Sir Dave Lewis will be hoping City analysts toast his turnaround plans with a dram of Johnnie Walker after they attend the Diageo’s chief update.
The board hired the former Tesco boss in January to claw back declining revenue and share value.
Sir Dave and Diageo are facing a global decline in sales but the markets are looking to a “transition year” in 2027 and the chief executive is expted to deliver it.
UBS says investors want nothing less than “a short-term profit and margin reset” after seeing shares in the company halve in value over the past five years.
Slowing growth in key markets such as the United States and changes in drinking patterns are among the factors blamed for the slump.
Sir Dave’s presentation to investors and analysts on Thursday is expected to focus on categories, rather than the group’s 200+ individual brands which include Guinness and Gordon’s gin.
BP
On Tuesday all eyes will be on BP’s half-year results following its momentous decision to pull out of the North Sea.
The British oil major expects to benefit from rising oil prices and higher refining margins in the second quarter despite a drop in upstream production related to the Iran war.
CEO Meg O’Neill’s ‘back to basics’ approach will be in focus as BP looks to simplify operations and tighten financial discipline.
With share buybacks suspended, O’Neill is pursuing a $20 billion disposal programme aimed at deleveraging the balance sheet by the end of 2027.
First half capital expenditure levels will show whether BP’s capital discipline is holding. The resumption of share buybacks will likely be conditional on prevailing oil prices.
HSBC
With the shares trading close to all-time highs and management raising net interest income guidance twice in 2026, the bar is high for earnings to come in higher than expected, say AJ Bell analysts Russ Mould and Danni Hewson.
They note that Standard Chartered recently reported surprisingly good cost discipline, which raises the stakes for HSBC to deliver on its own targeted annual savings programme.
DIARY
Monday 3 August
- In the US, second quarter results from Berkshire Hathaway
Tuesday 4 August
- Half-year results from BP, HSBC, Smith & Nephew and Convatec
- In the US, quarterly results from SpaceX, AMD and Pfizer
Wednesday 5 August
- Half-year results from Legal & General, Glencore, Zotefoams and Coca-Cola HBC
Thursday 6 August
- Half-year results from Tritax Big Box, Harbour Energy, Serco, WPP and Michael Page
- Full-year results from PZ Cussons
- Capital markets day at Diageo
Friday 7 August
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