Wednesday preview: Compass Group, Dairy Crest, Enterprise Inns

30th Mar 2010 14:12

There is a marked food theme to this week's company results, and Wednesday is no exception, with Compass Group, Dairy Crest, Hilton Food and Tate & Lyle all expected to make announcements.Compass Group releases its pre-close trading update on the last day of the month and the market will be interested in seeing whether the company's organic growth has made the transition from not declining so sharply to actually improving on a year on year comparative basis.The group said in February that organic revenue improved from a decline of approximately 3% in the fourth quarter of 2009, to a decline of 1.7% in the first quarter of this year, with all four of its geographic regions ahead quarter on quarter.Dairy Crest is probably best known for its Cathedral cheese and Country Life butter but it is also a major milk supplier. Broker Panmure Gordon is expecting revenue growth from Dairy Crest's five key brands to offset a tail-off in the dairies business. 'We forecast a 5% decline in revenues to £1,633m, but a 4.4% improvement in group PBT [profit before tax] to £83.0m,' Panmure Gordon said.UBS sings a similar tune. 'Just beneath the surface at Dairy Crest is a collection of decent brands earning very respectable returns. However, there is also a large liquid milk operation which is much less attractive from a growth and return perspective,' the broker said. At the mention of food the mind naturally also thinks of drink, an area covered by Enterprise Inns, which is also scheduled to make a trading update. KBC Peel Hunt thinks that trading at the pub group may have improved a little this year but the major problem the company faces is debt. 'Despite a poor January we are hopeful of seeing a further improvement from -4% profit per pub with reducing support costs,' KBC said. 'Pub disposals, running at 100 in Q1 [first quarter], should be similar in Q2 [second quarter]. In addition we would look for a further 20-30 sale and leasebacks at a yield of 6-7%,' the broker added. INTERIMSDavenham, Trading Emis, James HalsteadINTERIM DIVIDEND PAYMENT DATEBrooks Macdonald, Cash Converters, Centaur Media, Galliford Try, Gartmore Fledgling Trust, Hansard Global, HGCapital Trust, James Halstead, Jupiter Primadona Growth Trust, LSL Property Services, Maxima Holdings, Northamber, Numis Corporation, Renishaw, Share Plc, Sportingbet, Thorntons, Tristel, Waterman Group, Welsh Industrial Inv Trust, Wilmington GroupINTERIM EX-DIVIDEND DATEHenderson EuroTrust, Manchester & London Trust, Smiths GroupQUARTERLY PAYMENT DATEPremier Energy & Water TrustQUARTERLY EX-DIVIDEND DATEAfrica Opportunity Fund Ltd., Quorum Oil and Gas Technology Fund Ltd., Torchmark CorpINTERNATIONAL ECONOMIC ANNOUNCEMENTSBusiness Inventories (US) (15:00)Chicago PMI (US) (14:45)Factory Orders (US) (15:00)Retail Sales (AUS) (00:00)Unemployment Rate (GER) (08:55)GMS1pmFINALSBank of Ireland, Chesnara, Clipper Windpower, CSS Stellar, Eastern Platinum, Evraz Group GDR (Reg S), Hilton Food, Lincat Group, Motivcom, OJSC Cherkizovo GDR (Reg S), Phoenix Group Holdings, Pearl Street, Pinewood-Shepperton, Surgical Innovations, Valiant Petroleum, Zhaikmunai GDR (Reg S)ANNUAL REPORTAmec, Carillion, CRH, F&C Inv Trust, Forth Ports, Jardine Lloyd Thompson Group, Mercator Gold, New World ResourcesSPECIAL DIVIDEND PAYMENT DATEFidelity European Values, Gleeson (M J) Group, Premier Energy & Water TrustEGMSLecico Egypt GDR (Reg S), Personal Assets TrustAGMSAmino Technologies, Clerkenwell Ventures, IRF European Finance Investments, Law Debenture Corp., Lecico Egypt GDR (Reg S), Lonrho, Moneysupermarket.com, Octopus Titan VCT 1, Octopus Titan VCT 2, Signet Global Fixed Income Strategies GBP Shares, Specialist Energy Group, Turkiye is Bankasi GDR (Reg S), West China Cement, Western & OrientalTRADING ANNOUNCEMENTSCarillion, Compass Group, CRH, Dairy Crest Group, Enterprise Inns, FirstGroup, Jardine Lloyd Thompson Group, New World Resources, Northern Foods, Sutton Harbour, Tate & Lyle, Topps TilesFINAL DIVIDEND PAYMENT DATEAlphameric, Domino's Pizza UK & IRL, Dunedin Enterprise Inv Trust, Holders Technology, Hunting, Jersey Electricity 'A', Low & Bonar, LSL Property Services, Millennium & Copthorne Hotels, Perpetual Income & Growth Inv Trust, Rathbone Brothers, Rights & Issue Inv Trust Capital Shares, Rights & Issues Inv Trust Income Shares, SThree, Temple Bar Inv TrustFINAL EX-DIVIDEND DATECommunisis, Eurasian Natural Resources, Rank Group, SEGRO