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Companies Reporting: PepsiCo, ASOS, Burberry, Experian


Here’s what you can expect from a selection of FTSE 100, FTSE 250 and international companies reporting from 12 to 16 July. Among those currently scheduled to release results:

  • Deals may be on the agenda with EMIS
  • PepsiCo’s prospects are bubbling up
  • We’ll see if Barratt is on track to deliver on its completion volume forecast
  • ASOS will let us know what the easing of restrictions means for sales trends
  • Experian’s update could give us an update on the strength of the US recovery
  • Severn Trent will tell us whether business water demand is picking up
  • Burberry faces life after Marco Gobbetti

EMIS Group LON:EMIS, Half Year Trading Statement, Tuesday 13 July

Steve Clayton, Manager of the HL Select Funds

“EMIS have had a solid pandemic and will be hoping to see easier operational conditions as the NHS emerges from its fortress state. The group will be looking to begin capitalising on its recent product developments, rolling out the EMIS-X platform to more and more clinicians. With cash of over £50m in the bank, deals could be on the agenda for EMIS.”

PepsiCo NASDAQ:PEP, Half Year Results, Tuesday 13 July

Susannah Streeter, Senior Investment and Markets Analyst

“Pepsi’s prospects have bubbled up admirably, given the headwinds caused by the closure of hospitality in its key markets for months at a time. Operating profit for the first quarter rose

20.2% to $2.3bn, driven by lower corporate expenses and higher profits in North America, the Asia Pacific, Australia, New Zealand and China.  However, much of its 6.8% headline revenue growth is down to acquisitions of five new companies including RockStar Energy drinks and SodaStream. Take away that fizz and the figure isn’t quite as tasty, coming in at 2.4%. But if the group can keep a firm grasp on lockdown gains like the rise in purchases for at home consumption, while revenue streams flood back in from hospitality, there could be plenty of opportunity ahead.’’

Barratt Developments LON:BDEV, Trading Statement, Wednesday 14 July

Laura Hoy, Equity Analyst

“Last we heard from Barratt, they were marching swiftly forward with completions up 5.7% compared to pre-pandemic levels. That strength prompted the group to up its guidance for full-year completions to between 16,000 and 16,250 homes. We’re keen to know whether the group is still on track to make-good on that forecast. If it does hit those targets, full-year completion volumes would still be roughly 9% lower than 2019 levels, so a miss would be a disappointment.  With concerns about a cooling UK property market cropping up, another metric to watch in is the group’s weekly average private reservations per active outlet, which offers a window into future demand. If Barratt continued to grow its reservation rate from last year as well as pre-pandemic levels, it bodes well for the future. We’ll also be keeping an eye on Barratt’s comments regarding updates to legacy properties. These costs rose sharply at the half-year, and although the total costs, around £163m, aren’t enough to worry too much about, we don’t want to see them rise much further.”

ASOS LON:ASC, Trading Statement, Thursday 15 July

Sophie Lund-Yates, Equity Analyst

“At the half year, ASOS’ revenue rose 25% to almost £2.0bn, with strong growth in every region. Profits also benefited because customers were returning fewer items. The group’s warned the lockdown tailwind is expected to taper as tourism and hospitality restrictions ease – next week we could find out to what extent this trend is playing out. As it’s a trading statement, we’re unlikely to get much profit detail. So it’ll be important to look at sales trends closely instead, especially in North America. This is a core growth opportunity for ASOS, with the UK market now mature. Revenue in the region rose 16% at the half year despite a heavier reliance on occasion wear which fell out of favour in peak lockdown. We wonder if things could be looking brighter, now social events are finding their way back into diaries, or if the fact people are busier will mean fewer sales overall. Finally, we’ll be looking out for any commentary on full year expectations. Capital expenditure is due to come in at around £190m, and the second half should be cumulatively cash-generative.”

Experian LON:EXPN, First Quarter Trading Statement, Thursday 15 July

Steve Clayton, Manager of the HL Select Funds

“Experian’s Q1 trading update could give us an update on the strength of the US economic recovery. Stimulus packages from President Biden have pushed demand ahead, but the pandemic refuses to go away from the rust belt states. Analysts expect growth in their Consumer division to take the lead in driving the top line forward.”

Severn Trent LON:SVT, First Quarter Trading Statement, Thursday 15 July

William Ryder, Equity Analyst

“Severn Trent had a tough time in the year ending March 2021, but as a regulated monopoly that had as much to do with a new regulatory period as the pandemic. In part, this was because lower water demand from businesses was partially offset by an increase in demand from households. The net effect of was a £50m reduction in revenue, although this should be recoverable in the future. This trend should be moderating now society is opening back up, and management’s comments could help us understand it a little better.  The group has also raised an extra £250m from investors recently. Severn Trent is investing heavily as part of Ofwat’s Green Recovery programme, which is expected to boost Regulatory Capital Value (RCV) growth. This means the regulator will allow the group to earn higher returns in the future. We expect management to tell us more about its green investment plans next week too.”

Burberry Group LON:BRBY, First Quarter Trading Statement, Friday 16 July

Susannah Streeter, Senior Investment and Markets Analyst

“Burberry will update investors on its first quarter trading, after they were shaken by the surprise exit of CEO Marco Gobbetti. He was held in high esteem as a turnaround Czar having arrived at Burberry fresh from success at Celine. He will leave the company in stylish shape as it continues its recovery from Covid but pressures remain. Burberry’s underlying operating profits fell 8% but still beat the market’s expectations. New collections are resonating very well, which is testament to Burberry’s efforts to consolidate itself at the more exclusive end of the luxury chain. Crucially, the all-important Asian market is rebounding strongly. But Mr Gobbetti will be a hard act to follow, and his replacement will be a crucial pick given that there is lingering uncertainty about how long a full recovery will take, especially as travel spending is an important stream of revenue for Burberry.’’

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

No FTSE 350 Reporters
EMIS Group Half Year Trading Statement
PepsiCo Half Year Results
Barratt Developments Trading Statement
Tullow Oil Half Year Operations Update & Trading Statement
ASOS Trading Statement
Experian First Quarter Trading Statement
Severn Trent First Quarter Trading Statement
Burberry Group First Quarter Trading Statement

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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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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