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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:
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Full Year Results

Pennon Group*

Trading Statement


A G Barr

Full Year Results


Full Year Results


Half Year Results

Fevertree Drinks*

Full Year Results

Flutter Entertainment

Full Year Results

John Wood Group

Full Year Results


Q1 Trading Statement

Petershill Partners

Full Year Results

Smiths Group

Half Year Results


Half Year Results

WAG Payment Solutions

Full Year Results



Q1 Results

Endeavour Mining

Full Year Results

Ithaca Energy

Full Year Results


Full Year Results


BBGI Global Infrastructure

Full Year Results

International Public Partnerships

Full Year Results


No FTSE 350 Reporters

*Events on which we will be updating investors

Will Carnival’s forward bookings be strong enough to raise guidance?

Carnival’s first-quarter results will reveal whether the strong financial progress seen in 2023 has continued. Strong booking momentum seen in the final quarter last year means there’s not much expectation of any slippage. The three months to February is traditionally the cruise ship operator’s quietest period. So most of the heavy lifting required to meet the full-year underlying cash profit (EBITDA) guidance of around $5.6bn is likely still to be done over the remainder of the year.

Consensus forecasts expect EBITDA to land at a little over $0.8bn in the first quarter, so management will need to see further evidence of solid forward bookings to raise expectations for 2024, especially against a backdrop of rising fuel prices. Given the seasonality, we’re unlikely to see much movement in the company’s net debt pile which totalled $28.2bn at year-end. And for now, it’s doubtful that a return to the dividend list will be on the horizon.

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Can Fevertree keep profit margin guidance on track?

Fevertree’s recent performance hasn’t given investors much to celebrate. We’ve already heard that full-year revenue came in below prior market expectations, rising by around 6% to £364.4mn, ignoring exchange rates. This was largely driven by a 24% uplift in US sales which more than offset a 1% decline in the UK. The company’s also flagged that trading across Europe remains challenging, which means the US will need to continue picking up the slack moving forward.

The group’s also hinted that underlying cash profits (EBITDA) will come in at around £30mn when full-year results are announced next week. That’s right at the bottom end of its previously lowered £30-36mn guidance. On the bright side, locked-in energy prices and improving efficiencies are adding weight to group expectations that cash profit margins can nearly double to around 15% in 2024. Any tweaks to this guidance next week will be a key driver of market sentiment.

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Ocado retail hopes to show further improvement in customer numbers

Ocado Retail, half owned by M&S, has been in the papers lately thanks to a public spat about payments between the two companies. But for now, nothing has officially changed about the relationship. With that in mind, we’ll be looking out for business as usual in next week’s retail trading update.

Last year, the division saw revenue rise 7%, as higher prices offset a reduction in the number of items being bought. With grocery inflation tempering, we’re interested to see how performance has developed.

We’ll also have a keen eye on active customer numbers. These were up almost 6% last year, and are an important barometer for future demand.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. 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.

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. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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Article history
Published: 22nd March 2024