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March was a tough month for investors. Conflict in the Middle East weighed on stocks around the world, and volatility was high. For now, however, the UK market is holding up better than the US one - and results from some FTSE 100 and FTSE 250 companies could boost the mood in April.
This article is not a recommendation to buy or sell an investment; it is purely insight into some of the companies that announce results over the next month.
Tesco
Full-year results: Thursday 16 April
The grocery sector is cut-throat. Customer loyalty is fickle, meaning retailers constantly compete on prices. Against this backdrop, Tesco is doing something right: it has a 29% share of the UK market - its biggest in over a decade - with almost 4,000 stores and a top online offering1.
Tesco is due to report its annual results on 16 April, and shareholders are expecting good things. Back in January, the company predicted that its annual operating profit would be at the upper end of its £2.9bn to £3.1bn guidance.
Tesco’s fresh food performance has been particularly strong and customer satisfaction has improved.
Constant pressure to cut prices can erode profit margins, however, and analysts at Morningstar argue that Tesco’s size does not translate into a “structural cost advantage”. They concluded that Tesco’s average five-year operating margin sits in the middle of its peer group - above Sainsbury’s and Waitrose but below Lidl and Marks & Spencer.
Shareholders will also be keeping a close eye on inflation. If conflict in the Middle East pushes up prices, supermarkets could suffer. As well as squeezing their (already skinny) margins, inflation could dampen demand as people will feel poorer. On the flip side, Tesco’s scale means it wields a lot of power over suppliers. It is also viewed as a budget-friendly option, which could give it an edge over rivals.
Saga
Full-year results: Wednesday 15 April
If you own shares in Saga, you might be wondering what’s going on. The company’s share price is up by over a fifth since January and has almost quadrupled since this time last year.
The short answer is that more people are booking cruises. In January, Saga said its ocean cruise business was delivering an “excellent performance”. As such, its annual profits are set to be higher than expected - and higher than last year. The river cruise business is also growing nicely, and the insurance broking division is doing better than expected.
To really understand what’s happening at the company, though, you have to go back a bit further. Saga had a terrible pandemic and, in the years that followed, struggled with debt, pressure from other insurers, and weak demand for holidays.
A turnaround was urgently needed, and this culminated last year in Saga selling its insurance underwriting business to the Belgian insurer Ageas. Under the terms of the partnership, Saga will continue to use its brand and customer relationships to sell policies in return for a commission, but won’t be responsible for the underwriting, pricing, claims processing or customer service.
Meanwhile, the travel business has been brought under one management team.
Investors have responded very positively to the overhaul - but there are still concerns. Some fear that conflict in the Middle East will dampen demand for exotic holidays. There is also the lingering issue of debt. Saga’s leverage ratio - which reflects how much debt it has relative to its earnings - sits at around 4 times.
It is very expensive to service this level of debt, and net finance costs reached £20.5m at the half-year mark2.
BP
First-quarter trading update: Tuesday 28 April
Back in January, we remarked that commodity prices were not working in BP’s favour. The oil price dropped by nearly a fifth in 2025 due to concerns about oversupply, and many people thought it would fall further.
Well, the tables have turned. Due to conflict in the Middle East, the price of Brent crude - one of the world’s main oil benchmarks - has shot above $100 a barrel. It was around $60 a barrel at the start of the year. The increase reflects disruption in the Strait of Hormuz, the narrow waterway linking the oil-rich Persian Gulf to the Arabian Sea. More than a fifth of global oil and liquefied natural gas passes through this chokepoint.
Higher energy prices could spell bigger profits for the likes of BP, and investors have reacted accordingly. BP’s share price has risen by roughly 20% in the past month. However, analysts at investment bank Raymond James warned that the “obvious tailwinds” will be partly offset by operational disruption.
BP will publish its first-quarter results on 28 April. These will be important, but eyes will be firmly on the months ahead.
Before conflict broke out in the Middle East, there was a question mark over BP’s performance. Shareholders were disappointed that it had suspended its share buyback scheme, for example, to focus on paying down debt. Its pivot away from green energy also loomed large. Still, with geopolitics reshaping the energy market, BP’s near-term fortunes may depend less on strategy and more on forces beyond its control.
WH Smith
Half-year results: Thursday 23 April
2025 was a painful year for WH Smith. In June, the retailer sold off its high street business to focus exclusively on airports, railway stations and motorway services. The market reacted well to the news.
In August, however, things took a sharp turn for the worst. In a shock update, the company slashed profit guidance for its North American business after discovering an overstatement in its accounts, “primarily due to accelerated recognition of supplier income”.
Since then, a review by Deloitte has revealed ‘accounting inconsistencies’ dating all the way back to 2023 and the Financial Conduct Authority has started an investigation3. The company is being led by an interim chief executive, following the resignation of Carl Cowling in November4.
Shareholders will be hoping for signs of stability in WH Smith’s half-year results. For the year ending August 2026, it expects to deliver adjusted profits of between £100m and £115m. This compares with profit of £114m in 2024 and £108m in 20255. This month’s update should show whether it is on track.
WH Smith’s presence in airports is making analysts nervous, however. “The Middle East situation and its potential impact on global travel cannot be ignored,” Peel Hunt concluded.
Whitbread
Full-year results: Thursday 30 April
Growth at Whitbread - better known as the owner of Premier Inn - is fairly slow at the moment. In the third quarter of its financial year, total sales were up by just 2%. However, there are some signs of progress. Its German business is on the cusp of turning a profit, and cost savings are coming in higher than expected6.
The company will report its full-year results on 30 April and will announce a five-year plan at the same time. Analysts at Peel Hunt are upbeat, saying they expect “at least some changes to address the persistent undervaluation of the shares”.
Confidence in Whitbread has been hit by government changes to business rates, however. From April 2026, some hotels in England may have to pay significantly higher business rates following property revaluations.
Whitbread chief executive Dominic Paul said the proposed changes to business rates “are damaging for the overall sector and will impact future investment and job creation”.
Source:
1 London Stock exchange, Tesco Q3 & Christmas Trading Statement 2025/26
2 Saga Plc Interim results statement 24.09.25
3, 5 Investigate.co.uk Preliminary Results Announcement 19.12.25
4 WH Smith board changes 19.11.25
6 Investigate.co.uk 3rd Quarter Results13.01.25
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Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Overseas investments will be affected by movements in currency exchange rates. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.
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