Hays<\/p>\n<\/td>\n
Q1 Trading Statement<\/p>\n<\/td>\n<\/tr>\n
Imperial Brands\u2019 profitability in focus as new CEO takes over<\/p>\n
Prices delayed by at least 15 minutes<\/p>\n
Next week’s trading update will reveal whether the tobacco giant has done enough to meet its full-year guidance. Strong pricing in the first half more than offset the decline in tobacco volumes, allowing underlying revenue to grow 3.2% to \u00a33.7bn. And despite charging smokers more to satisfy their cravings, the group\u2019s been making solid market share gains. How long that continues remains to be seen, but we think there\u2019s a strong foundation for achieving full-year growth in the low single-digit range. <\/p>\n
However, underlying operating profit growth expectations in the mid-single digits are more demanding. First half growth of just 1.8% means there\u2019s some heavy lifting to be done in the period about to end, and we\u2019ll be keen to hear that Imperial is still on track as Chief Financial Officer Lukas Paravicini steps up to take the CEO seat. <\/p>\n
Prices delayed by at least 15 minutes<\/p>\n
CVS expects margin expansion; competition enquiry delayed again<\/p>\n
Prices delayed by at least 15 minutes<\/p>\n
CVS Group<\/a>\u2019s last trading update pointed to full-year revenue of \u00a3673mn to be reported in next week\u2019s results. That reflects like-for-like growth of 0.2%, held back by softer market conditions in the UK. The mid-point of analyst forecasts implies underlying cash profit (EBITDA) growth of 4.8% to \u00a3133.4mn. We don\u2019t think the final outcome will stray far from this. <\/p>\n Net debt is expected to have fallen by more than \u00a350mn over the second half to \u00a3131.4mn. We\u2019ll be watching to see if that\u2019s prompted an acceleration in the group\u2019s expansion in Australia. <\/p>\n The results are coming out a bit later than last year. That\u2019s in the hope there will be more clarity around the delayed decision by the UK Competition and Market\u2019s enquiry into the veterinary industry, but a further postponement by the regulator means we\u2019re not expecting much news on that front. <\/p>\n Prices delayed by at least 15 minutes<\/p>\n This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss. Yields are variable and not guaranteed.<\/p>\n This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure<\/a> for more information.<\/p>\n Sign up for Share Insight. Get our Share research team\u2019s key takeaways from the week\u2019s news and articles direct to your inbox every Friday.<\/p>\n Written by<\/p>\n
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