It's not clear how the market carnage that ended the prior week will continue in coming days, after the government’s mini-Budget and the Bank of England rate hike met with more than mere disappointment by investors and traders.
But there is a relatively busy financial City calendar including Next, Cineworld, Boohoo, SSP and Close Brothers among the many scheduled results and updates.
MONDAY 26 SEPTEMBER
Corporate news on Monday should include an update from Next Fifteen Communications, which is in the midst of a takeover battle for M&C Saatchi.
Recent trading statements in May and June have stated that Next 15's revenue growth has been strong, helped further by the strength of the US dollar.
Revenue was up 68% in the three months to 30 April, with organic revenue growth of approximately 37%, and with trading remaining strong throughout May, adjusted profit before tax was said to be ahead of management expectations.
Finals from Finsbury Food Group (AIM:FIF) PLC follow a pre-close update in July where it said full-year numbers would feature "a record revenue performance" despite inflationary headwinds and other challenges.
The AIM-listed UK speciality baker said total sales rose 13.9% to £356.8mln, of which volume was 8.7%.
Input cost inflation, staff shortages, and other supply chain disruptions were mostly mitigated, it said, “through revised commercial arrangements, operational improvements and other supply chain initiatives”.
Significant announcements expected on Monday 26 September
Interims: Concurrent Technologies (AIM:CNC) PLC, CPP Group (LSE:CPP) PLC, Immotion Group PLC (AIM:IMMO), Likewise Group PLC (AIM:LIKE), Microlise Group, Next Fifteen Communications Group, SpaceandPeople PLC (AIM:SAL), Xpediator PLC (AIM:XPD)
Finals: Finsbury Food Group PLC
AGMs: Babcock International Group PLC, Eckoh PLC (AIM:ECK, OTC:EKTPF), Eco Animal Health Group PLC (AIM:EAH), Great Eastern Energy Corp, Lamprell PLC (LSE:LAM, OTC:LMPRF)
TUESDAY 27 SEPTEMBER
Updates from the financial sector will be interesting following the market carnage resulting from the government’s mini-Budget and the Bank of England rate hike.
Stepping up on Tuesday will be Close Brothers Group PLC (LSE:CBG), the FTSE 250-listed merchant bank and owner of market maker Winterflood’s, where people may perhaps be hastily rewriting commentary about current and expected conditions. (read full preview here)
Giving an insight into a corner of the retail market will be Card Factory (LSE:CARD) PLC, where nothing has been heard since May’s final results impressed with performance topping management expectations.
The specialist retailer of greeting cards, gifts, wrap and bags saw revenue rise 28.0%, with store sales up 33% year-on-year but down 3.9% on a like-for-like basis compared to pre-Covid times.
Investors will be looking to see if there has been a recovery in in-store sales as well as the impact of inflationary pressures.
Boss Darcy Willson-Rymer said at the time that the group had “taken pre-emptive action to help mitigate the inflationary pressures we are seeing across the business and we will continue to monitor and respond to developing macro-environmental pressures”.
Elsewhere, water company United Utilities Group PLC (LSE:UU.) is expected to issue a trading statement, where revenues have climbed beyond pre-pandemic levels but not operating profits.
A warning of more of the same is expected, said analyst Laura Hoy at Hargreaves Lansdown, with higher materials and labour costs seen wiping out any top-line gains this year, and the next price review not set to kick in until 2025.
“Between the growing need to shore up leaky pipes and calls to keep customer bills down amid the cost-of-living crisis, the next regulatory cycle may not offer much relief anyway.”
Dividends will be key for investors, with the group having said it will raise its dividend in line with inflation, though Hoy said UU could find itself having to dip further into debt to keep on top of its dividend payments.
SSP Group plc (LSE:SSPG), the operator of food and drink outlets at airports and stations, will also be in focus as the rebounding travel and tourism sector has been a favourite of bargain hunting investors in recent years.
Video games group tinyBuild Inc is due to report interims, having updating the market with an “at least in line with expectations” trading update in July.
Significant announcements expected on Tuesday 27 September
Trading update: SSP Group PLC, United Utilities Group PLC
Interims: Animalcare Group (AIM:ANCR) PLC, AG Barr PLC (LSE:BAG), Billington Holdings Plc (AIM:BILN), Card Factory PLC, Diaceutics PLC (AIM:DXRX), Digitalbox PLC (AIM:DBOX), ECSC Group PLC (AIM:ECSC), Ergomed PLC (AIM:ERGO, ETR:2EM), FireAngel Safety Technology Group PLC, GENinCode PLC (AIM:GENI), Gresham House Energy Storage Fund PLC (LSE:GRID), Instem PLC (AIM:INS), K3 Capital Group PLC (AIM:K3C), LifeSafe Holdings PLC (AIM:LIFS), Mortgage Advice Bureau (Holdings) Ltd, NAHL Group PLC (LSE:NAH), Personal Group Holdings PLC (AIM:PGH), Saga PLC (LSE:SAGA), Serica Energy PLC (AIM:SQZ), The Mission Group PLC, tinyBuild Inc, YU Group PLC
Finals: Close Brothers Group PLC, Transense Technologies (AIM:TRT) PLC
AGMs: Bens Creek Group PLC (AIM:BEN, OTC:BENCF) PLC, Cohort PLC (AIM:CHRT), Empyrean Energy PLC (AIM:EME), First Property Group PLC (AIM:FPO), GRC International Group PLC (AIM:GRC), Great Southern Copper PLC (LSE:GSCU), Redde Northgate PLC (LSE:REDD), Spectral MD Holdings Ltd (AIM:SMD), TP Group PLC (AIM:TPG), Yourgene Health
Economic announcements: BRC Shop Price Index (UK), Durable Goods (US), House Price Index (US), Consumer Confidence (US), New Homes Sales (US)
WEDNESDAY 28 SEPTEMBER
Ahead of its half-year results, Boohoo Group PLC (AIM:BOO) is the UK’s most shorted stock.
But broker Peel Hunt remained optimistic, expecting the online clothing retailer to announce sales and profit in line with its guidance in May.
“The focus will be on the future and not the past,” analyst said. https://www.proactiveinvestors.co.uk/companies/news/993537/boohoo-group-uk-s-most-shorted-stock-in-lead-up-to-interim-results-993537.html
Elsewhere, brewer Shepherd Neame (AQSE:SHEP) Ltd is expected to have had “a productive year”, said broker Peel Hunt.
It has been reducing debt and has recently acquired three pubs from East Anglia Pub Company.
“We believe the company is looking to further reduce its carbon footprint/add solar at the brewery and across the estate. Input and support in areas like energy costs are increasing the value of the beer tie relative to business that operate under commercial lease and free of support.”
Significant announcements expected on Wednesday 28 September
Interims: Boohoo Group PLC, Everyman Media Group PLC (AIM:EMAN), Intercede Group (AIM:IGP) PLC, Octopus Renewables Infrastructure Trust PLC (LSE:ORIT), Skillcast Group PLC (AIM:SKL)
Finals: Avingtrans PLC (AIM:AVG), Blancco Technology Group (AIM:BLTG) PLC
AGMs: 600 Group (AIM:SIXH) PLC, Amigo Holdings PLC (LSE:AMGO), AO World PLC (LSE:AO.) (AO.), Baltic Classifieds Group PLC (LSE:BCG), DWF Group Ltd, Enwell Energy PLC, Kainos Group PLC (LSE:KNOS), Kromek Group PLC (AIM:KMK), Ormonde Mining PLC (AIM:ORM), Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF), System1 Group (AIM:SYS1) PLC, Upland Resources (LSE:UPL) Ltd, Ormonde Mining PLC
Economic announcements: BRC Shop Price Index (UK), MBA Mortgage Applications (US), Pending Homes Sales (US), Crude Oil Inventories (US)
THURSDAY 29 SEPTEMBER
Next PLC (LSE:NXT) (Next PLC (LSE:NXT)) should serve up solid first-half results on Thursday, as it has already told the market as much.
But investors are likely to put a strong emphasis on how the clothing retailer has started the third quarter, said Barclays. https://www.proactiveinvestors.co.uk/companies/news/993513/next-plc-s-outlook-and-recent-trading-will-be-key-in-interims-993513.html
Other notable events on the day include the Porsche initial public offer.
Parent Volkswagen priced shares in the flotation at between €76.50 to €82.50, translating to a valuation of between €70bn to €75bn.
At the upper end of the range, that would make Porsche Europe’s third largest IPO on record, though this has been scaled back from €100bn.
Early indications suggested that retail investors could receive an allocation, but given how oversubscribed the offering currently is, they may find it difficult to get their hands on a meaningful chunk.
Many observers are not optimistic about its immediate porsche-spects (read more here).
Significant announcements expected on Thursday 29 September
Interims: Angle PLC, Bango PLC (AIM:BGO, OTCQX:BGOPF), Celadon Pharmaceuticals PLC (AIM:CEL), Crestchic PLC, Directa Plus PLC (AIM:DCTA, OTC:DTPKF), Next PLC, Novacyt PLC, Synairgen PLC (AIM:SNG, OTC:SYGGF), XLMedia PLC (AIM:XLM, OTC:XLMDF)
Finals: Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF), Cap-XX Ltd, McBride PLC (LSE:MCB), Physiomics PLC (AIM:PYC)
AGMs: ActiveOps PLC (AIM:AOM), Afritin Mining Ltd, Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF), Coral Products PLC (AIM:CRU), CT Global Managed Portfolio Trust Plc Growth Shs, CT Global Managed Portfolio Trust Plc Inc Shs, Kodal Minerals PLC (AIM:KOD), Migo Opportunities Trust PLC, Nwf Group PLC, Orient Telecoms PLC (LSE:ORNT), Pembroke VCT (LSE:PEMV) PLC, PHSC (AIM:PHSC) PLC, Van Elle PLC
Ex-divs to reduce FTSE 100 by: 6.32 points (British American Tobacco PLC, Smurfit Kappa Group plc (LSE:SKG), Smith & Nephew PLC (LSE:SN), Rightmove PLC (LSE:RMV), Barratt Developments PLC (LSE:BDEV))
Economics announcements: Continuing Claims (US), Gross Domestic Product (US), Initial Jobless Claims (US), Personal Consumption Expenditures (US), Consumer Confidence (EU), Economic Sentiment Indicator (EU), Industrial Confidence (EU), Services Sentiment (EU)
FRIDAY 30 SEPTEMBER
Friday will see embattled cinema group Cineworld Group PLC (LSE:CINE) report delayed interim results.
These were pushed back following the launch of Chapter 11 bankruptcy proceedings in the US.
This saw the company granted access to up to US$785mln of an approximately US$1.94bn secured from existing lenders as part of its Chapter 11 filing.
Cineworld and its brands around the world – including Regal, Cinema City, Picture House and yes Planet – are open as usual during Chapter 11.
Shares in the group have fallen over 95% over the past year, with the short seller Argonaut warning the company’s capital structure “is completely unsustainable”.
a trading update from water company Pennon Group PLC (LSE:PNN, OTC:PEGRY), whose South West Water was hit with an enforcement case from regulator Ofwat in the summer, over sewage spills into rivers and the sea.
South West Water had been added as a result of “heightened concerns about its environmental performance across a number of metrics that may suggest it is not complying with obligations”, the regulator said.
Pennon, which also owns Bristol Water, said it would work “openly and constructively” with Ofwat.
Most investors are going to be focused on the financials, though analysts JP Morgan put Pennon and sector peer Severn Trent on its 'negative catalyst watch' list due to the risk of Ofwat flexing its muscles.
Significant announcement expected on Friday 30 September
Trading update: Pennon Group PLC
Interims: Belluscura Ltd, Cineworld Group PLC, CMO Group PLC (AIM:CMO), Dignity (LSE:DTY) PLC, DP Eurasia NV, Trellus Health PLC (AIM:TRLS)
Finals: Celtic PLC, Induction Healthcare Group PLC (AIM:INHC)
AGMs: Boussard & Gavaudan Holding Ltd., Capital Metals PLC (AIM:CMET), Henderson Smaller Cos Investment Trust PLC, Ince Group PLC, Insig AI PLC (AIM:INSG), Libertine Holdings PLC (AIM:LIB), Miton UK MicroCap Trust PLC (AIM:MINI), Oakley Capital Investments (AIM:OCI) Ltd, OTAQ PLC (LSE:OTAQ), Pennpetro Energy PLC, Saietta Group PLC (AIM:SED), TMT Acquisition PLC (LSE:TMTA), TPXImpact Holdings PLC, Versarien PLC, GCP Infrastructure Investments Ltd
Economic announcements: GDP (UK), Current Account (UK), Mortgage Approvals (UK), Consumer Credit (UK), Nationwide House Price Index, Personal Consumption Expenditures (US), Personal Income (US), Personal Spending (US), Chicago PMI (US), U. of Michigan Confidence (Final) (US), Unemployment Rate (EU)