Thursday preview: Ashtead Group unveils annual results

19th Jun 2013 13:46

Equipment rental group Ashtead Group will release fourth-quarter and full-year results on Thursday.Investec expects the company to benefit from an improvement in the US construction sector and last week lifted its earnings per share forecast to 32.5p from a previous 30.5p.The broker predicts revenue to rise to £1.3bn from the previous year's £1.1bn and for pre-tax profit to rise to £255m from £130m."We are towards the top end of the consensus range for 2013 and 2014, but are confident that even our numbers will prove too cautious, based on improving market conditions, structural growth and inherent operational gearing," the analyst said.The broker recommended a 'buy' rating and a target price of 800p.In March, the company reported a healthy third-quarter with revenues rising 36% year-on-year to £333.9m and pre-tax profit up 173% to £53.8m.At the time it said it expected full-year profit to be ahead of earlier predictions."With a broad range of metrics already at record levels at this stage in the cycle, together with a strong balance sheet to support medium term growth opportunities, the board looks forward with confidence," Chief Executive, Geoff Drabble, said alongside the results.Thursday June 20th INTERNATIONAL ECONOMIC ANNOUNCEMENTS Bloomberg Consumer Confidence (US) (14:45) Consumer Confidence Indicator (EU) (10:00) Existing Home Sales (US) (15:00) Initial Jobless Claims (US) (13:30) Leading Indicators (US) (15:00) Philadelphia Fed Index (US) (15:00) Producer Price Index (GER) (07:00) Q4 Ashtead Group GMS Ted Baker FINALS Ashtead Group, Dixons Retail , HML Holdings, UBC Media Group IMSS OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), Ted Baker AGMS Albion Technology & General VCT, Alexander Mining, Bond International Software, Dragon-Ukrainian Properties & Development, Harvey Nash Group, Heritage Oil, Noricum Gold Ltd (DI), Northcote Energy, OJSC OC Rosneft GDRS (Reg S), Plaza Centers NV, Tawa, Ted Baker, TLA Worldwide UK ECONOMIC ANNOUNCEMENTS CBI Industrial Trends Surveys (11:00) Internet Retail Sales (09:30) Retail Sales (09:30) FINAL DIVIDEND PAYMENT DATE British American Inv Trust, Capital & Counties Properties , Fairpoint Group, M. P. Evans Group, Octopus Apollo VCTRD