Week Ahead: M&S, De La Rue, Entertainment One

20th May 2011 12:13

Next Tuesday could see a bit of good news for the beleaguered UK High Street, as the bellwether of the retail sector, Marks and Spencer, is expected to issue a solid set of full year figures.The market is anticipating pre-tax profits of £714m on sales of £9.79bn, and earnings per share (EPS) of 32.92p. Sales data has already been released with the fourth quarter trading update, so the focus will be on margins, outlook comments and any update on strategy, ac-cording to broker Charles Stanley."Outlook comments from chief executive, Marc Bolland, are likely to be cautious," suggests Charles Stanley analyst, Sam Hart. "International is anticipated to be an area of particular focus following the announcement in early April that the company is to re-enter France. Investors will also be keen to hear if any decision has been made on whether to launch an online food offer. An update should be provided on the overhaul of IT, logistic and supply chain infrastructure, which is targeting £300m of annual savings by 2015/16," Hart added.With the independence of De La Rue still in doubt, the announcement of the bank notes and passports printer's new strategic plan, to be unveiled by new boss Tim Cobbold on Tuesday alongside full year results, will attract keen interest.Recent press comment suggests that though De La Rue sent Oberthur away with a flea in its ear back in January when its French rival launched a bid, the French firm could be back for another crack. Oberthur, according to French press reports, has recently proposed to sell 60% of its smart card business, a move that would bulk out the war chest but which would also leave Oberthur a much smaller company, at least in terms of sales generated.As for the results, market consensus is for pre-tax profit of £31m, a sharp decline from the previous year's figure of £96.6m, reflecting much publicised problems at one of the company's paper production sites, problems which ultimately cost the previous chief executive his job. Sales are expected to fall to £459m from £561m the year before. Numis Securities, which has pencilled in a figure £30.9m for profit before tax, reckons the full-year dividend will be cut to 26p, which would leave the dividend covered 1.7 times on Numis's EPS forecast. "Whilst net debt/ebitda [earnings before interest, tax, depreciation and amortisation] is comfortable at the nadir (less than 1:00) there is dividend cover to rebuild and reasonable sized outgoings (pension and potential reorganisation costs)," Numis said, adding that the company "has the option to do a special dividend in a few years' time when the recovery is delivered."The Peppa Pig bandwagon is expected to drive revenue growth at media firm Entertainment One. Singer Capital Markets thinks the firm will announce a 7% increase in sales to £475m on Monday, and a 20.7% increase in earnings before interest, tax, depreciation and amortisation to £41.4m, up from £34.3m the year before. The broker reckons adjusted profit before tax will climb to £32.4m from £22.1m last year. "Looking forward we expect the company to utilise the finance from its recent fund-raise to acquire more assets to expand its attractive multi-territory distribution offering, strengthen its market position further and boost returns further. We note the company also completed a renewal of its Summit Entertainment output deal. We will be looking for any update on the initial phase of the process of commercialising Peppa Pig in the US market," Singer said.Monday May 23INTERIMSTreattINTERIM DIVIDEND PAYMENT DATEUltimate Finance GroupGMSBaqus Group, Edinburgh New Income Trust, Syntopix GroupFINALSAdventis Group, British Land Co, Entertainment One, FFastFill, IGas Energy, Mercury Recycling Group, Mitie Group, Stobart Group Ltd., Ultima Networks, Vectura GroupAGMSAG Barr, Alecto Energy, Argo Group Ltd., Dunedin Income Growth Inv Trust, INA-Industrija Nafte GDR (Reg S), Jupiter Dividend & Growth Trust, Martin Currie Portfolio Inv Trust, Panmure Gordon & Co, RSA Insurance Group, Telit CommunicationsFINAL DIVIDEND PAYMENT DATECapita Group, IMI, Weatherly InternationalINTERNATIONAL ECONOMIC ANNOUNCEMENTSSupermarket Sales (JPN)Chicago Fed National Activity Index (US) (13:30)PMI Manufacturing & Service Sector Surveys (FRA) (8:00)PMI Manufacturing & Service Sector Surveys (GER) (8:30)PMI Manufacturing & Service Sector Surveys (EU) (9:00)PMI Composite Index (EU) (09:00)Tuesday May 24INTERIMSDatong, Greencore Group, Holidaybreak, Paragon Group Of Companies, Renew Holdings, VictrexINTERNATIONAL ECONOMIC ANNOUNCEMENTSGDP (GER) (07:00)Domestic Demand (GER) (7:00)Government Spending (GER) (7:00)Exports (GER) (7:00)Imports (GER) (7:00)Production Outlook Indicator (FRA) (7:45)Business Confidence Indicator (FRA) (7:45)IFO Business Climate (GER) (09:00)IFO Current Assessment (GER) (09:00)IFO Expectations (GER) (09:00)Industrial New Orders (EU) (10:00)New Homes Sales (US) (15:00)Richmond Fed Manufacturing Index (US) (15:00)Q4Big Yellow GroupGMSEMIS GroupFINALSBig Yellow Group, Cable & Wireless Worldwide, Chamberlin, De La Rue, Great Portland Estates, Homeserve, KCOM Group, Marks & Spencer, Pennon GroupAGMSANT, Better Capital Ltd., Corero, EMIS Group, Essenden, Fairpoint Group, Gulfsands Petroleum, Japan Residential Investment Co Ltd., Metalrax Group, Solomon Gold, SQS Software Quality Systems AG, Standard Life Investments Property Income Trust Ltd., Tanfield Group, Third Point Offshore Investors Ltd. EUR Shares, Third Point Offshore Investors Ltd. GBP Shares, Third Point Offshore Investors Ltd. USD Shares, Zenergy PowerUK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)CBI Reported Sales (11:00)FINAL DIVIDEND PAYMENT DATEBrady, Holders Technology, Jupiter Fund Management , ZotefoamsQ1Alpha Bank GDR (Reg S) USD, Espirito Santo Financial Group SA, Frutarom Indstries Ltd.GDR (Reg S), OJSC Cherkizovo Group GDR (Reg S)Wednesday May 25INTERIMSBrewin Dolphin Holdings, Britvic, Innovation Group, ShaftesburyINTERIM DIVIDEND PAYMENT DATEJD WetherspoonINTERIM EX-DIVIDEND DATEBritish Empire Securities & General Trust, Diploma, Euromoney Institutional Investor, Lowland Investment Co, StarvestINTERNATIONAL ECONOMIC ANNOUNCEMENTSGfK Consumer Confidence Survey (7:00)MBA Mortgage Applications (US) (12:00)Durable Goods Orders (US) (13:30)House Price Index (US) (15:00)Crude Oil Inventories (US) (15:30)Jobseekers Net Change (FRA) (17:00)FINALSAveva Group, BTG, Cable & Wireless Communications, First Derivatives, Hogg Robinson Group, Quintain Estates & Development, Telecom PlusANNUAL REPORTHomeserveSPECIAL EX-DIVIDEND PAYMENT DATERotorkAGMSAurelian Oil & Gas, Avis Europe, Banque Marocaine Du Comm Exterieur GDR (Reg S), Billington Holdings, Cape, China Food Co, DRS Data & Research Services, Edinburgh US Tracker Trust, EnQuest, Hilton Food Group, International Public Partnerships Ltd., Kakuzi Ltd., Legal & General Group, Oak Holdings, Playtech Ltd., Robert Walters, Specialist Energy Group, TastyUK ECONOMIC ANNOUNCEMENTSTotal Business Investment (9:30)Private Consumption (9:30)Government Spending (9:30)Trade Figures (9:30)BBA Mortgage Lending Figures (09:30)GDP (output, income & expenditure) (09:30)Index of Services (09:30)FINAL DIVIDEND PAYMENT DATECPP Group, Dunedin Income Growth Inv Trust, Just Car Clinics Group, Portmeirion Group, StatPro GroupFINAL EX-DIVIDEND DATEAmbrian Capital, Amec, Anglo-Eastern Plantations, Argo Group Ltd., British American Inv Trust, C&C Group, Cayenne Trust, Chime Communications, Clarkson, Dignity, Fairpoint Group, Huntsworth, Hygea VCT, International Power, John Menzies, Kings Arms Yard VCT, Kings Arms Yard VCT 2, Maven Income & Growth 2 VCT, Next, Premier Farnell, Robert Walters, Rotala, Tarsus Group, TT Electronics, UTV Media, Witan Pacific Inv TrustQ1Frontline Ltd.Thursday May 26INTERIMSDaily Mail and General Trust, Invista European Real Estate Trust, Local Shopping REIT, Phytopharm, Renovo GroupINTERIM DIVIDEND PAYMENT DATERedefine InternationalINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence Indicator (FRA) (7:45)Continuing Claims (US) (13:30)GDP (Preliminary) (US) (13:30)Initial Jobless Claims (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)GMSSyndicate Asset ManagementFINALSBurberry Group, HarbourVest Global Private Equity Ltd., Helical Bar, London & Stamford Property Ltd., PayPoint, QinetiQ Group, Scapa Group, Shanks Group, United Utilities GroupANNUAL REPORTHarbourVest Global Private Equity Ltd.SPECIAL DIVIDEND PAYMENT DATEDensitron TechnologiesAGMSAir China Ltd., Alliance Pharma, Antrim Energy Inc., Centamin Egypt Ltd., City Merchants High Yield Trust, Eruma, F&C Private Equity Trust, Ferrexpo, Hydro International, ING UK Real Estate Income Trust Ltd., IRET Securities Ltd Zero Div Pref, Lombard Medical Technolo-gies, Morson Group, North Midland Construction, Northbridge Industrial Services, ProStrakan Group, Scisys, Sunkar Resources, Travis PerkinsFINAL DIVIDEND PAYMENT DATEAfrican Barrick Gold , Blackstar Group, Collins Stewart, GlobeOp Financial Services SA (DI), Hikma Pharmaceuticals, Maven Income & Growth 3 VCT, North Midland Construction, office2office, Prudential, Reckitt Benckiser Group, Resolution Ltd., SQS Software Quality Sys-tems AG, Total Produce, Total SAFINAL EX-DIVIDEND DATEKakuzi Ltd.Q1Antofagasta, London Mining, National Bank of Greece ADR, Public Power GDR SA (Reg S), Signet Jewelers Ltd.Friday May 27INTERIMSArmour GroupINTERIM DIVIDEND PAYMENT DATEGartmore Fledgling Trust, Mcbride, SwallowfieldQUARTERLY PAYMENT DATEEquity Partnership Inv Co Income Shares, ING UK Real Estate Income Trust Ltd.QUARTERLY EX-DIVIDEND DATESchlumberger Ltd., Torchmark Corp.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Prices Index (JPN)Retail Sales (JPN)GFK Consumer Confidence (GER) (07:00)M3 Money Supply (EU) (09:00)M3 (EU) (9:00)Consumer Prices Index (GER) Business Climate Indicator (EU) (10:00)Economic Sentiment Indicator (EU) (10:00)Personal Consumption Expenditures (US) (13:30)Personal Income (US) (13:30)Personal Spending (US) (13:30)U. of Michigan Confidence (US) (Final) (14:55)Pending Homes Sales (US) (15:00)GMSParity GroupFINALSBloomsbury Publishing, Electrocomponents, Severn TrentAGMSDevelopment Securities, Henry Boot, HSBC Holdings, InterContinental Hotels Group, InterQuest Group, Kentz Corporation Ltd., Lewis Php.5%Pf 5% Cum Prf Stk #1, Powerflute Oyj (DI), Straight, Vindon HealthcareUK ECONOMIC ANNOUNCEMENTSGFK Consumer Confidence (09:30)FINAL DIVIDEND PAYMENT DATEBovis Homes Group, CBG Group, Charles Taylor Consulting, Chaucer Holdings, Dragon Oil, Edinburgh US Tracker Trust, F&C Asset Management, Fiberweb, Fidelity European Values, H.R. Owen, Henderson Group, Inmarsat, Invesco Perpetual UK Small Companies Inv Trust, IS Solutions, Keller Group, Matrix Income & Growth VCT, Maven Income & Growth 4 VCT, Maven Income & Growth 4 VCT 'S' Shares, Mithras Inv Trust, Pennant International Group, Public Service Properties Inves (DI)tments Ltd., Randgold Resources Ltd., Regus, SpaceandPeople, Standard LifeFINAL EX-DIVIDEND DATEPowerflute Oyj (DI)