Companies Reporting: Bunzl, Carnival

Our regular look at the FTSE 350 and other companies reporting from 16 – 20 December.

• Is Bunzl still on track for full-year guidance?
• Carnival cruises to full year and into 2025

Bunzl, Trading Statement, Tuesday 17 December

Matt Britzman, senior equity analyst, Hargreaves Lansdown: Bunzl’s trading statement next week will shed light on how the final quarter has shaped up and confirm whether the group is still on track for a ‘strong increase’ in underlying operating profit this year. Acquisitions are expected to do all the heavy lifting on the top line this year, with underlying revenue on track for a small decline.

• Three Quick Facts: SSE, Smiths, Babcock
• Three Quick Facts: Phoenix, TI Fluid Systems, Playtech

Management’s outlook for 2025 will be of interest, particularly any comments on pricing, which has been a recent challenge. Volume trends will be another focal point, especially in the key North American market, where continued positive momentum would be a welcome sign.

Carnival, Full Year Results, Friday 20 December

Derren Nathan, head of equity research, Hargreaves Lansdown: With Carnival’s peak summer period now behind it, the final quarter is unlikely to steer the cruise company too far from delivering its full-year targets. After a record third quarter, guidance for underlying cash profit (EBITDA) was raised from $5.8bn to $6.0bn. The early signs for bookings and pricing in 2025 were also strong, so look out for whether the Trump bump in the key US market has provided a further boost.

• Three Quick Facts: SSE, Smiths, Babcock
• Three Quick Facts: Phoenix, TI Fluid Systems, Playtech

Continuing weakness in the oil price also sets a helpful scene for 2025. That’s just as well, given the relatively slow progress in reducing the net debt mountain accumulated during the pandemic. Forecasts suggest an annual decline of just 3% to $27.3bn, so it’s little surprise that analysts aren’t pencilling in a return to dividend payments until 2027 at the earliest.

This article has been brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

FTSE 100, FTSE 250 and selected other companies scheduled to report