Thursday preview: Mothercare, Prezzo, Manufacturing PMI

31st Mar 2010 18:10

Mothercare is barely recognisable from the complacent UK-focused operator it was a decade or so ago, and now has far more outlets overseas (717) than it does in the UK (394).Brokers are looking for the international division to pep up the trading performance as UK like for like (LFL) sales growth is expected to be lower when the baby products retailer announces its quarterly update on Thursday. In the 13 weeks to January 8 the group saw a 4.2% rise in UK LFL sales year on year after a strong Christmas, but what with the inclement weather in the early part of the year and tougher comparative figures from 2009 the fourth quarter update could be 'one of the weakest for some time,' according to Singer Capital Markets.Numis Securities thinks overseas sales growth may have put on a spurt in the company's fourth quarter after a pause for breath in the third quarter.Restaurant chain Prezzo had a strong second half to 2009, though margin pressure may be a concern with the company having to compete against rival operators offering heavy discounts. The company said in January that it plans to open 10 new restaurants in the new financial year, in stark contrast to rival operator Clapham House, which last week said it was only intending to open up two new outlets. That has raised doubts over whether Prezzo's expansion plans are realistic, though the two restaurateurs have very different menu offerings.Switching to the economy, the manufacturing purchasing managers' survey for March is due to be released. Forecasting unit IHS Global Insight is predicting that the Purchasing Managers Index (PMI) will edge up 'to a new 15-year high of 56.8 in March from 56.7 in both February and January.' A level above 50 indicates expansion.'The overall impression coming through is that manufacturers are currently seeing a reasonable but unspectacular pick up in activity after a largely dire 2009 as they benefit from leaner stock levels, improved competitiveness in both domestic and foreign markets stemming from the weak pound, and recently firmer demand in key overseas markets. However, soft domestic demand is a concern,' opines Dr. Howard Archer, chief UK and Eurozone Economist at IHS Global Insight.INTERIM DIVIDEND PAYMENT DATEAbcam, AI Claims Solutions, Alternative Networks, Alumasc Group, Ashmore Group, Begbies Traynor Group, BlueBay Asset Management, BrainJuicer Group, Colefax Group, Craneware, Dechra Pharmaceuticals, Dunelm Group, Go-Ahead Group, Hays, Kesa Electricals, London Finance & Investment Group, Mid Wynd International Inv Trust, Plexus, PZ Cussons, Ricardo Group, St Ives, Thorpe (F.W.)QUARTERLY PAYMENT DATEAlpha Pyrenees Trust Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (AUS) (00:00)ISM Manufacturing (US) (15:00)ISM Prices Paid (US) (15:00)PMI Manufacturing(EU) (09:00)PMI Manufacturing(GER) (08:55)GMSBerkeley Resources, Care UK, Hansteen Holdings, Welsh Industrial Inv TrustFINALSDillistone, PrezzoANNUAL REPORTIMI, Logica, SavillsSPECIAL DIVIDEND PAYMENT DATEAdmiral Group, Alternative Networks, Independent Inv Trust, JD Wetherspoon, Moneysupermarket.comAGMSBluehone AIM VCT 2, Telecity GroupTRADING ANNOUNCEMENTSBooker Group, Hamworthy, IMI, MothercareUK ECONOMIC ANNOUNCEMENTSPMI Manufacturing (09:30)FINAL DIVIDEND PAYMENT DATEAll Leisure Group, Braime Ord, CareTech Holding, Cenkos Securities, Charter European Trust, Chemring Group, Computacenter, Dillistone, Domino Printing, First Property Group, Future, Greencore Group, Hansteen Holdings, IDOX, Independent Inv Trust, JD Wetherspoon, Law Debenture Corp., Microgen, Moneysupermarket.com, Monks Inv Trust, Morgan Sindall, Rio Tinto, RIT Capital Partners, Shore Capital, TF & JH Braime, TUI Travel, XP Power