Week Ahead: Johnson Matthey, US non-farm payrolls

27th May 2011 13:27

Next week is looking like a relatively quiet week, even with the obligation to squeeze in all the results in to a four day week.Speciality chemicals group Johnson Matthey issues full year results on the Thursday, and expectations are for profit before tax to rise to £334.6m from £228.5m last year. Revenue is seen climbing to £9.94bn from £7.84bn. Earnings per share are forecast to crash through the 100p barrier to 117.02p, up from 86.4p last year, while the full-year dividend is tipped to be 44.58p, up from 39p the year before.Broker Charles Stanley notes that analysts increasingly look at Johnson Matthey (JM) revenues with the volatile Platinum Group Metals (PGM) content stripped out, in an attempt to get a better view of underlying performance. "On this occasion and boosted by the continued recovery in auto-catalysts and confirmed in a recent Q1 2011 trading update from rival Umicore, JM is expected to report c.15% growth in year on year underlying revenue, with earnings before interest and tax (EBIT) on the same basis ahead by c.24% y/y," reports the broker's head of research, Jeremy Batstone-Carr."Investors should note that Umicore guided for markedly higher 2011 EBIT than implied by consensus, suggesting that non-trivial earnings upgrades for that business were likely. The market has chosen to interpret this news positively from Johnson Matthey, particularly so given Umicore's comment relating to its own Recycling division which benefited from strong precious metals pricing and volumes. In the context of a strong trading year and upbeat comment from its rival we expect Johnson Matthey to deliver a strong set of results," Batstone-Carr said. On the economic front, the big event is the US non-farm payrolls number, due on Friday. Monday May 30INTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Orders (JPN)PMI Retail (EU) (09:00)PMI Retail (GER) (08:55)ANNUAL REPORTBig Yellow GroupAGMSMetminco Ltd.FINAL DIVIDEND PAYMENT DATEEMIS GroupTuesday May 31INTERIMSGCP Infrastructure Investments Ltd., Majedie InvestmentsINTERIM DIVIDEND PAYMENT DATEWolseleyQUARTERLY PAYMENT DATEBankers Inv TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSChicago PMI (US) (13:45)Consumer Confidence (US) (15:00)International Reserves (EU) (11:00)Unemployment Rate (EU) (10:00)Unemployment Rate (GER) (08:55)GMSEdinburgh New Income Trust, Global Special Opportunities Trust Capital Shares, Global Special Opportunities Trust Income Shares, Global Special Opportunities Trust UnitsANNUAL REPORTHansen Transmissions International NV (DI)EGMSMobileWave Group AGMSAlba Mineral Resources, Instem Life Science Systems, KDD Group NV (DI), Kellan Group, Marshall Wace TOPS Global Alpha UCITS Fund, Marshall Wace TOPS Global Alpha UCITS Fund EUR, Marshall Wace TOPS Global Alpha UCITS Fund USD, MCB Finance Group, Network Group Holdings, Norman Broadbent , Oxford Advanced Surfaces Group, Parseq, Pinewood Shepperton, Saltus European Debt Strategies Ltd., Titanium Asset Management Corp. 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