Companies Reporting: Berkeley, Persimmon, Halma, L&G

Our regular look at the FTSE 350 and other companies reporting from 10 – 14 March.

• Persimmon shows signs of recovery with positive momentum into 2025
• Legal & General shakes up US business
• Can Halma keep the positive momentum going?
• Berkeley Group looking to keep its full-year profit target on track

Persimmon, Full Year Results, Tuesday 11 March

Aarin Chiekrie, equity analyst, Hargreaves Lansdown: Since Persimmon LON:PSN already provided a sneak peek into its performance back in January, next week’s full-year results are unlikely to bring many surprises. Investors already heard that sales rates rebounded sharply last year due to increased buyer demand. And better-than-expected completion volumes saw 2024 pre-tax profits guided towards the top end of its £349-390mn target range, marking a return to growth after two years of declines.

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The main focus will be on the outlook for 2025 though, with markets expecting further growth in pre-tax profits to around £430mn. Build cost inflation is on the rise again, but thanks to Persimmon’s in-house materials businesses, this impact should be limited to low single digits. And with Persimmon’s houses typically being priced more than 20% below the national average, markets expect to see demand hold up relatively well even if the current affordability pressures persist.

Legal & General, Full Year Results, Wednesday 12 March

Susannah Streeter, head of money and markets, Hargreaves Lansdown: Legal & General’s LON:LGEN annual results come as the company has just shaken up its US business. It’s selling its US insurance entity to longstanding partner Meiji Yasuda for a total value of £1.8bn, which will also have a 20% interest in the US pension risk transfer business. This is the latest strategy shift from the CEO and investors will be keen to find out what else might be on the way after some substantial changes last year. Focus is likely to be on how the Asset Management division can become more streamlined and in particular, help nudge forward a turnaround for the investment management arm which has had a disappointing performance recently.

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Halma, Full Year Trading Statement, Thursday 13 March

Matt Britzman, senior equity analyst, Hargreaves Lansdown: Halma’s LON:HLMA a steady and well-run business that may not grab headlines but delivers consistent results. Next week’s trading update will shed light on whether mixed market conditions are having any impact on the relatively positive outlook for the year. There’s no specific guidance for organic revenue growth, but with an 11.5% rise at the half-year mark, investors will be hoping to see the momentum continue. The Healthcare segment is worth keeping an eye on, with early signs of improvement coming through at the half-year mark after a period of softness.

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Acquisitions are a key part of the strategy so updates on the integration of those already bought, plus the pipeline of potential new deals, will be key. Halma has a strong history of making attractive bolt-on acquisitions and that’s a trend that investors expect to continue.

Berkeley Group, Q3 Trading Statement, Friday 14 March

Aarin Chiekrie: Berkeley Group LON:BKG will be the last major UK housebuilder to give an update on performance in 2025. The general trend among peers is that market forecasts have been too optimistic as limited house price movements, and the return of modest build cost inflation, have put pressure on profitability in the sector.

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Industry data points toward demand in London remaining broadly stable in the period. Given Berkeley’s focus in the capital and higher-end product, with an average sale price of £600,000, the group offers something different from the other large builders. However, buyer preferences did shift towards slightly cheaper properties in the first half, and analysts are keen to see whether that trend continued when the group gives its third-quarter update next week.

Berkeley’s currently guiding for pre-tax profits to fall around 6% to £525mn this year, and investors are cautiously optimistic that this target remains within reach despite ongoing affordability challenges for buyers.

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