Companies reporting w/c 9 December

We give our thoughts on what to expect from companies announcing results week commencing 9 December 2019.


Ashtead Group Plc (Q2 2020 Earnings Release)

The shares have had a good year thanks to a number of factors: trading updates have confirmed the continued strength of the North American business and expectations are it looks likely to continue due to steady spending on infrastructure. The company still has only a small portion of the equipment rental market in the US and has invested heavily in new equipment in recent times. The shares have been supported by a £500m share buyback scheme but in this second quarter update the market will be looking to see whether growth has continued and what the full year expectations are.

We currently list Ashtead as a BUY

TUI (Final results)

Challenging market conditions, Brexit uncertainty and the grounding of the Boeing 737 MAX planes have all made for a difficult year for the global tourism group, although the shares have managed a reasonable recovery in recent months. That may be partly due to hopes that the demise of rival Thomas Cook will reduce the fierce level of competition in the sector. Given all the uncertainty the market will be especially focused on the forward-looking comments on how the Winter season is performing so far and what the outlook for dividends is given expectations of a significant cut this year.

We currently list TUI as a HOLD


John Wood Group Plc (Q3 2019 Sales and Revenue Release - Pre Close Trading Update)

Wood Group's shares have certainly been underperforming lately partly down to lower trending oil prices, but its entry into the US shale market seems to be the bigger issue. Without an oil price spike, the US shale producers remain static and thereby contracts awards. Relatively high debts don’t help and now it seems that it’s attracting the attention of short sellers. However more revenue and cost synergies and a restructuring and disposal programme will hopefully ward off the vultures.

We currently list John Wood Group as a BUY



Dixons Carphone (Interims)

Dixon’s has faced considerable challenges seeing its share price fall by over 70% in the last four years due to both structural and disruptive market changes. Consumers holding onto their phones for longer and the shift towards online-based retail have caused problems. As a result, restructuring has taken place in a bid to transition the group to become more of an online seller. Investors will be hoping online sales can continue to show promise as the group looks to compete with the likes of Amazon and Argos. However, in a sector experiencing difficult times and poor results announced back in June, investors may be fearful when interims are released on Thursday. An update on Black Friday sales and the trading in the run-up to Christmas will be all-important.

We do not currently have a view on this stock

All information given including prices, yields and our opinion is correct at the time of publication. Our opinions on investments can change at any time and for our latest view please go to To understand how our Investment research team arrive at their views please read our Investment Research Policy.