Next week on the stock market

Airbus is set to report first-quarter results next week, and we’re keen to hear just how much turbulence tariffs are causing. Guidance to deliver around 820 commercial aircraft in 2025 disappointed markets at the time. And as expected, early news flow indicates that first-quarter deliveries have got off to a slow start. Tariffs are likely to weigh on production throughout the supply chain, so we wouldn’t be surprised if the delivery target gets lowered at some point in the year.

We’re also keen to hear how the Defence and Space division is doing. This has been a major source of pain in recent times, but recent write-downs and operational changes look to be the reset needed. And with Europe looking to ramp up its defence spending in the coming years, Airbus will be hoping to benefit from the shifting landscape. While there’s no guarantee, we’re keen to get an update from management on the outlook for demand here.

Associated British Foods is hoping to improve performance at Primark.

We’ll be paying close attention to Associated British Foods’ (ABF) first-half results next week. The spotlight’s on Primark after it reported a drop in revenue and market share in the UK over the crucial Christmas period. While overseas growth helped to offset this, we’ll be keeping an eye out for any further signs of struggle. Especially amidst the growing economic uncertainty stemming from recent US tariff policy. Whether the recently lowered full-year guidance of low single-digit revenue growth remains on track will be a key metric to watch.

ABF also has a host of other food and commodity businesses under its wing to help diversify revenue streams. But it’s the Sugar division that has really caught headlines recently. A sharp fall in sugar prices is set to see underlying operating profits in this cyclical business more than halve from £199mn to between £50-75mn this year.

Persimmon’s sitting on solid ground in early 2025.

Persimmon looked to be sitting on fairly solid ground last we heard, reporting double-digit revenue and profit growth in 2024. Recent industry data and reports from peers have been positive, with demand holding up well. That’s underpinning the group’s expectation to complete more homes this year, somewhere in the 11,000-11,500 range – up around 5.5% at the midpoint.

Being a UK-focused name, US-led tariffs are expected to have little direct impact on Persimmon. Helped by improved buyer demand and a tight grip on costs, further improvements in profitability are expected this year. Markets are still pointing to full-year pre-tax profit growth of around 14% to £433mn, and we’re keen to hear just how much progress has been made towards this benchmark when first quarter results are released next week.