Week Ahead: Halfords, Phoenix IT, BoE rate decision

3rd Jun 2011 15:50

There are not many big guns releasing trading updates next week, leaving the stage clear for second liners such as 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, with the market 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. Information technology services firm Phoenix IT has been trying the patience of long-time advocate, Panmure Gordon. The broker is - "with the patience of Job" - sticking with its "buy" recommendation ahead of the group's final results on Tuesday.Consensus among the half dozen brokers that cover the stock is for pre-tax profits to rise from £25.2m in the year to 31 March 2010 to £31.9m in the year to end-March 2011. Sales are forecast to rise to £265.8m from £245.8m the year before.Panmure Gordon is going for profit before tax of £31.8m on turnover of £262.9m. "Our dividend estimate matches consensus at 10.5p. There is a restructuring charge following the integration of ICM Business Continuity and Servo, completed during the second half, [of] £3.5m," the broker added."At the Q3 IMS [interim management statement], 14 February, Phoenix stated that revenue and underlying profit before tax were in line with the board's expectations. However Phoenix then flagged up that whilst the outlook for the current year remains unchanged. it faced price pressure in the partner division .some of which is attributable to the government's cost cutting measures. This set off the worriers in the market ," Panmure Gordon said, explaining why the company has vexed the market so. "We think that the worriers will need greater clarity on the outlook before the swath of "hold" recommendations begin to turn positive," the broker suggested.On the economic front, the main item to watch out for is the Bank of England's interest rate decision although, as has been the case for well over a year now, there is little suspense over the committee's decision, with the status quo widely expected to be maintained. Monday June 06INTERIM DIVIDEND PAYMENT DATEAnimalcare Group, Lok'n Store Group, Smart (J) & Co.INTERNATIONAL ECONOMIC ANNOUNCEMENTSSentix Investor Confidence (EC) (9.30) PMI Construction (EU) (09:00)PMI Construction (GER) (09:30)Producer Price Index (EU) (10:00)FINALSE2V Technologies, Eckoh, Printing.com, Sirius Real Estate Ltd., Tricorn Group, Workspace GroupANNUAL REPORTMan GroupEGMSTarsus GroupAGMSAfren, Ashley (Laura) Holding, DDD Group, London & Associated Properties, M WinkworthFINAL DIVIDEND PAYMENT DATECookson Group, Hydro International, Michael Page International, Robinson, SThreeQ1JSC Halyk Savings Bank of Kazakhstan GDR (Reg S)Tuesday June 07INTERIMSAlternative NetworksINTERNATIONAL ECONOMIC ANNOUNCEMENTSRetail Sales (EU) (10:00)Factory Orders (GER) (11:00)Consumer Credit (US) (20:00)GMSChaucer HoldingsFINALSBrulines Group, Carclo, Findel, Hamworthy, Kewill, Phoenix IT Group, VPAGMSAndrews Sykes Group, Augean, Bisichi Mining, Brightside Group, Cayenne Trust, Empresaria Group, Hansteen Holdings, Imagelinx, JPMorgan Private Equity Ltd USD Equity Shares, Lamprell, Northwest Investment Group Ltd. (DI), Parity GroupUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)FINAL DIVIDEND PAYMENT DATEHochschild Mining, Lupus Capital, Quarto Group Inc., RexamQ1JSC Sitronics GDR (Reg S)Wednesday June 08INTERIMSGooch & Housego, Punch TavernsINTERIM EX-DIVIDEND DATEArtemis VCT, Associated British Foods, Barloworld Ltd., Britvic, Daily Mail and General Trust, Foresight 2 VCT Planned Exit Shares, Jersey Electricity 'A' Shares, Local Shopping REIT, Majedie Investments, Princess Private Equity Holding Ltd., Scottish Inv Trust, Shaftesbury, Topps Tiles, VictrexQUARTERLY EX-DIVIDEND DATEBritish Assets Trust, Canadian General Investments Ltd., Personal Assets Trust, XP Power Ltd. (DI)INTERNATIONAL ECONOMIC ANNOUNCEMENTSM3 Money Supply (JPN)Current Account Total (JPN)Trade Balance (JPN)Bankruptcies (JPN)MBA Mortgage Applications (US) (00:00)Balance of Trade (GER) (07:00)Current Account (GER) (07:00)Retail Price Index (GER) (07:00)GDP (1st release) (EU) (10:00)Industrial Production (GER) (11:00)Crude Oil Inventories (US) (15:30)Beige Book Fed Survey (US) (19:00)GMSGuinness Peat GroupFINALSGB Group, Hampson Industries, Hyder Consulting, Synergy HealthIMSSPunch TavernsSPECIAL EX-DIVIDEND PAYMENT DATESpirax-Sarco EngineeringAGMSAminex, Angel Biotechnology Holdings, Antofagasta, Eurasian Natural Resources Corp., Go Plc GDR (Reg S), Guinness Peat Group, Himalayan Fund NV, Hiscox Ltd., Hon Hai Precision Industry Co Ltd. GDR (Reg S), London Security, Mears Group, Patagonia Gold, Peel Hotels, PLUS Markets Group, Severfield-RowenTRADING ANNOUNCEMENTSSThreeUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)FINAL DIVIDEND PAYMENT DATEBBA Aviation, Irish Continental Group Units, PV Crystalox SolarFINAL EX-DIVIDEND DATEAberdeen New Thai Inv Trust, Big Yellow Group, Brammer, Cable & Wireless Worldwide, Camellia, Cello Group, Cineworld Group, Hunting, Iomart Group, Johnson Matthey, Lighthouse Group, London & Associated Properties, London & Stamford Property Ltd., M&C Saatchi, Management Consulting Group, Marshalls, May Gurney Integrated Services, Mckay Securities, Mears Group, Melrose Resources, Metric Property Investments , Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus Eclipse VCT 2, Pace, Young & Co's Brewery 'A' Shares, Yule Catto & CoThursday June 09INTERIM DIVIDEND PAYMENT DATEWH SmithQUARTERLY EX-DIVIDEND DATEVirgin Media Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSNominal 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)FINALSAPI Group, Halfords Group, WincantonIMSSHome Retail GroupSPECIAL DIVIDEND PAYMENT DATEAntofagastaEGMSAberdeen Private Equity Fund Ltd. Sterling Part SharesAGMSAfrican 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 PetroleumTRADING ANNOUNCEMENTSIG Group Holdings, PZ CussonsUK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)BoE Interest Rate Decision (12:00)FINAL DIVIDEND PAYMENT DATEAntofagasta, Macfarlane Group, Sony Corp., TT Electronics, William HillFriday June 10INTERIM DIVIDEND PAYMENT DATEBritish Empire Securities & General Trust, Sage Group, Smiths NewsQUARTERLY PAYMENT DATEBarclays, CarnivalINTERNATIONAL ECONOMIC ANNOUNCEMENTSCGPI (JPN)Consumer Price Index (GER) (07:00)Industrial Production (FRA) (07:45)Manufacturing Output (FRA) (07:45)Import and Export Price Indices (US) (13:30)Treasury Budget Statement (US) (19:00)FINALSEnsor Holdings, Fuller Smith & Turner, MobilityOne Ltd.EGMSJapan Leisure Hotels Ltd., Petroceltic InternationalAGMSCathay Financial Holding Co Ltd. GDR (Reg S), M. P. Evans Group, OJSC Rosneft GDRS (Reg S), RCG Holdings Ltd., Share Plc, Shin Kong Financial Holdings Co Ltd. GDR (Reg S), SocialGO, Sunplus Technology Co Ltd.GDR (Reg S), Walcom GroupUK ECONOMIC ANNOUNCEMENTSIndustrial Production (09:30)Manufacturing Production (09:30)Producer Price Index (09:30)NIESR GDP estimate FINAL DIVIDEND PAYMENT DATEAdmiral Group, Advanced Medical Solutions Group, Axis-Shield, British Smaller Companies VCT 2, Clarkson, Computacenter, F&C Private Equity Trust, Octopus Second AIM VCT, Pinewood Shepperton, Porvair, Rightmove, S & U, STM Group--jh