5 stocks to watch in October

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. 

Whitbread’s comments feed into a broader trend. Shares in tour operator On the Beach dived after a September profit warning, while PPHE Hotel Group has warned that travel patterns are returning ‘to more normalised levels’ after a post-pandemic boom.⁴

Analysts at Peel Hunt are feeling optimistic, nonetheless. ‘While revenue is falling, Premier Inn continues to outperform its independent competitors materially, which means that it benefits from the efficiencies of running high-occupancy hotels while competitors have the pressure on profits of lower revenue per room,’ the broker said.

Whitbread’s management team has tried to sweeten the deal for shareholders with a £250m share buyback. Under its five-year plan it intends to return more than £2bn to shareholders via buybacks and dividends - more than a third of its current market capitalisation.

Whitbread’s half-year results will be announced on Thursday 16 October.

• More on Whitbread

Airtel Africa

Airtel Africa is one of the lesser-known members of the FTSE 100. It is a telecoms giant that provides Sub-Saharan Africa with broadband, mobile networks and online money services. It has been growing fast - and for a good reason. There is huge unmet demand for digital infrastructure in the region.

This has been driving up sales and the group’s share price, which has almost doubled since the start of the year.

For investors awaiting Airtel Africa’s full-year results, however, there are some important things to be aware of. The first is ownership. The lion’s share of Airtel Africa is owned by Bharti Airtel, an Indian telecoms giant. This means its free float - the portion of shares available for public trading - is under 15%. Liquidity is a consideration, therefore.

Currency risk is another thing to be aware of. Airtel Africa reports its results in US dollars, but it is exposed to lots of different currencies across Africa. This can cause problems, as seen two years ago. In 2023, the Nigerian naira fell sharply, and Airtel Africa’s operational growth was more than offset by the devaluation of the currency.⁵

Airtel Africa is expected to post interim figures on Tuesday 28 October.

• More on Airtel Africa

JD Wetherspoon

JD Wetherspoon is set to publish its full-year results on Friday 3 October. A recent trading update reassured investors that everything was on track, but the pub chain has been vocal about the challenges it faces.

The recent National Insurance hike, VAT, and proposed changes to pub licensing rules have all incurred the wrath of chief executive Tim Martin. Elsewhere, the hospitality sector is showing signs of strain. Rising cost pressures have pushed the average price of a pint rose to £4.52, while the number of pubs in the UK is falling.⁶

How is JD Wetherspoon faring against this backdrop? Well, like-for-like sales growth has been solid, at roughly 5% for the past six quarters. The company is also expanding its footprint again: it plans to open 15 managed pubs and about the same number of franchised pubs next financial year.⁷

Profits are a problem, however. Increases in National Insurance and labour rates are expected to increase costs by about £60m a year, or £1,500 per pub, per week.⁸ As such, company margins are below pre-pandemic levels even though sales volumes have kept growing.

This has worried some analysts. ‘We remain concerned about the pace of its margin recovery which has slowed in the face of rising labour costs,’ Panmure Liberum said.

The wider market seems more confident. Shares in JD Wetherspoon have risen strongly since January, keeping comfortably ahead of the FTSE 250. The pub chain now commands a significantly higher valuation than rivals such as Mitchells & Butlers (which own brands such as Toby Carvery and Harvester) and Marston’s.

JD Wetherspoon will report its full-year results on Friday 3 October.

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Bellway

It’s a tough time to be a housebuilder. Taylor Wimpey’s share price has struggled this year, and shares in Bellway - the UK’s fourth-largest residential developer - have also had a tricky few months.

That’s not to say Bellway has struggled operationally. According to a recent trading update, Bellway delivered 8,749 homes in the 12 months to July - ahead of expectations - and the average selling price of its houses edged up to £316,000.⁹

Housebuilding is highly cyclical, though, and many investors are worried about the present state of the property market. Mortgage rates remain high, meaning affordability is a big issue. Rumours that the government may change stamp duty rules may also be deterring some movers.

Over the longer term, however, there is still huge unmet demand for housing which could fuel growth over the longer term. ‘Bellway’s sizable landbank - including 45,500 strategic land plots - should allow it to capitalize on the coming housing cycle, especially if the planning system is reformed in the UK,’ analysts at Morningstar concluded.

Bellway’s full-year results are due out on Tuesday 14 October.

• More on Bellway

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Source:

¹ Morningstar, September 2025
² FactSet, 26.9.25
³ Whitbread year in review
⁴ PPHE Hotel Group, 28.8.25
⁵ Airtel Africa, results for half year ended 30.9.23
⁶ BBPA, September 2025
⁷ JD Wetherspoon, pre-close trading update, 23.7.25
⁸ JD Wetherspoon, interim results, 21.3.25
⁹ Bellway trading update, 12.8.25