growth of around 6% in both revenue and underlying cash profit (EBITDA), to roughly £713mn and £142mn, respectively. Ahead of next week’s full-year trading update, consensus forecasts have edged up slightly on the top line, and profit estimates now sit closer to £141mn. That points to a modest fall in margins from last year, which would be understandable given the profit pressures likely facing the core UK business.
Since then, CVS Group has refinanced its debt and set out ambitious investment plans, with £30mn earmarked each year for internal investment and £50mn available for acquisitions of Australian veterinary practices. We’ll be keen to hear how those funds are being put to work, alongside any update on the search for a successor to CEO Richard Fairman.
Tesla looks to turn delivery rebound into sustained profit growth
Tesla heads into second-quarter results with deliveries back on the rise, but the bigger question is how much of that recovery has reached the bottom line. Lower prices, customer incentives and a less profitable sales mix may have helped get more cars onto driveways, and rising investment in areas such as AI, autonomy and robotics continues to push up costs. That leaves investors looking beyond the headline delivery number for evidence that vehicle margins are stabilising and the core car business is regaining some earnings power.
Earnings-per-share estimates have moved higher since the strong delivery number, now sitting at $0.50 for the second quarter. But Tesla’s lofty valuation is built on hopes that it can become much more than a carmaker, meaning progress on self-driving technology, robotics and energy carries more weight. Commentary on pricing, spending and demand for the rest of the year will be key, but the real test is whether today’s investment can support a more convincing profit recovery in 2027 as new product lines come online.
Centrica set to deliver a hot-and-cold first-half performance
British Gas owner Centrica had a hot-and-cold start to the year. A better-than-expected performance in its Infrastructure business saw the group upgrade the division’s full-year underlying cash profit guidance above its prior £500-650mn target range. But warmer weather saw fewer retail customers turn on the heating early in the year, causing full-year underlying Retail cash profit guidance to be downgraded to the bottom end of its £500-800mn target range.
The net impact is that total first-half underlying cash profits are expected to decline by around 14% to £777mn when results are released next week. With oil prices back on the rise, that could be a positive for Centrica. The group typically benefits from higher energy prices, and it should help support profitability over the second half.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss. Yields are variable and not guaranteed.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.
