Monday 18 July
Trading updates: Tortilla Mexican Grill, Tristel
Interims: Audioboom
AGMs: Halma, Audioboom
FDoD: Haleon
On Monday, shares in GlaxoSmithKline spin off Haleon start trading under the ticker HLN with a market capitalisation of around £30bn, Europe’s largest listing in a decade. Haleon is made up of the combined consumer healthcare businesses of GSK and Pfizer, which entered a JV in 2019, selling over-the-counter medicines such as painkillers Panadol and Voltaren and hygiene products such as Sensodyne toothpaste. The business generates around £10bn in sales a year and an estimated £2bn in underlying profit, with sales expected to grow 4-6% a year. GSK shareholders will receive 1 Haleon share for every GSK share they own, while GSK and Pfizer will retain stakes of 13.5% and 32%, respectively. GSK, meanwhile, will continue trading as a pureplay biopharmaceutical focusing on vaccines and medicines for disease areas including HIV, oncology and respiratory.
Tuesday 19 July
Trading updates: BHP, Integrafin, Luceco, Wise
Interims: Arbuthnot Banking, Photo-Me
AGMs: Arrow Exploration, Begbies Traynor, Clean Power Hydrogen, E-therapeutics, Norcros, TPXimpact, Wynnstay
Wednesday 20 July
Trading updates: Antofagasta, Finsbury Food, Liontrust Asset Management, PayPoint, Royal Mail
Interims: Centamin
AGMs: ADM Energy, Alkemy Capital Investment, Biffa, Bloomsbury Publishing, Deepverge, Experian, Novacyt, PayPoint, Premier Foods, Royal Mail, Triad, Urban Logistics
Thursday 21 July
Trading updates
AJ Bell, Anglo American, Brewin Dolphin, Close Brothers, Diploma, DP Eurasia, Dunelm, Euromoney Institutional Investor, Frasers, Intermediate Capital, PensionBee, Qinetiq, SSE, Workspace
Interims: Howden Joinery, Ocado
Finals: Fulham Shore, IG, Redcentric
AGMs: Big Yellow, Evgen Pharma, Fuller Smith & Turner, Intermediate Capital, Johnson Matthey, Pennon, QinetiQ, SSE, Vp, Workspace, Zephyr Energy
Thursday promises to be a big day for the under-pressure retail sector, with updates from Dunelm, Frasers, Howden Joinery and Ocado. Investors will be looking for the impact of the cost-of-living crisis on their trading following two consecutive months of BRC reports of falling industry sales, both on the high street and online. According to the BRC, white goods and homewares have been among the worst performing categories this year, which we’ve already seen in recent news from electrical retailers Curry’s and AO World, which raised £40m through a discounted placing to boost its balance sheet after a rebasing of trade credit insurance for its suppliers.
Shares across the sector have suffered heavy falls this year, not least Ocado, which slashed its sales growth outlook to "low single digits" in May as Covid online shoping trends reversed, and raised £575m to fund its tech dvision. But Sports Direct owner Frasers' has bucked the trend, helped by its value approach and acquisitive strategy - investing as others batten down the hatches as it were. If it’s hit the expected £300m-£350m adjusted PBT for the year ending 24 April 2022, that outperformance should continue.
Friday 22 July
Interims: Beazley
Finals: FRP Advisory
AGMs: DP Aircraft I, Homeserve, JD Sports Fashion, Landore Resources, President Energy, Quantum Blockchain Technologies, United Utilities, Wandisco