Week Ahead: British Land, C&W, SSE

15th May 2009 11:33

Thursday looks like being the big day for results again next week, with British Land, Cable & Wireless and Scottish & Southern Energy all announcing full-year results that day.If this week’s results from fellow property company Land Securities are any guide, British Land shareholders must be awaiting the year-end trading update with some trepidation. LandSecs said its net asset value (NAV) per share slumped by two-thirds in 2008, as its property portfolio lost £4.7bn in value.British Land’s results should look all right, but only in comparison with Land Securities. At the nine-months stage British Land’s portfolio valuation was down by 21.7% and its NAV per share was down 31%/British Land recently raised £767m to bolster its balance sheet and provide some firepower for bargain hunting. The most recent quarterly survey from the Investment Property Forum suggested that the sector won’t recover until 2011at the earliest so the company could have a long wait before it gets to use that cash bargain hunting at the bottom of the market.Market consensus is for a full-year loss of £271m on gross rental income of £573m. Results from telecom group Cable & Wireless, meanwhile, should be flattered by comparisons with BT, which has been underperforming in C&W’s key market, providing IT services for corporate customers.Cable & Wireless said in February it was on track to achieve its guidance for earnings before interest, taxes, depreciation and amortisation of at least £780m for the year ending 31 March 2009, assuming an average exchange rate for the year of $1.88 to £1.00. That exchange rate assumption is starting to look a little pessimistic, however; C&W’s revenues will get a sizeable benefit from sterling’s weakness against the dollar.The market is going for pre-tax profits of £410m on revenue of £3,736m.Utility company Scottish & Southern Energy has seen its share price gather momentum in the last month after an indifferent first quarter when, in keeping with most utilities, it was cold shouldered by fund managers anxious to up their exposure to recovering cyclical stocks.As an income stock, shareholders will probably be focused on the divi, which is expected to be hiked by about 10% to 66p. Pre-tax profit is forecast to be £1,181m on revenue of £17,089m.Monday May 18INTERIMSFountains, ITE GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSCorporate Goods Price Index (JPN) (00:50)FINALSJapan Leisure Hotels, Mitie Group, Robert WisemanAGMSCapRegen, Dori Media Group, Foresight Technology VCT, HSBC Global Absolute Ltd. USD Shares, RSA Insurance GroupFINAL DIVIDEND PAYMENT DATEBrit Insurance Holding, Capita Group, EP Global Opportunities Trust, Guinness Peat Group, Impax Environmental Markets, ING Global Real Estate Securities, Invesco Perpetual UK Small Companies Inv Trust, John Wood Group, Mithras Inv Trust, Spirax-Sarco EngineeringTuesday May 19INTERIMSVictrexINTERIM DIVIDEND PAYMENT DATEEco Animal Health GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSBuilding Permits (US) (13:30)Housing Starts (US) (13:30)FINALSBig Yellow Group, Blinkx, Burberry Group, Great Portland Estates, ICAP, Vectura GroupAGMSBrammer, Cairn Energy, Cello Group, Ferrexpo, Fidelity European Values, Graphite Enterprise Trust, Keller Group, Next, Northbridge Industrial Services, Proximagen Neuroscience, Quorum Oil and Gas Technology Fund Ltd., Regus, Royal Dutch Shell 'A', Stilo, Vitec GroupUK ECONOMIC ANNOUNCEMENTSConsumer Price Index (09:30)Retail Price Index (09:30)FINAL DIVIDEND PAYMENT DATEBritish Smaller Technology Companies VCT 2, Holders Technology, KBC Advanced TechnologiesQUARTERLY RESULTSBig Yellow Group, New World ResourcesWednesday May 20INTERIMS2 ergo Group, Future, Grainger, GW Pharmaceuticals, Local Shopping REIT, OptosINTERIM EX-DIVIDEND DATEAero Inventory, Bellway, Freshwater UK, Noble Investments, WH SmithQUARTERLY PAYMENT DATECaterpillar, Quorum Oil and Gas Technology Fund Ltd.QUARTERLY EX-DIVIDEND DATEProdesse Investment Ltd., Thomson ReutersINTERNATIONAL ECONOMIC ANNOUNCEMENTSCrude Oil Inventories (US) (15:30)FINALSCanaccord CapitalAGMS888 Holdings, Cryo-Save Group, Dunedin Income Growth Inv Trust, Energetix, European Goldfields Limited, Hardy Underwriting Bermuda, Hellenic Carriers, ISIS Property Trust, Just Car Clinics Group, Lombard Medical Technologies, Martin Currie Portfolio Trust, Nichols, Raymarine, SQS Software Quality Systems, Surgical Innovations, Symphony Environmental Technologies, Trafficmaster, VphaseUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)FINAL DIVIDEND PAYMENT DATEAberdeen Growth Opportunities VCT 2, Amlin, ARM Holdings, BrainJuicer Group, Chesnara, Glanbia, Goldenport, Invista Foundation Property Trust, Millennium & Copthorne Hotels, Mondi, Serco Group, Shore CapitalFINAL EX-DIVIDEND DATEAmbrian Capital, Amec, Bloomsbury Publishing, C&C Group, Cello Group, China Medical System Holdings, Cineworld Group, Derwent London, Genetix Group, Home Retail Group, Invesco Perpetual European Absolute Return Trust, JPMorgan Elect Managed Growth Shares, Lamprell, M. P. Evans Group, Martin Currie Portfolio Trust, New Europe Property Investments, Pacific Assets Trust, Quarto Group, Robinson, Sainsbury (J), Share Plc, Stobart Group, Unilever, Wellstream HoldingsQUARTERLY RESULTSCanaccord Capital, MirLand Development CorporationThursday May 21INTERIMSWestern & OrientalINTERNATIONAL ECONOMIC ANNOUNCEMENTSInitial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)Philadelphia Fed Index (US) (15:00)FINALSBritish Land Co, Cable & Wireless, Scottish & Southern EnergyAGMSAlliance Pharma, ANT, Autoclenz, Billington Holdings, Cenkos Securities, Central Rand Gold, Chaucer Holdings, ClearSpeed Technology, Edinburgh US Tracker Trust, Friends Provident, Genetix Group, Guinness Peat Group, Guinness Peat Group, Henry Boot, Hydro International, International Power, John Menzies, Matrix Income & Growth 4 VCT, MCB Finance Group, MDY Healthcare, Morson Group, Oxford Advanced Surfaces Group, Roc Oil Company, Travis Perkins, TyraTech, UTV Media, XchangingUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Public Sector Finances (09:30)Retail Sales (09:30)FINAL DIVIDEND PAYMENT DATECore VCT IV, Core VCT V, Nichols, Tullett Prebon, Tullow Oil, United Business Media, ZotefoamsQUARTERLY RESULTSBritish Land CoFriday May 22INTERIM DIVIDEND PAYMENT DATEJames Halstead, Mcbride, Next Fifteen CommunicationsQUARTERLY PAYMENT DATEEquity Partnership Income Shares, M&G High Income & Growth UnitsFINALSNew Century AIM VCT 2EGMSGuangdong DevelopmentAGMSAegis Group, Alliance Trust, Development Securities, FDM Group, HSBC Holdings, Judges Capital, Michael Page International, Monterrico Metals, New Century AIM VCT 2, Oak Holdings, OJSC Magnitogorsk Iron & Steel GDR (Reg S), Portmeirion, S & U, Verona Pharma, Vindon HealthcareFINAL DIVIDEND PAYMENT DATEAmiad Filtration Systems, BBA Aviation, BG Group, Biocompatibles International, Cadbury, Costain Group, Drax Group, Dunedin Income Growth Inv Trust, Edinburgh Inv Trust, Elementis, Evolution Group, Ferrexpo, Greggs, Hammerson, IMI, International Personal Finance, IS Solutions, Just Car Clinics Group, Kerry Group 'A', New World Resources, Ocean Wilsons, Octopus IHT AIM VCT 'A' Shares, Octopus IHT AIM VCT 'B' Shares, Paddy Power, Petrofac Ltd, Prudential, Reed Elsevier, SQS Software Quality Systems, STM Group, Total, Vitec Group