The Week Ahead: 28 July - 1 August

We’re gearing up for the heat of results season for mid and large cap British stocks. This week has been a rehearsal. The big load starts next week, with more than 50 companies set to announce final or interim results between Tuesday and Thursday.

We’ll take a look ahead to some of those names later. But first, a review of the week just gone.

Starting with the positives, including companies news, which has been largely devoid of trouble. Monday did bring further disappointment for anyone clinging onto Argentex (LON:AGFX) - it looks like shareholders are more likely to end up with nothing than the 2.49p that would have come from the acquisition. There were a couple of black marks on Thursday and Friday, with Treatt (LON:TET) among the biggest fallers of the week. But overall, results and updates have been pretty resilient.

That flies in the face of economic updates which, on Thursday revealed that growth in private sector business activity slowed in July, with the PMI composite output index reading coming in below already depressing expectations. Company headcounts are also on the way down, with the government’s rising national insurance bills the likely culprit. And we’ve had news that shoplifting in England and Wales is at its highest level since records began - that’s not great for business.

And yet, the FTSE 100 has blown through the 9,100 mark (on Thursday) and seems to have stayed there. That’s another all time high. The more domestic-focused 250 has also had a decent week. We’re not seeing all time highs there yet, but we’re seeing positive momentum.

There is even something positive to say about Aim. The momentum from the nadir in April seems to have been sustained and now the market is back at the level it was at this time last year. Another 22% and it will be back to all-time parity, which would be a disappointment for all the Aim-bashers out there, but nice for anyone who maintains faith that the junior market has potential.

How to navigate a big week for financial results

It’s easy to get lost in the madness of financial results season. I remember having to return home early from my cousin’s wedding in Madrid when I worked at the Investors’ Chronicle, such was the pressure of producing coverage on such a huge number of companies.

The key is to prioritise and prepare. Are there any stocks that you’re wavering on? Are there any numbers that you’re anxious to read because you think they might make a difference to the investment case? Are there any good value stocks out there that you would just like to see are living up to the expectations set out during the last trading update.

And remember, not all financial results need an immediate reaction. The market didn’t like financial results from MONY (LON:MONY) on Monday, but by Thursday, the share price had largely returned to its pre-blip level.

What numbers are at the top of my priority list?

Greggs (LON:GRG)

I am sorry for going on about it, but Greggs is the one I am most nervous about next week. The warning in May spoke to a change in the trajectory of like-for-like sales growth which management insisted was a short-term blip caused by an unseasonably warm June. I gave them the benefit of the doubt and held on, but I hope I will not be proved wrong on Tuesday.

Games Workshop (LON:GAW)

Games Workshop will also update the market on Tuesday and with shares trading on 27 times forecast earnings, the market will be looking to see earnings at least in line with consensus estimates (of 548p).

I am also looking for more clarity on FY26. Management at Games Workshop tend to be very vague with their forecasting, which means as the year progresses they can report increasingly positive outlook statements to the market as they grow more confident in the results for the year.

Consensus estimates for FY26 are for earnings of 519p - a 5% decline on the forecasts for this year. I am hoping for some upgrades to these numbers on Tuesday to help support the lofty share price.

London Stock Exchange (LON:LSEG)

The London Stock Exchange has had a tough 2025 to date. Earnings are still expected to grow strongly in the next two years, but the expectations have been trimmed substantially. In February Nick Train very publicly ditched the LSE from his high performing quality fund, Lindsell Train.

Sentiment for the stock is unlikely to be being helped by constant headlines of a dearth of companies choosing to list in London and the huge number of acquisitions off the market that we have seen so far this year.

But LSE makes a lot more money from its data licenses that it does from trading, so those are the numbers that I will be looking out for on Thursday.

Let us know in the comments if there are any stocks that you have your eye on for the week ahead and we’ll try to make sure we cover as many as we can.

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