Corporate news this week will take second place to the Budget, though the stock market is currently engulfed in bout of turbulence which may get worse if the Chancellor fails to steady a few nerves.
Among companies flying into the potential storm is EasyJet whose annual figures a day earlier will be indicative of consumer sentiment. At this stage, a year ago, the first quarter was 80% sold and the second 26%.
AJ Bell analysts note that despite a huge recovery in sales and profits from the dark days of Covid, lockdowns and travel bans, shares in easyJet are no higher now than they were in early 2020.
They also stand at barely a third of the all-time high reached in 2018, even though the airline set a new record for earnings in 2024 and is expected by analysts to generate fresh highs in both 2025 and 2026.
Analysts are looking for a headline pre-tax profit figure of £650 million in the year just ended and £740m in the year just begun. The long-term goal is to take this figure to £1 billion and beyond, on a sustainable basis.
Another measure of the consumer mood will come from B&Q owner Kingfisher which delivers third-quarter figures.
Shares in Kingfisher have had a roller-coaster ride over the past five years but, like EasyJet, they are no higher than they were in late 2020, even after a good run in the second half of this year.
The end of the lockdown DIY boom, soft patches in the UK economy and a difficult environment in France, where it owns Brico Depot, have been potential drags, while a group-wide efficiency programme, asset disposals and ongoing share buyback programmes have been helpful for sentiment toward the stock.
September’s first-half results saw chief executive Thierry Garnier move profit guidance toward the top end of the £480 million to £540 million range.
DIARY
Monday 24 November
- CBI annual conference, London
- BBC Radio Scotland Breakfast launches
Tuesday 25 November
- Full-year results from Compass, EasyJet, Marston’s and Renew Holdings
- Q3 trading update from Kingfisher (B&Q, Screwfix)
Wednesday 26 November
- First-half results from Johnson Matthey, Pets At Home and Helical
- The Budget
Thursday 27 November
- First-half results from Halfords
- US Thanksgiving Day holiday
- Scottish Chambers of Commerce annual business address
Friday 28 November
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