Thursday preview: Halfords, PZ Cussons, Bank of England

8th Jun 2011 14:58

Halfords, the car parts and bikes retailer, has had a sticky time of it over the last year but is still set to announce a solid increase in pre-tax profits.The market is expecting profits of £124.3m, versus £117m the year before. The company has already issued guidance for this measure, with a range spanning from £124m to £127m. Sales are tipped to rise to £867.4m from £831.6m the previous year. The full year dividend is seen rising to 21.62p from 20p. "Retail is forecast to report a 4% increase in operating profit to £124m on total sales down by 5.3% to £774m," according to Charles Stanley. "Autocentres is forecast to report a £7m operating profit in its first full year of ownership," the broker added. PZ Cussons issued a gloomy update in April, with rising raw material costs plaguing the soap maker. Things have been tough in the UK, particularly in areas such as shower gels and hand wash, and even worse in Greece, where the company also has a presence. Even Australia, which has fared much better than other Western economies since the credit crunch thanks to its large mining industry, has seen its consumer environment tighten. Thursday's trading statement should have some more clues on consumer sentiment.On the economic front, the Bank of England is expected to keep interest rates at 0.5% despite continuing inflation. Worries that growth has remained anaemic in the second quarter are underpinning the case for low rates although, just to remind us of the ongoing inflation issue, Scottish Power has announced that it will be lifting gas and electricity prices, by 19% and 10% respectively. Minutes from the Bank's meeting later this month will be of interest.Thursday June 09 INTERIM DIVIDEND PAYMENT DATE WH Smith QUARTERLY EX-DIVIDEND DATE Virgin Media Inc. INTERNATIONAL ECONOMIC ANNOUNCEMENTS Nominal GDP (JPN) GDP (JPN) Consumer Confidence (JPN) Machine Tool Orders (JPN) Non-farm payrolls (FRA) Bank of France Business Sentiment (07:30) Wholesale Price Index (GER) ECB Interest Rate (EU) (12:45) Continuing Claims (US) (13:30) Initial Jobless Claims (US) (13:30) Balance of Trade (US) (13:30) Bloomberg Consumer Confidence (US) (14:45) Wholesale Inventories (US) (15:00) FINALS API Group, Halfords Group, Wincanton IMSS Home Retail Group SPECIAL DIVIDEND PAYMENT DATE Antofagasta EGMS Aberdeen Private Equity Fund Ltd. Sterling Part Shares AGMS African Eagle Resources, Asustek Computer Inc. GDR (Reg S), Camellia, Coolabi, Dignity, Eastern Platinum Ltd., Great Eastern Energy Corp Ltd. GDR, Gresham Computing, Griffin Mining Ltd., Herencia Resources, HydroDec Group, Melrose Resources, Morrison (Wm) Supermarkets, Phaunos Timber Fund Ltd., Prezzo, ProVen Health VCT, Quorum Oil & Gas Technology Fund Ltd., Source BioScience, Ukrproduct Group Ltd., Universe Group, Valiant Petroleum TRADING ANNOUNCEMENTS IG Group Holdings, PZ Cussons UK ECONOMIC ANNOUNCEMENTS Balance of Trade (09:30) BoE Interest Rate Decision (12:00) FINAL DIVIDEND PAYMENT DATE Antofagasta, Macfarlane Group, Sony Corp., TT Electronics, William Hill