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Week ahead features Capita, Bunzl, Moonpig, Petrofac and Hunting

Last updated: 05:00 27 Jun 2022 BST, First published: 16:37 24 Jun 2022 BST

Bank of England -

The coming week sees trading updates and results from companies including Biffa, Bunzl, Capita, Hunting, Petrofac, Moonpig and Wise.

With no major central bank meetings, the macroeconomic focus will be on the outlook for economic growth and of course inflation, with US and UK gross domestic product figures released on Wednesday and Thursday respectively.

Bank of England governor Andrew Bailey is due to speak as part of a panel with US and European Union counterparts Jay Powell and Christine Lagarde, who hosts the European Central Bank's Forum on Central Banking on Wednesday.

The US outlook will be “front and centre” for investors, said Deutsche Bank, with much attention on consumer data from the Conference Board on Tuesday and personal income and spending on Thursday, along with durable goods orders on Monday and personal income, spending and deflators on Friday.

At ING, economists said, “with the Federal Reserve raising interest rates more aggressively, moving monetary policy harder and faster into restrictive territory as it tries to get a grip on inflation, there is a growing fear of a US recession later this year and into 2023.

“Household finances are being squeezed by inflation while higher mortgage rates are already prompting a deceleration in housing activity and the capex outlook is deteriorating as corporate managers fret about falling stock market prices and the potential for weaker demand.

“We expect to see durable goods orders fall, consumer confidence remain weak, and manufacturing surveys to come under more pressure this week, which would add to a sense of impending gloom.”

Elsewhere, China's industrial data and PMI survey results will be in the spotlight, given the country’s important to stuttering global demand, while a G7 summit starts on Sunday to keep geopolitics on investor radars, and inflation data is the theme for the EU.

 

MONDAY 27 JUNE

On Monday, Polar Capital's results should be a tale of two halves for the technology-focused fund manager, which has been working hard to broaden its exposure into other areas, including emerging markets and healthcare, plus the new Smart Energy and Smart Mobility funds launched last September.

The group saw positive inflows and good levels of profitability in the first half, but the second has been more challenging, with outflows in the fourth quarter and lower levels of profits, said broker Peel Hunt.

“Whilst Polar Capital remains a strong business, conditions are challenging,” analysts said, preparing to look out for comments on the short-term outlook for the growth-oriented funds, as well as progress being made on diversifying the group, whether geographically or by client type.

 

TUESDAY 28 JUNE

Fintech star Wise PLC (LSE:WISE) is due to report its full year results for on Tuesday, with chief financial officer Matthew Briars having had a just over a month to oversee them after returning to work from a serious bicycle accident in February.

It was back in January when we last had a proper trading update from Wise, so these numbers could have some surprises for investors.

(Read the full preview on Wise here)

Also on Tuesday, we get to hear from oil and gas infrastructure specialist Petrofac PLC after it warned in May that headwinds are building, with sector peer Hunting PLC (LSE:HTG) later in the week.

(Read the preview on the pair here)

Results from Biffa PLC (LSE:BIFF) come with the company having received an unsolicited bid at 445p per share earlier this month.

While the board are minded to recommend the bid, analysts see a good chance of a counter-bid amid the heightened mergers & acquisitions interest in the UK of late.

“We see this as low for the quality and potential of the business, but one that risk-averse investors might choose to accept given…the quantification for Biffa of up to £153m of liability in an industry-wide tax dispute,” said broker Peel Hunt.

 

WEDNESDAY 29 JUNE

Capita PLC (LSE:CPI) shares have been going well in the second quarter and shareholders will be hoping that the half-year trading update will not upset the apple cart.

Back in March when it announced its full-year results Capita said it expected to return to top-line growth this year after a stable 2021 although profit margins might ease a bit.

Elsewhere, online greetings card retailer Moonpig Group PLC (LSE:MOON) reports full-year results.

“In common with almost all online only retail players, the shares have been weak in the last six months, but this is a strong and unique proposition and the shares should do relatively well, if guidance is held, which is what we expect,” said broker Peel Hunt.

(Read the full Moonpig preview here)

 

THURSDAY 30 JUNE

On Thursday we have the final revision of first quarter UK GDP and a few set of company results.

Logistics firm Bunzl PLC (LSE:BNZL) should issue a half-year statement having made a positive start to the year in the first quarter, with revenues rising 12.5%, of which organic growth was 11.0%, driven mainly by inflation.

M&A is expected to remain a focus, though with a number of smaller transactions completed in the period.

The shares hit an all-time high just above 3,167p in April but are down around 16% since then amid worries about economic slowdowns.

Investors will also get to hear from Hunting PLC (LSE:HTG), after sector peer Petrofac delivered an update earlier in the week.

It’s last update revealed underlying profit in March was the best in two years, with orders now back above pre-pandemic levels.

(Read the full preview here.)

 

FRIDAY 1 JULY

Although it’s a Friday and the start of a new month, the big US non-farm jobs report is not until next Friday.

There will be purchasing managers’ index (PMI) surveys, however, for the manufacturing sector for the UK, US and other major economies.

UK mortgage approvals are also due to be released by the Bank of England, and are expected to fall to 64K in May from 65.97K and over 70K the previous two months.

Consumer credit is also seen contracting back to £1.3bn from £1.399bn.

The eurozone will focus on inflation figures that come out on Friday, said economists at ING Bank.

“There are no signs that inflationary pressures have abated in the meantime, with energy inflation set to trend higher again on squeezed gas supply and the oil embargo, which have both caused market prices to increase again.

“Core inflation is set to see another leg up as input price pressures are being priced through to consumers. While there are now more signs emerging that pipeline pressures are peaking, the question is when this will feed through to the end consumer.

“This can be a volatile process with further increases in energy prices not excluded given the unpredictability of geopolitics.”

 

Significant announcements due in the week 27 June to 1 July

Monday 27 June:

Finals: Cake Box Holdings Ltd, Polar Capital Holdings PLC (AIM:POLR)

AGMs: Anglo-Eastern Plantations (LSE:AEP) plc, Celadon Pharmaceuticals PLC (AIM:CEL), Cizzle Biotechnology, Echo Energy PLC (AIM:ECHO) (ECHO), Medica Group PLC (LSE:MGP), Pelatro, Surgical Innovations Group (AIM:SUN) plc, Tiger Royalties & Investments, Verici Dx PLC (AIM:VRCI), Warpaint London PLC (AIM:W7L)

Economic announcements: Durable Goods Orders (US)

Tuesday 28 June:

Trading statement: ICG Enterprise Trust (LSE:ICGT) PLC, Petrofac PLC, Victorian Plumbing Group PLC (AIM:VIC)

Interims: Oxford BioDynamics PLC (AIM:OBD)

Finals: Appreciate Group PLC (LSE:APP), Biffa PLC (LSE:BIFF), IG Design Group PLC (LSE:IGR), Wise PLC (LSE:WISE)

AGMs: 4D pharma PLC (AIM:DDDD, NASDAQ:LBPS), Airtel Africa PLC (LSE:AAF), Bay Capital PLC (LSE:BAY), British & American Investment Trust plc, Creo Medical Group PLC (AIM:CREO), Futura Medical PLC (AIM:FUM, OTC:FAMDF), Immupharma plc, Katoro Gold PLC (AIM:KAT), Sound Energy PLC (AIM:SOU), UK Oil & Gas PLC (AIM:UKOG), Westminster Group PLC (AIM:WSG)

Economic announcements: House price index (US), Consumer confidence (US)

Wednesday 29 June:

Trading statement: Capita PLC (LSE:CPI)

Interims: Velocity Composites PLC

Finals: Lamprell PLC (LSE:LAM, OTC:LMPRF), Moonpig Group PLC (LSE:MOON), Mulberry Group (AIM:MUL) PLC

AGMs: Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP), Atome Energy PLC, Hurricane Energy PLC (LSE:HUR), i(x) net zero PLC, MaxCyte Inc (AIM:MXCT), NetScientific PLC (AIM:NSCI), RA International Group, Reabold Resources PLC (AIM:RBD)

Economic announcements: BRC Shop Price Index (UK), BoE’s Governor Bailey Speech (UK), GDP Q1 (US)

Thursday 30 June:

Trading statement: Bunzl PLC (LSE:BNZL), Hunting PLC (LSE:HTG)

Finals: Accsys Technologies (AIM:AXS) plc, Cadence Minerals PLC (AIM:KDNC), Civitas Social Housing PLC (LSE:CSH), Grand Vision Media Holdings PLC (LSE:GVMH), SDCL Energy Efficiency Income Trust Plc, SEEEN plc (AIM:SEEN), Shefa Gems

AGMs: Cobra Resources PLC (LSE:COBR), Evraz PLC (LSE:EVR), Inspired PLC (AIM:INSE), Kefi Gold and Copper PLC, Likewise Group PLC (AIM:LIKE), Live Company Group PLC (AIM:LVCG), M&C Saatchi, Microsaic Systems PLC (AIM:MSYS), Roquefort Therapuetics PLC, Savannah Energy PLC (AIM:SAVE), Scottish Mortgage Investment Trust PLC (LSE:SMT), Supply@ME Capital PLC (LSE:SYME), Synairgen, Trainline PLC (LSE:TRN)

Economic announcements: GDP (UK), Nationwide house price index (UK)

Friday 1 July:

Trading updates: Oxford Technology VCT PLC

AGMs: Itaconix PLC (LSE:ITX, OTCQB:ITXXF)

Economic announcements: Consumer Credit (UK), Mortgage Approvals (UK), PMI Manufacturing (UK, US)

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