Week Ahead: New chief makes bow at Wm Morrison

5th Mar 2010 13:03

Another big week for results lies ahead, spread across a whole range of sectors. Wm Morrison's new chief executive Dalton Philips will only have been in his job for a day when the supermarket chain reports on Thursday. The figures should be good, with conditions for food retailers still helpful and Morrisons' sales tripping along nicely. Revenue should come in at about £15.4bn with profits of £760m against £636m last time, according to Panmure Gordon. The group has the strongest balance sheet in the sector, the broker adds.Oil fabrications giant Petrofac is expected to report an after tax profit of $330m for 2009, up some 25% on the previous year. The order backlog at the end of December 2009 was about $7.8bn.Housebuilder Bovis has plotted a reasonably stable passage through the slump in the housing market. The group built about 1,803 homes last year and with prices up slightly, brokers expect profits of about £7.6m, eps of 4.5p and NAV of 540p. The final outcome may be determined by the size of any land value write back.International Power ended discussions with French group GDF Suez about a merger in January, though few brokers think that will be the end of the matter. The deal being discussed was an asset swap according to the reports rather than a cash bid, which could remain a stumbling block. Profits for 2009 are forecast at £730m, up from £682m, with a slight increase in the divided.Results from Tullow Oil are almost incidental to the flood of good drilling news released over the past 12 months from its programme in Africa. A lot more drills are planned for this year, so the good news should hopefully continue. Total revenue for 2009 is expected to be about £570m versus £692m in 2008 because of lower sales volumes and the significant reduction in realised commodity prices during the year. Net income is forecast to fall to £33m by Charles Stanley.Shopping centre owner Liberty International's possible break up of its portfolio will be the main focus with its figures. It has already indicated it is looking at such a move, which could see CSC spun off completely. Brokers expect NAV to have climbed to 550p from 448p at half-way. Life group Standard Life has already indicated 2009 worldwide life and pension sales on a present value of new business premium basis (PVNBP) fell by 7% to £14.7bn, much better than expected. Charles Stanley expects eps of 21.4p, down from 29.8p and a dividend of 12p when numbers are unveiled midweek. Shipping broker Clarkson is tipped for normalised profits of £21.7m for 2009, EPS of 80.53p and a dividend of 42p putting the shares on a PER of 10.4x and a yield of 5.0% says Charles Stanley.Monday March 08INTERIM EX-DIVIDEND DATEImpala PlatinumQUARTERLY PAYMENT DATEBPQUARTERLY EX-DIVIDEND DATECanadian General InvestmentsINTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial Production (GER) (11:00)Retail Sales (GER) (07:00)Unemployment Rate (EU) (10:00)GMSBlackstar GroupFINALSAFI Development GDR (Reg S), Bovis Homes Group, Chaucer Holdings, Intertek Group, Management Consulting Group, Petrofac Ltd, Renewable Energy Holdings, Tarsus Group, Tullett PrebonANNUAL REPORTRenewable Energy HoldingsIMSSSThreeAGMSChrysalis GroupFINAL DIVIDEND PAYMENT DATEFennerTuesday March 09 INTERIMS Interior Services, St Ives INTERNATIONAL ECONOMIC ANNOUNCEMENTS Leading Indicator Index (JPN) (05:00) Trade Balance (FRA) (8.45)Machine Tool Orders (JPN)Machine Orders (JPN)CGIP (JPN)Q3 Ashtead Group Q4 Endeavour International Corp, Globus Maritime FINALS Advanced Medical Solutions, Aer Lingus Group, Antofagasta, BrainJuicer Group, Endeavour International Corp, Gartmore Group , Globus Maritime, Inmarsat, International Power, John Menzies, Johnson Service Group, Liberty International, Lookers, Mears Group, OAO Severstal GDR (Reg S), Plethora Solutions Holdings, ROK, STM Group, Weir Group ANNUAL REPORT Liberty International EGMS Amiad Filtration Systems, Greencore Group AGMS JPMorgan Russian Securities UK ECONOMIC ANNOUNCEMENTS Balance of Trade (09:30) BRC Sales Monitor (00:01) RICS House Price Balance (00:01)Wednesday March 10 INTERIMS Regenersis INTERIM DIVIDEND PAYMENT DATE System C Healthcare INTERIM EX-DIVIDEND DATE AI Claims Solutions, Ashmore Group, Character Group, Downing Planned Exit VCT 1, Dunelm Group, Hargreaves Lansdown, Haynes Publishing Group, Keystone Inv Trust, Kier Group, London Finance & Investment Group, Phoenix IT Group, Quayle Munro, Ricardo Group, Sportingbet QUARTERLY PAYMENT DATE Canaccord Financial Inc., Prodesse Investment Ltd. QUARTERLY EX-DIVIDEND DATE Orpak Systems, Premier Energy & Water Trust, Virgin Media Inc. INTERNATIONAL ECONOMIC ANNOUNCEMENTS Consumer Price Index(GER) (07:00) Corporate Goods Price Index (JPN) (23:50) Industrial Production (EU) (10:00) New Home Sales (AUS) (00:00) Wholesales Inventories (US) (15:00) Monthly Budget Statement (19:00)Trade Balance (GER) (07.00) Current Account (GER) (07.00)Industrial Production (FRA) (08.45)Manufacturing Output (FRA) (08.45)GDP (JPN)GDP Deflator (JPN)UK ECONOMIC ANNOUNCEMENTSIndustrial Production (09.30)Manufacturing Output (09.30)NIESR GDP Estimate Q4 ReneSola GMS CVS Group, Glisten FINALS Ark Therapeutics, Brady, Chime Communications, Costain Group, Glanbia, Inchcape, Interserve, Oxford Biomedica, ReneSola, SQS Software Quality Systems, StatPro Group, Standard Life, Terrace Hill, Yule Catto AGMS CareTech Holding, Interbulk Group, Invista European Real Estate Trust, Sperati (Ca) FINAL EX-DIVIDEND DATE Admiral Group, Alphameric, Brewin Dolphin, British American Tobacco, CareTech Holding, Chrysalis VCT, CRH, Edinburgh Inv Trust, F&C Commercial Property Trust, FBD Holdings, Foresight 2 VCT, Foresight 2 VCT 'C' Shares, Future, Goldenport, Hargreaves Lansdown, Heavitree, Invesco Income Growth Trust, Lavendon Group, Low & Bonar, LSL Property Services, Maintel Holdings, Meggitt, Morgan Sindall, Paddy Power, Premier Energy & Water Trust, RIT Capital Partners, Serco Group, Shire Plc, Spirent Communications, Standard Chartered, Temple Bar Inv Trust, TUI Travel Thursday March 11 INTERIMS Origin Enterprises INTERIM DIVIDEND PAYMENT DATE Hartest Holdings INTERNATIONAL ECONOMIC ANNOUNCEMENTS Balance of Trade (US) (13:30) Weekly Jobless Claims (US) (13:30)Non-Farm Payrolls (FRA) (08:45)ECB Report (EU) (10:00) Gross Domestic Product (JPN) (23:50) RBA Bulletin (AUS) (00:00) Unemployment Rate (AUS) (00:00) Q3 Queen's Walk Investment Ltd. GMS City of London PR, ReGen Therapeutics, Weatherly International FINALS Arbuthnot Banking Group, Charlemagne Capital, Cineworld Group, Clarkson, Computacenter, Dignity, Dolphin Capital Investors, Flying Brands, Johnston Press, Morrison (Wm) Supermarkets, Old Mutual Omega Insurance Holdings,Tikit AGMS Avesco Group, Jupiter Second Split Trust Geared Shares, Sanderson Group Friday March 12 INTERIMS JD Wetherspoon INTERIM DIVIDEND PAYMENT DATE Advance UK Trust, Fiske, Impala Platinum, Invesco Perpetual AiM VCT, John Swan, Murgitroyd Group QUARTERLY PAYMENT DATE Carnival INTERNATIONAL ECONOMIC ANNOUNCEMENTS Retail Sales (US) (13:30) University of Michigan Consumer Confidence (S) (14.55)Business Inventories (US) (15.00)Current Account (FRA) (8.45)Industrial Production (EC) (11:00)Industrial Production (JPN)Capacity Utilisation (JPN)Q3 Ocean Power Technologies GMS Omega Insurance Holdings FINALS Aga Rangemaster Group, Independent Media Distribution, Mercator Gold EGMS Getmobile Europe, Matica AGMS Banco Bilbao Vizcaya Argentaria SA, Hyundai Motor Company GDR (Reg S), KT Corp. ADR, Sk Telecom ADS, Throgmorton Trust FINAL DIVIDEND PAYMENT DATE Armour Group, Churchill China, Morant Wright Japan Income Trust, Octopus Phoenix VCT, Pressure Technologies