The Week Ahead: Annual results for Asos
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Version 0 of 1. Tomorrow’s annual results are the first chance for Asos’s new chief executive to reveal how he plans to revive the online fashion group’s stock market fortunes. Nick Beighton was promoted last month after Nick Robertson called time on his leadership of the company he founded 15 years ago. The former darling of Aim, which was once worth £6bn, is still growing sales, but profits have been under pressure, Asos having invested heavily in upgrading its IT system. The Peel Hunt analyst John Stevenson reckons the company had a strong end to its financial year, with less discounting than in the previous year, but suggests pre-tax profits will fall for another year to £41.2m, down from £46.9m. Premier Inn and Costa Coffee owner Whitbread’s half-year results are out tomorrow, along with third-quarter results from chipmaker Arm Holdings and a trading statement from InterContinental Hotels. Half-year results from Argos owner Home Retail Group are due on Wednesday, with profits fall anticipated by analysts. It revealed last month that like-for-like sales were down 3.4 per cent at Argos over the period, with the decline accelerating in the second quarter. Homebase is the exception. as the DIY chain saw sales rise to £816m in the first half of 2015, but that’s less than half of Argos’s £1.74bn total. Sky’s first-quarter figures are also due out Wednesday, while the Cillit Bang-to-Durex group Reckitt Benckiser completes the line-up with a third-quarter trading update. On Thursday, investors will keep a close eye on a statement from the car dealer Inchcape, which is likely to reveal the extent of the damage from the Volkswagen emissions-testing scandal. Third-quarter statements are also due on Thursday from the bookie Ladbrokes, which is working to close its merger with Gala Coral, builders’ merchant Travis Perkins, and London Stock Exchange, with annual figures out from department store group Debenhams. On Friday, Shire’s third-quarter results could shed light on its move for American rival Baxalta, and third-quarter statements from bookie William Hill and TSB Banking Group. |