Ryanair will publish its full-year results on Tuesday, May 30 CREDIT: GETTY IMAGES
Low-cost carrier Ryanair is set to unveil a strong set of full-year results. Pre-tax profits for the year are expected to be in line with the guided €1.3bn-€1.35bn. Speaking at a conference in Dublin last week, the group’s chief executive Michael O’Leary said profits have risen since the start of the airline’s Always Getting Better programme was introduced. Mr O’Leary also noted that the UK remains a strong market in terms of volumes but very weak in terms of pricing.
Analyst Mike Irvine-Fortescue, of Panmure Gordon, said: “Ryanair’s fare weakness has been exaggerated by sterling headwinds and trading-off higher load factors, which we expect to fade in Summer 2018, supporting an improved yield outlook.”
Ryanair also expects to fly 130m passengers next year, up from 120m in the 12 months to March 2017. Analysts at Davy forecasts high-single-digit profit growth for the year ahead.
Full-year results:Renold, Horizon Discovery Group, Kainos Group, Ryanair
Interim results: AFI Development
AGM: ValiRx
Economics: Nationwide HPI m/m (UK), Core PCE Price Index m/m (US), Personal Spending m/m (US), personal income m/m (US), CB consumer confidence (US)
Contents
Wednesday May 31
Telford Homes is on track to post full-year pre-tax profits slightly ahead of expectations as its build-to-rent properties continue to be a significant part of the group’s business. Management confirmed last month that it expects pre-tax profits to exceed £40m in 2018 and £50m in 2019. Forward sales are strong at around £550m and trading remains robust.
Earlier this month, the company, which builds homes in more affordable areas of the capital, was selected as the prefered partner to build 236 new homes in South Kilburn. The gross development value of the scheme is expected to be around £95m and the group intends to commence work on the side later this year.
Full-year results:LondonMetric Property, Telford Homes, GAN
Interim results: Alpha Bank
Trading update: IG Group, OPG Power Ventures
AGM: e-Therapeutics, Tekcapital
Economics: GfK Consumer Confidence (UK), M4 Money Supply m/m (UK), Net Lending to Individuals m/m (UK), Mortgage Approvals (UK), ADP non-farm employment change (US), Chicago PMI (US), pending home sales m/m (US), Beige book (US), import prices m/m (GER), retail sales m/m (GER), unemployment change (GER), unemployment rate (EU), CPI flash estimate y/y (EU)
Thursday June 1
Investors will focus their attention on First Group’s UK and North American bus operations, as well as the progress made in closing the gap in margins compared to its peers, when the mid-cap group unveils its full-year results this week. Revenue growth for the year is expected to dip slightly as its UK regional bus unit continues to struggle. Previewing the full-year results, Peter Larkin, of UBS, said: “We expect a significant improvement in the margin for North America owing to a greater number of operating days and renegotiated or exited contracts.”
The investment bank reckons this should help drive the profit margin in the group’s largest segment, First Student, up to about 9pc, close to its rival National Express at 10pc. Earlier this year, First Group’s joint venture was awarded the South Western rail franchise which runs from August this year until at least 2024. However, the winner of the East Midland rail franchise is not due to be announced until March next year. Analysts expect FirstGroup to restart its dividend next year.
Full-year results: ImmuPharma, Johnson Matthey, FirstGroup
Interim results: Watkin Jones
AGM: Hostelworld Group, Georgia Healthcare, Plus500, Tri-Star Resources, Jimmy Choo, BGEO Group
Economics: Manufacturing PMI (UK), challenger job cuts y/y (US), unemployment claims (US), revised non-farm productivity q/q (US), revised unit labor costs q/q (US), final manufacturing PMI (US), construction spending m/m (US), ISM manufacturing prices (US), ISM manufacturing PMI (US), final manufacturing PMI (EU), final manufacturing PMI (GER)
Friday June 2
Full-year results: KCOM Group
AGM: Novolipetsk Iron and Steel Corp, Sphere Medical Holding, Manx Financial Group
Economics: Construction PMI (UK), average hourly earnings m/m (US), non-farm employment change (US), trade balance (US), unemployment rate (US), retail PMI (EU), PPI m/m (EU)
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