Friday preview: Tullett Prebon, Hornby

12th Nov 2009 16:02

Inter-dealer broker Tullett Prebon is expected to offer a brief update on trading in the July to October period on Friday.Broker Panmure Gordon is expecting headline revenues of £312m, down 6% on admittedly tough comparative figures. Revenues are likely to be inflated by a 7% boost from favourable exchange rate movements. The broker will be hoping for an update on operating margins, and whether there are still benefits to feed through from the company's recent cost cutting programme. 'Following aggressive cost cutting in the early part of this year, H1 operating margin performance was better than expected at 19.4%. However, we believe margins have now peaked and expect a fall to 17.5% in H2 as revenue weakens, Panmure Gordon said.Model trains and racing cars group had to omit its final dividend when it declared full year results, as the recession hit profits. Happily, the group said in July its products continue to experience good demands and that it looked forward to 'restoring the momentum in sales and profits that we have achieved in the past.'INTERIMSElectrocomponents, HornbyINTERIM DIVIDEND PAYMENT DATEAberdeen Growth VCT I, Amiad Filtration Systems, Corin Group, First Derivatives, Hargreave Hale AIM VCT 2, Northbridge Industrial Services, office2office, Public Service Properties Investments, Rightmove, SpectrisQUARTERLY PAYMENT DATEBritish Land CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (US) (13:30)CoU. of Michigan Confidence (US) (13:30)Gross Domestic Product (EU)Gross Domestic Product (FRA)Gross Domestic Product (GER)Non-farm Payrolls (FRA) (07:45)Consumer Prices Index (FRA) (07:45)Consumer Prices Index (EC) (10:00)Industrial Production (JPN)Capacity Utilisation (JPN)Consumer Confidence (JPN)FINALSSatCom GroupAGMsAlbemarle & BondFINAL DIVIDEND PAYMENT DATEBritish Sky Broadcasting Group, Eaga, Galliford Try, Networkers International, Quayle Munro, Strategic Equity Capital, TR European Growth Trust, Wilmington GroupQUARTERLY RESULTSBankers Petroleum Ltd, Nautilus Minerals Inc. (DI)TRADING ANNOUNCEMENTSTullett Prebon