Companies reporting w/c 30 September

We give our thoughts on what to expect from companies announcing results week commencing 30 September 2019.


Ferguson (Q4 2019 Earnings Release)

The group recently announced the demerger of its UK operations and investors will be expecting a further update with regard to this. Ferguson is highly geared to the US, where the majority of revenue and profit are generated. In the June trading update organic revenue growth in the US moderated across the country so the market will be focussing on recent trading, along with management outlook on the year ahead.

We currently list Ferguson as a HOLD


Tesco (Q2 2020 Earnings Release)

Investors will be pleased that the solid start to the year when the CEO highlighted growth ahead of the UK market in both sales and volume has continued. Areas to concentrate on will be operating margins, which have been improving, as well as cost savings, Booker, online sales and dividends or share buyback. Restructuring of the group continues with the latest news in August relating to its Metro and Express stores. The share price has outperformed the FTSE 100 year to date helped by its defensive element, which in the current environment could be viewed as a positive.

We currently list Tesco 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.