Wednesday to bring results from British Land and Britvic

Investors will also be treated to trading updates from St James's Place Capital and Provident Financial as well as BP's AGM

BP PLC - Wednesday to bring results from British Land and Britvic

The middle of a four-day week will see results from both British Land and Britvic as more sectors report on the impact of the coronavirus on their respective markets.

Some investors may also be keeping a close eye on the annual general meeting of oil giant BP PLC (LON:BP.).

British Land to provide property market clarity

British Land Company PLC (LON:BLND) will publish its full-year numbers on Wednesday,  two weeks after big property rival Land Securities reported hefty losses plus an 8.8% fall in the value of its property portfolio and a 21% decline in the value of its retail properties.

British Land, which pushed back its results by two weeks, is also likely to write down the value of its property, with most of the hit coming for retail.

The first half of the year already saw an 11% fall in the retail portfolio, leading to a 5% drop in net asset value (NAV) to 856p.

Reading across from Land Securities' numbers, analysts at UBS forecast negative revaluations from British Land's retail portfolio will lead to NAV per share falling by 4.5% in the second half of the year to 812p, leading to a 10.3% year on year decline.

As the coronavirus (COVID-19) pandemic only impacted the last few weeks of the financial year to end-March, the UBS analysts predict only a 4% drop to gross rental revenues to €552mln, leading to adjusted earnings falling 6%.

“We will be looking closely at the impact of COVID-19 on rent collection levels since the last business update, which saw dividends suspended and various actions taken to help retailers,” they said.

Britvic to clear dividend doubts

Britvic PLC (LON:BVIC) releases its results for the six months to March 31, 2020, on Wednesday, where the big question mark over its dividend should be resolved.

The maker of Robinson's fruit juice said in March, which is when we last heard from them, that it was considering whether to postpone its interim payout as it predicted the coronavirus outbreak could knock up to £18mln off its monthly earnings.

Last week, analysts at City broker Liberum expressed some cautious optimism over a potential final dividend, doable they said if £50mln free cash flow is generated this year, while the firm has £585mln of liquidity in the trough month of May.

But debt levels may preclude opportunistic acquisitions, the analysts noted, which would hold Britvic shares back from re-rating this year.

Significant announcements expected for Wednesday:

Finals: British Land Company PLC (LON:BLND), Biffa PLC (LON:BIFF), Petropavlovsk PLC (LON:POG), Hibernia REIT PLC (LON:HBRN), Caledonia Investments PLC (LON:CLDN)

Interims: Britvic PLC (LON:BVIC)

Trading updates: St. James’s Place PLC (LON:STJ), Provident Financial PLC (LON:PFG), Pershing Square Holdings Ltd (LON:PSH)

AGMs: BP PLC (LON:BP.), Keywords Studios PLC (LON:KWS)

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