Investors face another quiet week of corporate news as the second-half reporting season slowly begins to ramp up across the UK, Europe and the US. Among the key FTSE All-Share updates, Marks & Spencer (LON:MKS) holds its AGM with shareholders looking for reassurance that trading remains resilient following recent cyber disruption, while software reseller Bytes Technology (LON:BYIT) also hosts its AGM after a strong full-year performance, with investors keen for fresh guidance on demand for AI and cloud spending.
Budget fitness operator Gym Group (LON:GYM) rounds off the week’s highlights with a pre-close trading update that will provide an important read on membership growth, pricing power and expansion plans. Elsewhere, PepsiCo (NASDAQ:PEP) earnings and a June sales update from big box retailer Costco (NASDAQ:COST) will draw attention from investors in a quiet before the storm week as Q2 updates gradually gather pace, but there’s little pencilled in from Europe likely to grab investors.
Bytes Technology (LON:BYIT)
UK software reseller Bytes Technology (LON:BYIT) holds its AGM on 9 July with investors looking for reassurance that the stronger second-half trading momentum reported in May has continued into the new financial year. The key focus will be whether demand for Microsoft cloud, AI and cybersecurity software remains robust across both public and private sector customers after last year’s disruption from Microsoft incentive changes faded.
The biggest potential share price catalyst would be management reiterating guidance for high single-digit to low-double-digit gross profit growth in FY2027 while signalling that investments in staff and technology will begin translating into faster profit growth beyond this year. Any commentary on AI-related customer spending, public sector demand or further share buybacks could also move the shares. Conversely, signs of weaker enterprise IT budgets or pressure on margins would probably disappoint investors.
| FY2026 | FY2027 | FY2028 | |
| Revenue (£m) | 221 | 240 | 261 |
| EPS (p) | 20.7 | 21.7 | 24.0 |
Source: Stockopedia
Consensus forecasts imply modest earnings growth this year as Bytes absorbs higher operating costs before margins recover. With the shares trading on roughly 19-20 times forward earnings after recovering from earlier weakness, the valuation sits above the wider UK market but below many global software peers, reflecting its strong cash generation, debt-free balance sheet and consistently high returns on capital. Investors will want evidence that sustainable growth can justify that premium.
Gym Group (LON:GYM)
Bulls will be hoping The Gym Group (LON:GYM) can lift earnings guidance again when the low-cost gym operator delivers an H1 trading update on 8 July. Shares in the London-based firm are up 42% year-to-date, supported by the group’s strong trading momentum and an FY26 earnings upgrade in March.
Guided by CEO Will Orr, The Gym Group’s no contract memberships are clearly resonating with consumers who want to get in shape on a tight budget. Investors will learn whether recent heatwaves have been a headwind or a tailwind for recruitment. As at 31 December 2025, the company operated 260 UK sites and had more than 900,000 members nationwide.
We’d also expect The Gym Group to update analysts on its self-funded store rollout. In a show of confidence in its growth prospects, the firm recently confirmed it will accelerate its expansion plan to 75 new sites over the coming three years.
Robust FY25 figures back in March revealed an 8% rise in revenue to £244.9 million. Adjusted pre-tax profits bulked up the best part of 200% to £10.6 million. ‘Our Next Chapter growth plan is delivering,’ said Orr at the time. ‘And we see significant opportunities ahead in a market with structural growth tailwinds. The resulting momentum has produced a strong profit outturn in 2025 and we have made a good start to 2026.’
For FY26, consensus calls for sales of £268.4 million and adjusted pre-tax profits of £10.6 million. For FY27, analysts are looking for a jump in pre-tax profits to £13.3 million on sales of £298 million. These estimates look conservative to us.
Consensus forecasts for The Gym Group
| Year to December 2026 | Year to December 2027 | |
| Sales (£m) | 268.4 | 298 |
| Pre-tax profits (£m) | 10.6 | 13.3 |
| EPS (p) | 5 | 5.6 |
Source: Company-compiled consensus
Marks & Spencer (LON:MKS)
When high-street favourite Marks & Spencer (LON:MKS) holds its AGM next Tuesday (7 July), investors will be keen for an update on Q1 trading. Worldpanel data suggests M&S’s food business has outpaced the broader grocery market by a wide margin.
In the 12 weeks to June 14, UK grocery sales rose 1.3% while M&S sales were 12% higher. That excludes Ocado Retail, where M&S has a 50% stake and where sales were up 14% over the same period.
Clothing and general merchandise sales are unlikely to have kept pace, due to the warm weather. Also, like supermarket group Sainsbury’s (LON:SBRY), M&S is giving over less store space to clothing and more to food.
Marks & Spencer beats and pivots to growth
Analysts are generally positive on the stock with 10 buys, six strong buys, two holds and no sell recommendations. EPS forecasts for FY27 and FY28 have been rising gently and now sit at 32.8p and 35.7p, according to Stockopedia.
That puts the shares on 11.7 times current-year earnings and 10.7 times one year forward earnings. Meanwhile, analysts have a 12-month consensus price target of 430p which doesn’t seem onerous.
Consensus forecasts for Marks & Spencer
| Year to March 2027 | Year to March 2028 | |
| Sales (£m) | 18,263 | 19,313 |
| EPS (p) | 32.8 | 35.7 |
| DPS (p) | 6.5 | 8.0 |
Source: Stockopedia
On deck next week
| Date | UK | US | Europe |
| Monday 6 July | BTG Consulting – trading update Marks & Spencer* – AGM Sirius Real Estate* – Q1 trading update Victrex – Q3 trading update | – | – |
| Tuesday 7 July | Gym Group – pre-close trading update Pacific Assets Trust* – AGM Pennon – AGM/trading update Unite Group – trading update | – | – |
| Wednesday 8 July | Capital Gearing Trust* – AGM Jet2 – AGM/trading update Next 15 Group* – AGM Severn Trent – AGM/trading update System1 Group – AGM/trading update ZIGUP – Q1 trading update | Costco Wholesale – June sales update | – |
| Thursday 9 July | Brooks Macdonald – trading update Bytes Technology* – AGM/trading update Land Securities* – AGM LondonMetric Property* – AGM MJ Gleeson – full-year trading update Pets at Home* – AGM | PepsiCo – Q2 earnings Progressive – June operating results | – |
| Friday 10 July | C&C Group* – AGM/trading update Oxford Nanopore Technologies – H1 trading update PageGroup – Q2 trading update | Delta Air Lines – Q2 earnings | Gerresheimer – Q2 results |
* = Annual General Meeting (AGM). Many companies also provide a trading statement alongside the AGM.
