Look ahead to FTSE 350, other companies reporting & economic events from 20 – 24 January 2025

• Netflix comes into fourth quarter earnings on a hot streak
• Can easyJet take off in 2025?
• Wetherspoon’s record salesshow value wins in tough market
• Primark looking to drive Associated British Foods’ sales higher
• Can Burberry’s strategy shift turn fortunes?

Netflix, Q4 Results, Tuesday 21 January

Matt Britzman, senior equity analyst, Hargreaves Lansdown 
“Netflix enters its fourth-quarter earnings on a hot streak, having blown past expectations back in October and raising the stakes for next week. Revenue is expected to climb 17% year-on-year when stripping out currency effects, alongside sequential growth in net new paid subscribers. Notably, this will be the last time Netflix reports subscriber numbers as it shifts focus to its new leading roles: revenue and margins.

All eyes will be on Netflix’s latest plot twist – its bold dive into live sports. The streaming giant broadcast two NFL games on Christmas Day, the Tyson boxing match, and has an ongoing WWE show, and more. This marks the most significant pivot in content strategy for some time, and the results will be closely scrutinized. Netflix is clearly looking to score big in the live sports arena, so investors will be looking out for what else the streaming giant has up its sleeve.”

easyJet, Q1 Earnings, Wednesday 22 January

Aarin Chiekrie, equity analyst, Hargreaves Lansdown 
“Fresh off the back of a strong year of growth, easyJet will be looking to start 2025 on the right flight path. Short-haul capacity across Europe remains limited and markets expect to hear that lower fuel costs are boosting margins in the early months of the year.

Further out, capacity is set to continue growing this year as the group aims to cash in on strong demand from sun-seekers. Analysts are also keen to see if the package holiday segment can maintain its high double-digit growth rate when first-quarter results are announced next week.

Long-time CEO, Johan Lundgren, has hung up his cap after piloting the group for seven years. Change always brings some level of uncertainty, but with former CFO Kenton Jarvis stepping into the CEO cockpit, any turbulence in the transition is likely to be minimal.”

J D Wetherspoon, Q2 Trading Statement, Wednesday 22 January

Susannah Streeter, head of money and markets, Hargreaves Lansdown 
“J D Wetherspoon rang up record revenues last year, despite a reduction in the number of pubs, with average takings rising across the pub network. Investors will be keen to see signs that momentum continued through the crucial festive period.  With real wages on the up, the outlook for the eating out market has seemed relatively robust.

However, in December there were signs of some weakness creeping in for restaurants, with prices decreasing slightly on the month and considerably lower than a year earlier. It’s a potential sign that venues are offering deals to lure in reluctant customers. However, J D Wetherspoon’s value proposition still puts it in a resilient position, as it already caters to punters looking for a cheaper deal. After a period of reducing the estate by selling underperforming venues, the group has begun opening new pubs again focused on locations in areas of high footfall. There will be keen interest to see how well the new sites have been performing, and any signs that the expansion plans are accelerating.”

Associated British Foods, Trading Statement, Thursday 23 January

Aarin Chiekrie, equity analyst, Hargreaves Lansdown 
“Next week, all eyes will be on Associated British Foods as it unveils its first-quarter performance. Primark, its star asset, likely enjoyed bustling footfall over the festive season, with Christmas shoppers flocking through its doors. Overseas expansion is another key ingredient expected to keep Primark’s tills ringing. Markets are particularly eager to see if the new store openings are on track to deliver the anticipated 4-5% boost in sales—a metric that could prove pivotal for the year ahead.

Primark isn’t the only show in town though, with the group being home to an eclectic mix of food and commodity businesses. Recent performance in the sugar division has been bittersweet, and sales are expected to continue falling this year amid pricing pressures due to an oversupply in the market. A turnaround in sugar isn’t likely before 2026, putting pressure on other divisions to pick up the pace and offset the shortfall. Attention turns to how well the rest of the group is rising to the challenge.”

Burberry, Q3 Trading Statement, Thursday 23 January

Susannah Streeter, head of money and markets, Hargreaves Lansdown 
“After a highly turbulent period which saw double-digit declines in sales across all regions, there is hope that the luxury winds will be blowing in the right direction for Burberry going forward. Shares were boosted after Richemont surprised the market with a significant revenue uplift in the third quarter, raising hopes demand for other houses will also rebound.

Burberry has launched a new-look strategy, and shareholders will be keen to see if there are any signs it’s making any difference to the company’s fortunes and whether it managed to attract back custom during the golden quarter. It’s not going to be easy to reignite desire for the British brand given how far it’s fallen, with the group turning loss-making. The plan is to return focus to the brand’s outerwear origins, but it’s vital that Burberry avoids narrowing its offering to a small base of luxury customers at the expense of a once loyal fanbase. In the meantime, a cost-cutting programme is underway to try and stem some of the financial pain and shareholders will want to see signs of progress here.”

Among those currently scheduled to release results next week:

*Events on which HL will be updating investors