Week Ahead: Pharmaceutical giants report; BoJo set to be crowned PM

Corporate news flow will pick up again next week, with results from the likes of ITV, GlaxoSmithKline, AstraZeneca, Fevertree and many others due before the August lull kicks in.

On Tuesday, posh mixers maker Fevertree will publish its first-half results. Deutsche bank said tough comps will weigh on the half, but it still expects strong growth.

"Net revenue +15.8% organically to £121.4m, EBIT +13.3% to £37.1m and EPS +13.5% to 25.8p," it estimated.

"With the UK growing at more normalised levels, we expect investors to be paying particular attention to 1) Fever-Tree's development in its overseas markets, particularly the US and Europe, as well as on 2) margins, which we expect to be down circa 70 basis points in the first half."

Elsewhere, pharmaceutical giants GlaxoSmithKline and AstraZeneca will be in focus.

Glaxo’s first-half numbers are due on Wednesday. UBS, which rates the stock at ‘neutral’, said: "HIV sales numbers and whether newer HIV products such as Juluca and Dovato can offset losses elsewhere in the dolutegravir portfolio (Tivicay, Triumeq) will likely be the key focus as investors look to work out when this business will stabilise.

"Investors will also be watching how new pharma products are performing including Trelegy, Nucala and Zejula."

On Thursday, H1 results from AZN will be out. UBS estimates second-quarter 2019 total revenues of $5.63bn versus consensus of $5.65bn, core operating profit of $1.19bn and core earnings per share of $0.61 versus consensus of $0.61.

"Investors will pay attention to updates on FDA discussions after recently published roxadustat CV safety analysis," it said. "Current concerns regarding cash flow generation remain the main focus - Q1'19 revealed negative free cash flow. With considerable exposure to emerging markets, especially China, we believe the market will be looking for any signs of tender based headwinds on the top-line (especially Crestor)."

Thursday also sees the release of half-year results from broadcaster ITV.

George Salmon, equity analyst at Hargreaves Lansdown, noted that 2019 has been another major sporting summer, but the tennis, cricket, football and netball has been spread across the other channels.

"Still, that doesn’t mean the group has nothing to shout about. Love Island has once again gripped the nation, breaking its own ITV2 viewing record by raking in an audience of over 6m," he said. "That, and the fact that over 20% of those viewers were streaming online, will surely feature in these results."

"However, how many people are watching is only one part of the equation. What investors will want to know is how much advertisers are willing to pay to get in front of the audience. Advertising trends have been weak since the Brexit vote, with ITV’s advertising revenue down 7% last quarter, so some positive news would be welcomed. Otherwise the onus will once again be on the Studios business to deliver the goods."

In the UK, the new Prime Minister will be revealed on Tuesday, with blond bombshell Boris Johnson the favourite for the top job.

The Share Centre said: "There will be a large number of ministerial resignations upon this with a Brexit biased cabinet forming. This week the pound reached new lows last seen in 2017 on rising fears of his Boris Johnson’s ‘do or die’ attitude to Brexit, although this was tempered by the latest parliamentary move to block a no-deal scenario."

Outside the UK, investors will be eyeing Markit PMI figures for the eurozone and the US, with the composite figures expected to show a rise in business confidence compared to previous months.

In addition, the European Central Bank will announce its latest interest rate decision on Thursday, with no change expected. However, "the statement is likely to sound dovish as economic indicators lately have generally been weak," the Share Centre said.

Monday July 22

INTERIMS

Ascential, SThree

FINALS

Tungsten Corporation

ANNUAL REPORT

Miton Global Opportunities

EGMS

Banco Santander S.A.

AGMS

Malvern International, Windar Photonics

TRADING ANNOUNCEMENTS

Midwich Group, Petra Diamonds Ltd.(DI), Petra Diamonds Ltd.(DI)

FINAL DIVIDEND PAYMENT DATE

Mission Marketing Group

Tuesday July 23

INTERIMS

Getbusy, Green Energy Technology Inc. GDR (Reg S), Gresham Technologies, SEGRO, Synectics, Unite Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Existing Home Sales (US) (15:00)

House Price Index (US) (14:00)

FINALS

Carclo, Cohort, IG Group Holdings, Joules Group, PZ Cussons

SPECIAL DIVIDEND PAYMENT DATE

Castings

AGMS

Cake Box Holdings, Dekeloil Public Ltd, MobilityOne Ltd., Motorpoint Group, Pathfinder Minerals , Primorus Investments, Scapa Group, Stobart Group Ltd., TR Property Inv Trust, Vodafone Group

TRADING ANNOUNCEMENTS

Paragon Banking Group

UK ECONOMIC ANNOUNCEMENTS

CBI Distributive Trades Surveys (11:00)

Wednesday July 24

INTERIMS

Aptitude Software Group , Croda International, Drax Group, GlaxoSmithKline, Informa, ITV, Quartix Holdings , Tullow Oil

QUARTERLY PAYMENT DATE

Yew Grove Reit

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

M3 Money Supply (EU) (09:00)

MBA Mortgage Applications (US) (12:00)

New Homes Sales (US) (15:00)

FINALS

Totally, Van Elle Holdings

SPECIAL DIVIDEND PAYMENT DATE

Yew Grove Reit

AGMS

Aquila Services Group, Arkle Resources , Caledonia Investments, Experian, Fidelity China Special Situations , Mediclinic International , Mporium Group, QinetiQ Group, Tri-Star Resources , Trifast, Ultimate Sports Group, Vertu Motors, Water Intelligence, Wizz Air Holdings

TRADING ANNOUNCEMENTS

Antofagasta, Brewin Dolphin Holdings, Britvic, Empresaria Group, Marston's, PayPoint

UK ECONOMIC ANNOUNCEMENTS

BBA Mortgage Lending Figures (09:30)

CBI Industrial Trends Surveys (11:00)

Thursday July 25

INTERIMS

Acacia Mining, Anglo American, AstraZeneca, Bodycote, Capital & Counties Properties , Howden Joinery Group, Inchcape, Lancashire Holdings Limited, Morgan Advanced Materials , National Express Group, Primary Health Properties, Relx plc, Tyman, Unilever, Vesuvius

INTERIM EX-DIVIDEND DATE

Arbuthnot Banking Group, BB Healthcare Trust (Red), Blackrock Income And Growth Investment Trust, Foresight 4 VCT, M & G Credit Income Investment Trust , Nichols

QUARTERLY PAYMENT DATE

Brunner Inv Trust, Fair Oaks Income Limited 2017 Shs NPV, General Electric Co, Land Securities Group

QUARTERLY EX-DIVIDEND DATE

APQ Global Limited, City of London Inv Trust, Custodian Reit

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

Durable Goods Orders (US) (13:30)

ECB Interest Rate (EU) (12:45)

GFK Consumer Confidence (GER) (07:00)

IFO Business Climate (GER) (09:00)

IFO Current Assessment (GER) (09:00)

IFO Expectations (GER) (09:00)

Initial Jobless Claims (US) (13:30)

Q2

Lancashire Holdings Limited

FINALS

Diageo, Fuller Smith & Turner, Highlands Natural Resources, NCC Group, Scholium Group

SPECIAL EX-DIVIDEND DATE

Martin Currie Asia Unconstrained Trust , Ventus VCT, Ventus VCT 'C' Shares

AGMS

Advanced Oncotherapy, Bluerock Diamonds, BMO Global Smaller Companies, Caffyns, CMC Markets, De La Rue, Edinburgh Inv Trust, Federal Bank Ltd (The) GDR (REGS), Federal Bank Ltd (The) GDR (REGS), FirstGroup, Halma, HarbourVest Global Private Equity Limited A Shs, Henderson Alternative Strategies Trust , Honye Financial Services Limited (DI), Immunodiagnostic Systems Holdings, Intermediate Capital Group, NewRiver REIT, PayPoint, Pennon Group, Polarean Imaging, Record, Tate & Lyle, Telecom Plus, VP, Weiss Korea Opportunity Fund Ltd

TRADING ANNOUNCEMENTS

AJ Bell, CMC Markets, Compass Group, Daily Mail and General Trust A (Non.V), Intermediate Capital Group, Sage Group

FINAL DIVIDEND PAYMENT DATE

Anglo Asian Mining, Electrocomponents, Gama Aviation , Inspired Energy, Mckay Securities, MS International, Triple Point Income VCT C, Triple Point Income VCT D

FINAL EX-DIVIDEND DATE

Bloomsbury Publishing, Blue Planet Investment Trust, Celtic 6% Cnv Cum Prf, City of London 4.2% Cum 1st Prf Stk, City of London Investment Trust 4.2% Non-Cum 2nd Prf Stk, City of London Investment Trust Preference Ord Stk 14% Non-Cumulative 1, Halfords Group, Investec, Martin Currie Asia Unconstrained Trust , NB Private Equity Partners Ltd., Pennon Group, Porvair, Royal Mail, Scapa Group, SSE, Stenprop Limited, Ventus VCT D Shs, Ventus VCT, Ventus VCT 'C' Shares

Friday July 26

INTERIMS

Aberforth Smaller Companies Trust, Greencoat UK Wind, IMI, Kcell Joint Stock Co GDR (Reg S), Rightmove

INTERIM DIVIDEND PAYMENT DATE

Character Group, Chrysalis VCT, Gooch & Housego, Hargreave Hale AIM VCT , Paragon Banking Group, Up Global Sourcing Holdings

QUARTERLY PAYMENT DATE

Real Estate Credit Investments Ltd, Real Estate Investors, Standard Life Private Equity Trust, Value and Income Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

GDP (Preliminary) (US) (13:30)

GMS

Kropz

SPECIAL DIVIDEND PAYMENT DATE

Bisichi Mining, Chrysalis VCT

AGMS

B&M European Value Retail S.A. (DI), Chaarat Gold Holdings Ltd. (DI), Mothercare, Redt Energy , SIMEC Atlantis Energy Limited (DI), Smartspace Software , Triple Point Income VCT E

TRADING ANNOUNCEMENTS

Vodafone Group

FINAL DIVIDEND PAYMENT DATE

Amati AIM Vct , Anpario, B.P. Marsh & Partners, Big Yellow Group, Bisichi Mining, Braemar Shipping Services, Calculus VCT , ICG Enterprise Trust, Morses Club , Next Fifteen Communications, Renewi , Scisys Group, Vianet Group