Companies reporting w/c 8 July

We give our thoughts on what to expect from companies announcing results week commencing 8 July 2019.


Ocado (Interims)

Shares in the groceries delivery company Ocado have had a good run so far this year, thanks largely to the deal with Marks & Spencer which has provided much-needed funds to help finance the development of fulfilment centres for its customers around the world. Investors will be looking for an update on the M&S venture as well as any progress in rebuilding the Andover warehouse, which suffered from a major fire earlier in the year. The market will also be interested in any comments on prospects for further deals with major supermarket groups around the world to develop automated warehouses.

We currently list Ocado as a HOLD

Micro Focus (Interims)

Shares in software group Micro Focus International have recovered strongly over the past year as the market has been reassured over the group’s performance following the issues with the HPE assets it acquired. There should be few surprises in the interim figures themselves as the company said in May that it expected the numbers to be in line with previous guidance. The focus will therefore be on whether the company still expects revenue to drop by 4-6% this year, is considering any further acquisitions and what prospects there are for returns to shareholders.

We currently list Micro Focus as a HOLD


Barratt Developments (Final results)

The recent set of construction sector activity data will not inspire investors with any confidence in the sector. Despite trading updates through the year showing some resilience, investors do not expect much of a rise in the group's full year sales as it is increasingly evident that average selling prices are struggling to rise while completions should only rise modestly and rising labour and materials cost will act as a drag which they indicated will be in the range of 3-4%. Some focus though will go on the management's outlook given the political environment and the group's recent acquisition of a timber frame manufacturer.

We currently list Barratt as a HOLD

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.