Wednesday will bring the results of the latest quarterly reshuffle of the FTSE indexes, with budget airline easyJet PLC (LON:EZJ) pegged as the most likely to fall through the blue-chip trapdoor, with retailer JD Sports Fashion PLC (LON:JD.) tipped to take its place.
However, for company news most of the excitement will be coming from the FTSE 250, with results from mid-cap office group Workspace and waster manager Biffa at the top of the agenda.
On the economic data front, both the UK and US services PMI’s will be delivered, with the latter likely to hold particular attention ahead of the US non-farm payroll data due on Friday.
Workspace boss to deliver last set of results
Property firm Workspace Group plc (LON:WKP) will report its last set of full-year results under chief executive Jamie Hopkins on Wednesday.
Hopkins, who has been the London officer provider’s boss since 2012, stepped down on May 31, with its chief financial officer Graham Clemett taking over as interim boss until the appointment of a permanent successor.
In its most recent trading update, Workspace said it had continued to see good levels of demand in the third quarter but it was “mindful” about operating in a “very uncertain” economic and political environment.
Investors will be hoping the FTSE 250-listed firm was able to deliver a strong annual performance despite the uncertainty hitting business confidence. They will also be looking out for any announcement on a new chief executive.
Biffa investors looking for deal progress amid flat results
Waste Management firm Biffa PLC (LON:BIFF) is not expected to put on much of a show in its final results on Wednesday, with analysts at Numis Securities predicting flat profit and earnings per share (EPS) growth.
In a preview, the Numis analysts said they are expecting little improvement in Biffa’s municipal trading arm, although they also hope for an update on the progress to financial close of two potential energy from waste facilities with its partner Covanta, which has been progressing slower than expected.
No surprises expected from GB Group
Identity checking specialist GB Group PLC (LON:GBG) has already said it is expecting profit and revenue growth of around 20% for its last financial year in an April trading update, so investors will be hoping the group has been keeping to its promises when its finals are released on Wednesday.
The Numis analysts are not expecting any big surprises from the figures, thinking that that focus will instead be on the integration of the Vix Verify and IDology businesses, particularly with the latter having significantly strengthened GB’s US offering.
Findel hopes to kick off share price recovery with bullish update
Shares in retailer Findel PLC (LON:FDL) have had a bit of a poor run over the last six months despite what has been deemed to be generally good trading from the company’s online retail website studio and signs of recovery in its educational supplies business.
To be honest, the group has been distracted by a hostile takeover attempt from Mike Ashley’s Sports Direct International PLC (LON:SPD) - which owns over a third of the group - saw its offer lapse in early May after persuading less than 1% of Findel’s other shareholders to back its move.
Investors will be hoping, therefore, that the group’s final results on Wednesday will deliver on their loyalty and provide enough pep to kick off the new financial year on the front foot.
In a trading update following the offer lapse, Findel said that its full-year profit would be slightly above market expectations of between £27mln-28mln, so markets will be hoping for that beat to be confirmed as well as any comments on trading in the current financial year.
Shareholders may also be eyeing any info on how the company plans to cut its debt.
Significant announcements expected for Wednesday June 5:
FTSE indices quarterly reshuffle announced
Finals: Biffa PLC (LON:BIFF); Workspace Group plc (LON:WKP), GB Group PLC (LON:GBG), Findel PLC (LON:FDL) Alpha Financial Markets Consulting PLC (LON:AFM)
Interims: Chemring Group PLC (LON:CHG), Impax Asset Management Group PLC (LON:IPX)
Trading update: Card Factory PLC (LON:CARD)
AGMs: Echo Energy PLC (LON:ECHO), Hurricane Energy PLC (LON:HUR) Learning Technologies Group PLC (LON:LTG)
Economic data: UK services PMI; US ISM non-manufacturing; US services PMI