Week Ahead: Marks & Spencer, Wolseley, Smiths Group

25th Sep 2009 11:06

High Street giant Marks & Spencer issues a second quarter update on Wednesday which will illuminate whether the strong run by the company's shares in the third quarter - they are up by a quarter over the period - has been justified by trading performance.For the second quarter Societe Generale is forecasting a 2.6% decline in like for like sales (LFL) in M&S General Merchandise, while Food sales are projected to have fallen 0.5% on a LFL basis from a year ago.Plumbers' merchant Wolseley recently returned to the list of FTSE 100 constituents after the share price recovered on demand from investors keen to get back on board ahead of an expected revival in the UK and US housing markets that are crucial to the fortunes of the company.Monday's full-year results will be the first announced under the leadership of Ian Meakins, who replaced previous chief executive Chip Hornsby. Meakins is a former boss of Alliance UniChem and, according to Wolseley's chairman, John Whybrow, 'his track record on improvement of business performance is impressive.'One of his main tasks will be to continue the reduction of the group's net debt burden, which stood at £1.43bn at the end of June. With trading conditions still tough, cost reductions are likely to be the main means of cutting debt. The company has already shed more than a quarter of its workforce but further cuts cannot be ruled out.Pre-tax profit is likely to be distorted by one or more exceptional items, which makes choosing a benchmark number to look for difficult. Market consensus is for a loss of around £115m, but Charles Stanley is predicting profit before tax of £260m.Technology company Smiths Group releases results for the year to 31 July 2009 on Wednesday, with the market expecting pre-tax profit of £347.6m on turnover of £2,646m. That would represent an improvement on the preceding year's figures, albeit with a bit of help from favourable exchange rate movements.Monday September 28INTERIMSCarpathian, Corac Group, Gaming VC Holdings, GLOBO, Individual Restaurant Company, Landkom International, Mount Engineering, TawaINTERIM DIVIDEND PAYMENT DATEDelcam, FDM Group, Fidessa, Reckitt Benckiser Group, Spring Group, Stanley GibbonsFINALSAlbemarle & Bond, Syndicate Asset Management, WolseleyEGMSMcInerney HoldingsAGMSHidong Estate, Turbotec ProductsFINAL DIVIDEND PAYMENT DATEMicro Focus International Plc, Newmark Security PLCFINAL EX-DIVIDEND DATEYamana Gold IncINTERNATIONAL ECONOMIC ANNOUNCEMENTSChicago Fed National Activity Index (US) (13:30)Dallas Fed Manufacturing Activity (US) (15:30)Consumer Prices Index (GER) Consumer Prices Index (JPN) Tuesday September 29INTERIMSDolphin Capital Investors, Hasgrove, Jetion Solar Holdings, Judges Scientific, Moss Bros, Oxford Catalysts, Petra Diamonds, PowerFilm (Reg S), Public Service Properties Investments, RGI International, Shed Media, Straight, Surgical Innovations, TreveriaINTERIM DIVIDEND PAYMENT DATEBritish American Tobacco, SchrodersFINALSAllied Gold, Close BrothersAGMSEcofin Water & Power Opportunities, Entertainment One (DI), GTL Resources, Mid Wynd International Inv Trust, Minco, Niche Group (The), Proventec, Sovereign Oilfield, Surface Transforms, The Clapham House Group, The Indian Film CompanyTRADING ANNOUNCEMENTCompass Group, Daily Mail & General Trust UK ECONOMIC ANNOUNCEMENTSGross Domestic Product (09:30)Current Account (09:30)Net Consumer Credit (09:30)Net Lending Secured on Dwellings (09:30)Mortgage Approvals (09:30)CBI Distributive Trades Survey (11:00)GfK Consumer Confidence (00:01)INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence (USA) (15:00)Business Climate Indicator (EC) (10:00)Consumer Confidence Indicator (EC) (10:00)Economic Confidence Indicator (EC) (10:00)Industrial Confidence Indicator (EC) (10:00)Service Sector Indicator (EC) (10:00)Industrial Production (JPN) Wednesday September 30INTERIMSAlexandra, Alexon, Gulf Keystone Petroleum, Hansteen Holdings, Harvey Nash Group, Marks & Spencer Group, Netplay TV, Silence TherapeuticsINTERIM DIVIDEND PAYMENT DATEAlphameric, Glanbia, Rights & Issues Inv Trust Income Shares, SR Europe Inv Trust, Temple Bar Inv TrustINTERIM EX-DIVIDEND DATEAmbrian Capital, Billington Holdings, BrainJuicer Group, Charlemagne Capital, Derwent London, Development Securities, Dignity, Dunedin Income Growth Inv Trust, F&C Asset Management, Fiberweb, Filtrona PLC, Henry Boot, Huntsworth, Inmarsat, International Power, Liberty International, Lighthouse Group, Morrison (Wm) Supermarkets, Morson Group, Norman Hay, Omega Insurance Holdings, PV Crystalox Solar, Quarto Group, Severfield-Rowen, STM Group, The Hotel Corporation, Tullow Oil, Wynnstay GroupQUARTERLY PAYMENT DATEPremier Energy & Water Trust, Scottish American Inv CompanyQUARTERLY EX-DIVIDEND DATEAfrica Opportunity Fund Ltd., Mercantile Inv TrustFINALSFinsbury Food Group, Indigovision, Litcomp, Neuropharm Group, Smiths GroupAGMSEdinburgh New Income Trust, Gartmore Fledgling Trust, Misys, Prime Focus London, PrometheanTRADING ANNOUNCEMENTSMan Group, Thomas CookFINAL DIVIDEND PAYMENT DATEAcorn Income Fund Ltd., Cambium Global Timberland Ltd., F&C Capital & Income Inv Trust, Hargreaves Lansdown, Henderson Diversified Income Ltd., Puma Brandenburg, Stagecoach GroupFINAL EX-DIVIDEND DATEAlumasc Group, Cassidy Brothers, Eco Animal Health Group, Falkland Islands Holdings, Framlington Innovative Growth Trust, Hansard Global, Haynes Publishing Group, Lighthouse Group, New City Energy, Oxford Instruments, Ruffer Investment Company Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSGross Domestic Product (USA) (13:30)Personal Consumption (USA) (13:30)Chicago Purchasing Managers Survey (USA) (14:45)Retail Sales (GER) Producer Prices (FRA) (07:45)Consumer Price Index estimate (EC) (10:00)Tankan Large Manufacturers Index (JPN)Retail Sales (JPN)Large Retailers' Sales (JPN)Thursday October 01QUARTERLIESDomino Pizza INTERIM DIVIDEND PAYMENT DATEChaucer Holdings, Greencore Group, Legal & General Group, Portmeirion, Robinson, TUI TravelQUARTERLY PAYMENT DATEOrpak SystemsFINALSTrading EmissionsAGMSFiske, ZetarFINAL DIVIDEND PAYMENT DATEPark Group, VPUK ECONOMIC ANNOUNCEMENTSPMI Manufacturing Survey (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSPersonal Income (USA) (13:30)Personal Savings (USA) (13:30)Weekly Jobless Claims (USA) (13:30)Continuing Claims (USA) (13:30)ISM Manufacturing Survey (USA) (15:00)ISM Prices Paid (USA) (15:00)PMI Manufacturing Survey (FRA) (07:50)PMI Manufacturing Survey (GER) (07:55)PMI Manufacturing Survey (EC) (08:00)Jobless Rate (JPN)Household Spending (JPN) Friday October 02INTERIM DIVIDEND PAYMENT DATEArbuthnot Banking Group, Arriva, Baronsmead AIM VCT, British Smaller Technology Companies VCT 2, Cineworld Group, Clarkson, FBD Holdings, Greggs, Hammerson, InterContinental Hotels Group, International Personal Finance, Maintel Holdings, Meggitt, North Midland Construction, SEGRO, T Clarke, Tarsus Group, TreattFINALSHelphire GroupEGMSNetwork TechnologyAGMSAtlantis Japan Growth Fund, Begbies Traynor Group, Henderson Smaller Companies Inv Trust, John Swan, MBL Group, Ransom(William) & SonFINAL DIVIDEND PAYMENT DATEGartmore Growth Opportunity, John Swan, UmecoUK ECONOMIC ANNOUNCEMENTSPMI Construction Survey (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSChange in Non-Farm Payrolls (USA) (13:30)Unemployment Rate (USA) (13:30)Change in Manufacturing Payroll (USA) (13:30)Average Hourly Earnings (USA) (13:30)Average Weekly Hours Worked (USA) (13:30)Factory Orders (USA) (10:00)