Imperial Brands, Full Year Results, Tuesday 18 November
Derren Nathan, head of equity research, Hargreaves Lansdown:
“Management at Imperial Brands recently confirmed that the company’s on track to deliver underlying revenue growth in the low single digits. Underlying operating profits is expected to increase at a similar pace to the 4.6% seen last year. Market consensus aligns with this outlook, forecasting revenues of £9.6 billion and operating profit of £4.2 billion.
This reflects efforts to successfully navigate the ongoing decline in cigarette volumes through strategic pricing. The group’s robust pricing has helped to offset volume declines, which have moderated across most regions, while sales of Next Generation Products such as vapes and nicotine pouches have grown about 13%. Given their relatively small contribution we’d like to see growth accelerate before calling out this category as a driver of future profit growth.
Imperial’s cash generation supports generous payouts to shareholders, who will be keen for a progress update on this year’s targeted returns of £1.25 billion.”
NVIDIA, Q3 Results, Wednesday 19 November
Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“For the first time in several quarters, Nvidia is entering earnings with sentiment under pressure. Shares have softened on concerns of an AI bubble and the reality that China sales are unlikely to rebound soon. Still, the underlying picture remains strong, with third-quarter revenue expected near the top end of guidance at around $55 billion – and scope for an upside surprise.
Attention will also turn to guidance for the fourth quarter and any colour in 2026. CEO Jensen Huang recently flagged $500 billion worth of orders on the books, and investors will be keen for clarity on timing, which could imply material upside to current forecasts. With plenty of nervousness in the air, strong results from Nvidia could be the perfect catalyst to reignite the AI flame.”
The author holds shares in NVIDIA
JD Sports Fashion, Q3 Trading Statement, Thursday 20 November
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“JD Sports’ first-half results revealed some challenges beneath headline growth figures. On the face of it, total revenue growth of 20% sounds great, but this was driven entirely by recent acquisitions. Underlying performance told a different story, with like-for-like sales falling by 2.5% driven by declines across all regions. Despite this, management kept its full-year pre-tax profit guidance broadly flat at £878 million, implying a significant improvement over the second half.
Next week’s third-quarter numbers will be key in proving whether trading momentum has genuinely turned a corner. Investors will be watching closely for signs of stabilisation in the US market, which has struggled recently due to a weak macroeconomic backdrop, delays in product launches, and intense discounting from competitors.
Trading in the UK and Europe has also been subdued, with last year’s numbers getting a foot up from the men’s 2024 Euros. Comparisons on this side of the Atlantic should get easier from here, but there’s a lot of pressure to deliver. Meeting full-year guidance will be challenging, and we wouldn’t be surprised if the group falls just short of its target.”
Among those currently scheduled to release results next week:
*Events on which we will be updating investors
