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Here’s our regular look at the FTSE 350 and a selection of other companies reporting from 29 November to 3 December 

  • Any comments on recovery will be on our minds at easyJet
  • Future looks to sell a compelling long-term story amid the disruption of major acquisitions
  • Pennon looks to deliver an uneventful set of numbers despite some structural disruption
  • West End property owner Shaftesbury in the spotlight

easyJet [LON:EZJ], Full Year Results, Tuesday 30 November

Sophie Lund-Yates , Equity Analyst “We know a lot of the headline numbers for easyJet’s full year results. Management expect to report losses no greater than £1,175m, which is slightly better than the market was expecting. That comes as the group’s performance perked up in the fourth quarter. That’s a case of rising tides lift all ships though, as short haul carriers are faring better than long-haul, business-focussed peers. There are some easyJet specific things we’ll be looking out for. Most of these centre around the outlook statement – which is something we’ll be reading with great interest. The fourth quarter saw easyJet fly 58% of its total capacity, and we’d like some detailed ideas of when that’s going to climb back to normal levels. With new COVID variants on the rise, that might not be as soon as we’d hoped.”

Future [LON:FUTR], Full Year Results, Tuesday 30 November

Nicholas Hyett, Equity Analyst “Future’s been busy in the last 12 months. February saw the GoCompare acquisition complete while the group has subsequently bought Money Week and The Week owner Dennis for £300m. The work to integrate all these new businesses could make full year results a bit messy. Not only will there likely be restructuring costs but sifting genuine year-on-year growth from acquired businesses will be key to understanding how the core business is performing. Management have pointed to improving digital advertising momentum when guiding for “adjusted operating profit to be at the top end of expectations.” If that’s been sustained even as consumers return to a more normal pace of life that bodes well for the future.”

Pennon Group [LON:PNN], Half Year Results, Tuesday 30 November

Steve Clayton, Manager of HL Select Funds “Pennon Group, owner of South West Water, Bournemouth Water and Bristol Water, reports interim results on Nov 30. With the group having set out their stall to the City in a Capital Markets Event only a few weeks ago, big surprises are unlikely. We expect to see the group reporting strong operational controls and an ongoing recovery from the impact of Covid upon client billings. With the balance sheet in a strong position following the Viridor disposal and earnings growth set to benefit from the Bristol Water acquisition, Pennon has set a dividend policy of CPIH+2% growth p.a., which should give it one of the most attractive rates of dividend growth amongst the UK’s utility companies.”

Shaftesbury [LON:SHB], Full Year Results, Tuesday 30 November

Susannah Streeter, Senior investment and markets analyst “Shaftesbury is expected to show more signs of a gradual recovery but it’s still likely to be a long-drawn-out drama for the West End property owner. Although office workers have flooded back to the capital, overseas tourism numbers are still depressed with visitor numbers to the UK still down by more than 80% on 2019 levels.  However there does seem to be a much greater appetite among domestic tourists and revellers, with signs of bookings at restaurants re-surging in popular areas like Covent Garden and Soho which may have encouraged more deals on vacant outlets to be done. Shaftesbury has had substantial flexibility built into its business model and the offer of shorter leases might have lured more business in.”

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

29-Nov
Draper EspritHalf Year Results
30-Nov
Countryside PropertiesFull Year Results
DiscoverieHalf Year Results
easyJetFull Year Results
FutureFull Year Results
GreencoreFull Year Results
PennonHalf Year Results
ShaftesburyFull Year Results
01-Dec
Liontrust Asset ManagementHalf Year Results
Redde NorthgateHalf Year Results
02-Dec
AJ BellFull Year Results
Auction TechnologyFull Year Results
03-Dec
No FTSE350 Reporters

This article is 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.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Michael Morton

Michael Morton

Michael has worked within the Financial Industry for more than 20 years. Starting out as a financial analyst, he has extensive experience working with fund management groups and brokerages.

With an interest in Stocks and Shares, Funds, ETFs and Commodities, his investment focus is medium to long term gains, with the objective of financial security on retirement, and building wealth for his young children for their adult life. His broker of choice is Hargreaves Lansdown.

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