Important information - the value of investments and the income from them can go down as well as up, so you may get back less than you invest.
The FTSE 100 hit a new high in the final week of February, fuelled by strong company updates. Results season could hold yet more surprises, however, with some key names due to report full-year figures in March.
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.
Next
Full-year results: Thursday 26 March
Next has a formidable reputation among investors. Unlike many retailers, it has a habit of under-promising and over-delivering and has boosted its profit forecasts 16 times in the past three years. The latest upgrade arrived just last month: Next now predicts profit growth will reach 14% for the year ending January 2026.1 We will know for certain on 26 March, when its annual results are due.
Many people think of Next as a simple high street business. In recent years, however, it has built an empire selling its own clothes and a host of other brands in the UK and overseas. Third-party brands such as Nike, Whistles and Boden now account for a fifth of group sales and a quarter of growth. Meanwhile, the international business is posting double-digit gains.2
Next’s ability to move with the times and defy economic gloom has not gone unnoticed. “In our view, Next remains a key sector holding, trading on a deserved sector premium,” analysts at investment bank Peel Hunt concluded.3
2026 could bring challenges, however. Sales last year were helped by sunny weather and the disruptive cyber-attack on Marks & Spencer. Going forward, Next has warned that the “long-term outlook for the UK economy does not look favourable” due to declining job opportunities. Meanwhile, overseas growth is expected to “moderate from the exceptional levels” seen in 2025.4
As a result, some analysts think profit upgrades will be harder to come by this year, and that Next’s premium valuation could come under scrutiny.
Aviva
Full-year results: Thursday 5 March
Aviva has transformed itself over the past five years. Under the steady leadership of Amanda Blanc, the insurance giant has scaled back its international presence, repaid a chunk of debt, returned cash to shareholders, and bought Direct Line, one of the UK’s biggest motor insurers. Its full-year results will contain the latest details.
The company is certainly sounding confident. According to a third-quarter update, it is on track to hit its 2026 targets a year early and expects to achieve £225m of cost savings by 2028 - nearly twice the original estimate. Share buybacks are due to restart this year.5
Aviva is made up of three main segments: life insurance, general insurance, and asset management. The life business is huge, generating about half of the group’s operating profit. Like many of its European peers, though, Aviva is moving away from life insurance and towards ‘capital light’ work such as motor and home insurance (hence the acquisition of Direct Line). It hopes this will fuel stronger growth and better returns, using less capital.
The shift brings risks as well as opportunities, however. “We think the largest risk to most insurers is unknown costs,” said analysts at Morningstar. “If actual claims and expenses rise above what is expected and priced when writing policies, that poses a large risk.”6
General insurance claims tend to be more volatile and unpredictable than life insurance claims. Meanwhile, car insurance pricing have been under pressure, which is good news for motorists but bad news for those who insure them.
Rentokil
Full-year results: Thursday 5 March
It has been a rocky few years for Rentokil shareholders. Problems started in 2021, when Rentokil announced plans to buy American pest control giant Terminix. The mega-merger completed in 2022 and made Rentokil the biggest pest control company in the US.7 Since then, though, growth in North America has been sluggish, staff retention has suffered, and there have been issues in the group’s marketing department.
Its plight has been thrown into sharp relief by the continued success of US rival Rollins, which has enjoyed higher margins and stronger growth.
The past six months have been better for Rentokil, however, and investors will be hoping for more good news in its annual results. In a third-quarter trading update, outgoing chief executive Andy Ransom noted “positive trends” and said changes to the digital marketing strategy were “driving positive lead flow and overall sales momentum”.8
Analysts appear divided. Morningstar is “confident that Rentokil can turn around its organic growth and better leverage its regional scale in the US”. It also flagged improvements to “route density”. Much like a postal service, Rentokil can make bigger profits if there are lots of jobs in a small area, and the acquisition of Terminix improved the situation “materially”.
On the flip side, analysts at Deutsche Bank have just downgraded their outlook for Rentokil. They argued that the company is lagging behind similar businesses.
All eyes will be on Rentokil’s incoming chief executive, who is due to take the reins in mid-March. Mike Duffy is a US citizen and will be based in North America.
Persimmon
Full-year results: Tuesday 10 March
Housebuilders have endured some horrible conditions since the pandemic. Higher interest rates have dampened demand for new homes, while inflation has pushed up the cost of building. FTSE 100 housebuilder Persimmon is “not expecting any material improvement in market conditions this year”.9
And yet, Persimmon made some good progress in 2025. We will find out more when it publishes its full-year results, but we know new home completions rose by 12% - ahead of forecasts - and the average selling price was better than expected at £278,000.10
Persimmon has a big presence in the north of England and Scotland, which seems to be working in its favour. “We continue to believe that trading in London and the southeast is tougher and accordingly prefer homebuilders with minimal exposure to these markets, such as Persimmon,” analysts at Morningstar said.11
The company’s “unique level of vertical integration” is also coming in handy. In plain English, it owns various manufacturing facilities - such as a tile factory and a brickworks - which means it has greater control over its supply chain than many of its rivals. As such, it has been able to keep cost inflation under control.
Some analysts argue housebuilders are unfairly cheap after a tough few years. “We maintain that if UK homebuilders deliver on medium-term targets, investors will be richly rewarded given their compelling valuations,” Morningstar concluded.
Ultimately, however, the outlook for the property market remains very uncertain and much will depend on the economic backdrop.
Endeavour Mining
Full-year results: Thursday 5 March
Precious metals are on a roll, and shares in miners have been surging as a result. London’s biggest listed gold miner, Endeavour Mining, is no exception. The group is due to publish its annual results in March, but the signs are already very positive. Production was strong in 2025, a record $435m of cash was returned to shareholders, and almost $600m of debt was paid down.12
A rise in the gold price can have an amplified effect on miner profits. This is because miners have significant fixed costs, so any jump in the price they can sell their gold for equates to a larger percentage rise in their earnings. But this operational gearing can quickly kick into reverse when prices fall.
In the past, surging metal prices have also caused gold miners to make bad investment decisions. They have committed to expensive, ill-judged projects, for example, or increased their debt. For now, however, Endeavour seems to be keeping a cool head and prioritising shareholder returns.
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Source:
1 Next Annual Report and Accounts, January 2025
2,4 Next results for the half year ending July 2025
3 Peel Hunt, 6 January 2026
5 Aviva Q3 2025 Trading Update
6 Morningstar, Equity Company Report, 27 Jan 2026
7 Morningstar, Equity Company Report, 13 Feb 2026
8 Rentokil Q3 Trading Update, 23 Oct 2025
9,10 Persimmon 2025 Trading Statement, 13 Jan 2026
11 Morningstar, Equity Company Report, 13 Jan 2026
12 Endeavour Mining, full-year 2025 results
Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. This information is not a personal recommendation for any particular investment. 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. 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. Overseas investments will be affected by movements in currency exchange rates. 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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