Thursday preview: BT Group, AJ Bell, Walmart results in focus

(Sharecast News) - The UK corporate calendar will be very busy on Thursday, with full-year results due from BT, Great Portland Estates, Autotrader, LondonMetric, Qinetiq and ICG.

Full-year results from Tate & Lyle are also scheduled for release after the company confirmed last week that it was in talks with US rival Ingredion about a possible £2.7bn takeover.

Under the proposal - which followed a number of earlier approaches from Ingredion - shareholders would get 615p per share. This includes 595p per share in cash and the right to receive a final dividend of up to 13p per share and an interim dividend of up to 7p.

Also on the docket will be interim results from AJ Bell, easyJet and Sage Group, as well as trading updates from Convatec, Close Brothers, Smiths and Ibstock, and first-quarter results from Walmart across the pond.

Commenting on the upcoming results from AJ Bell, UBS said the company has already announced its key assets under administration and customer numbers for the half year, so it expects the market to focus on revenue and profit metrics, alongside any commentary on FY26E guidance, competitive environment and any perceived risks that may arise from UK political leadership change.

UBS is forecasting first-half revenue of £168.3m versus consensus of £171.9m. The bank is also expecting a pre-tax profit margin of 40.3% versus consensus of 42.2%.

"We expect AJB H1 revenue to have benefited from elevated D2C net flow, in particular winning share from Hargreaves Lansdown, as well as positive interest rate trends through the period," UBS said. "We look to the results statement and analyst Q&A to provide colour on the likely sustainability of these trends into H2: 26 and beyond."

As far as Walmart is concerned, AJ Bell analysts Russ Mould and Danni Hewson said the retail giant has become less of a bellwether for lower-income households as wealthier consumers are increasingly drawn to Walmart's convenience, delivery and value proposition.

"New CEO John Furner sensibly lowered full year growth guidance in February but with the shares priced for perfection there is little room for unexpected hiccups," they said.

"The premium valuation reflects investors' view that Walmart is no longer a 'box' retailer, but an AI-play powered by Gemini's instant checkout agent. The company's recent inclusion in the tech-heavy Nasdaq 100 index supports this unfolding narrative.

"Selling services has become increasingly important for Walmart, with memberships reaching 30.7 million in early 2026, showing recurring revenues could cushion weaker discretionary spending."