Tuesday preview: Primark and sugar in focus as Associated British Foods reports half-year results

20th Apr 2015 16:17

Associated British Foods (ABF) on Tuesday reports its half-year results, which are expected to show lower margins on sugar and the expansion of its Primark arm.Analysts predict the conglomerate will reveal further store openings at budget fashion retailer Primark which is trying to crack the US market.Results may be hurt by lower sugar prices as African sugar business Illovo, in which ABF is a major investor, last week noted the slump in the industry due to poor crops and currency fluctuations.At ABF's 15 January trading update, the group said it expected a "marginal decline" in full-year 2014/15 earnings due to sugar and forex headwinds.Guidance was reiterated on 23 February when ABF said half-year earnings would be lower."After past exuberance, the shares have been far duller of late, although given Primark portance it would only take some pluses here (e.g. more news on planned US expansion) for them to revive and next full-year too Sugar EBIT ought to begin to rebound off a depressed base," Numis said."It has been indicated that net debt of c.£800m will apply at end H1: similar to the £827m at end H1 last FY due to the £60m cost of Dorset Cereals, a £107m fx effect & higher working capital needs. NB, ABF management tends to err on the prudent tack when it comes to guidance."Tuesday 21 AprilINTERIMSAssociated British Foods, Egdon Resources, Kcell Joint Stock Co GDR (Reg S), UtilitywiseINTERIM DIVIDEND PAYMENT DATEBrooks Macdonald Group, SkyINTERNATIONAL ECONOMIC ANNOUNCEMENTSZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Q3SkyFINALSCdialogues, Toumaz LimitedANNUAL REPORTHydro International, Zincox ResourcesIMSSRedrowSPECIAL DIVIDEND PAYMENT DATEJupiter Fund ManagementAGMSBrit, Domino's Pizza Group, Genel Energy, Herald Inv Trust, Maven Income and Growth VCT 5, Premier Energy & Water Trust, Progressive Digital Media Group, Santander, Telecity GroupTRADING ANNOUNCEMENTSAssociated British FoodsFINAL DIVIDEND PAYMENT DATEBaronsmead VCT 5, Jupiter Fund Management , PPHE Hotel Group LtdQ1ARM Holdings, Kcell Joint Stock Co GDR (Reg S), Verizon Communications