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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, including Berkeley, Greggs and Ibstock.

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Among those currently scheduled to release results next week:

  • How solid are Berkeley’s foundations?
  • With costs soaring, will Greggs have room for profit growth?
  • Can Ibstock deal with a material slowdown in the housing market?

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FTSE 100, FTSE 250 and selected other stocks scheduled to report next week:

06-Mar
Clarkson Full Year Results
07-Mar
Ashtead* Q3 Results
Fresnillo Q4 Results
Greggs* Q4 Results
IWG Full Year Results
Just Group Full Year Results
Keller Group Q4 Results
08-Mar
Admiral* Full Year Results
Bakkavor Full Year Results
CLS Holdings Full Year Results
Darktrace Half Year Results
F&C Investment Trust Full Year Results
Hiscox Full Year Results
Hill and Smith Q4 Results
Ibstock* Full Year Results
IP Group Full Year Results
Legal & General* Full Year Results
Quilter Full Year Results
Spirent Communications Full Year Results
Tullow Oil Full Year Results
09-Mar
Aviva* Full Year Results
ConvaTec Full Year Results
Digital 9 Infrastructure Q4 Results
Domino's Pizza Full Year Results
DS Smith* Q3 Trading Statement
Entain* Full Year Results
Hammerson Full Year Results
Harbour Energy Full Year Results
Informa Full Year Results
Network International Holdings Q4 Results
M&G* Full Year Results
PageGroup Full Year Results
Spirax-Sarco Full Year Results
Volution Group Half Year Results
10-Mar
Berkeley Group Holdings* Trading Statement

*Events on which we will be updating investors.

Berkeley – Aarin Chiekrie, Equity Analyst

Berkeley’s performance has held up relatively well given the vast number of challenges the sector is facing. We’re keen to hear how things are progressing in next week’s trading update. In its half year results, which covered 6 months of trading to the end of October 2022, reservation rates were 2% ahead of the same period last year. And forward sales, which reflect sales due to complete within the next three years, also rose 7% to £2.3bn.

But we’ve seen signs that the foundations may be beginning to show some weakness. Compared to the first 5 months, trading was down around 25% during the last five weeks of this period, reflecting the challenging environment housebuilders find themselves in. Recession fears, double-digit inflation and rising interest rates are a potent mix, one which has been tough for buyers to stomach. The group’s higher-end, London focus means it offers something different to other large builders. But that doesn’t mean they’re immune to wider trends. We could see the group’s average selling prices fall next week, and this could cause a spot of bother for the group if margins get squeezed.

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Greggs – Matt Britzman, Equity Analyst

Markets have already had a taster on what to expect in full year results, with Greggs’ January trading statement pointing to a strong end to the year. Despite headwinds from bad weather and strikes, momentum continued over the fourth quarter and full year like-for-like sales rose almost 18%. Costs have soared over the year so we’re expecting pretty much all that top line growth to be eaten up, with profits posting a small gain.

We’re expecting material cost inflation to continue into 2023, but remain somewhat optimistic that further rises in staff and food input costs may start to simmer as we lap high base levels. Energy remains an unknown, and the benefit of hedged prices will begin to roll back as we move through the year. That’s unlikely to cause any major disruption to the ongoing plan of rolling out new stores, extending opening hours and pushing the growing online offering.

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Ibstock – Aarin Chiekrie, Equity Analyst

Ibstock manufactures clay and concrete building products, so the group gets paid as long as houses are being built and refurbished. Against a backdrop of a deteriorating outlook for housebuilders, we’re keen to see if next week’s results show any sign of trouble.

After two guidance upgrades in as many trading statements, Ibstock has been weathering the storm better than expected recently. Input cost inflation has been mostly offset by price increases so far, leading to expectations that full-year revenue will jump around 25% to £510m, even despite a fall in fourth quarter sales volumes.

Management’s also spent much of the last year shoring up the balance sheet, putting the group in a much stronger financial position. But demands on cash are not insignificant – rising investment in brick factories, share buybacks and dividend payments to name a few. And as interest rates rise and inflation lingers in double digits, the recent fall in construction activity could spell trouble for the materials-maker. Next week’s detailed full-year results should give us a better idea of how the balance sheet’s holding up.

See the Ibstock share price, charts and our latest view

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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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Written by
Aarin Chiekrie
Aarin Chiekrie
Equity Analyst

Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.

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Article history
Published: 3rd March 2023