Companies Reporting: Prudential, M&G, Wetherspoons

Our regular look at the FTSE 350 and other companies reporting from 17 – 21 March.

• Prudential expects to deliver healthy new business profit
• Can M&G get net flows moving in the right direction?
• JD Wetherspoon profitability in focus as group braces for higher labour costs

Prudential, Full Year Results, Wednesday 19 March

Matt Britzman, senior equity analyst, Hargreaves Lansdown: Asian insurance giant, Prudential LON:PRU, expects to deliver 9-13% growth in new business profit next week when it reports full-year results. Hong Kong and China are key markets, and markets expect the former to see continued sales growth as Prudential dials in on customer experience, with profits benefitting from price actions.

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In China, where Prudential largely operates through a joint venture, a shift toward higher-margin products weighed on sales growth early in the year. Momentum was improving last investors heard, and analysts expect to see those changes contribute to top and bottom-line growth in the final quarter.

There’s plenty of positive momentum coming into results, so there will be pressure to deliver. China’s economic story and whether stimulus measures work will be key for sentiment and performance as we move through 2025.

M&G, Full Year Results, Wednesday 19 March

Matt Britzman: M&G LON:MNG offers a range of products, but asset and wealth management are the core focus, with plans underway to increase their weighting to around 50% of group profits. Next week’s full-year results should show continued progress in these two areas, with momentum building, but investors will have one eye on net flows. M&G has struggled to attract and retain capital, especially from larger institutions.

Aside from the main event, markets are keen to hear any updates on plans in the Bulk Annuity market, where M&G has recently dipped its toes back in the water after being absent for the better part of a decade. It’s a market that’s seen improving conditions of late, but it eats up a lot of capital, so there’s interest in how M&G plans to weigh up expansion in the space with shareholder returns, which of course are not guaranteed.

JD Wetherspoon, Half Year Results, Friday 21 March

Derren Nathan, head of equity analysis, Hargreaves Lansdown: JD Wetherspoon LON:JDW is all set to report its half-year results next week. Like-for-like (LFL) sales growth should land close to 5.1% with momentum slowing in the second quarter, despite a strong festive period. Investors will be keen to hear if growths picked up again so far in the second half after consumer confidence showed some feint signs of improvement.

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Profitability and cost control will be a key focus, with annual labour costs expected to rise around £60mn from April in the wake of Rachel Reeves’ first Budget. Together, that should give some clue as to whether the pub group is on track to hit consensus forecasts, which expects a 2.7% rise in operating profit, to £143.3mn, this year. Markets will also want some colour on the direction of the dividends which returned after the final results for the first time since the pandemic.

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