Week Ahead: Punch, Michael Page, Rank

8th Apr 2011 11:32

Embattled pubs group Punch Taverns serves up its interim results on Monday, barely more than a fortnight after it unveiled its plans to split itself into two separate entities: the managed pubs arm (Spirit) and the tenanted estate (Punch).Reaction to the decision has been mixed. Initially the shares fell back on the news, but they have been on a good run in April. Monday's interim figures will give a clue on how the managed and leased divisions are doing and should also give an update on the pubs disposals programme. Punch desperately needs to reduce its £3bn debt pile, acquired partly through the £2.7bn purchase of rival Spirit in 2005, and is planning to dispose of around 500 pubs per annum until its tenanted division has a core portfolio of about 3,000 pubs.Also out on Monday is a trading update from recruitment firm Michael Page, following closely in the footsteps of rival recruiters Robert Walters and Hays. Both of those companies reported tough times in the UK market, mainly due to public sector spending cuts, but better fortunes overseas. The situation is unlikely to be much different for Michael Page."While the UK market remains the most challenging, its impact at a group level has been mitigated by growth elsewhere and it now represents just 28% of group gross profit," Credit Suisse analyst Andy Grobler notes.Later in the week casino and online betting operator Rank issues a trading statement in which it might give more detail on its recent victory over Her Majesty's Revenue & Customs (HMRC). HMRC is appealing against the decision, which saw the bingo hall operator get a rebate totalling £74.8m, covering overpaid VAT on games of bingo from 1973 to 1996. On top of that it also received interest of £79.5m, raising questions regarding what it plans to do with the windfall.Peel Hunt estimates that - assuming Rank gets to keep all the cash - it should have a cash surplus of over £40m by the end of 2011, wiping out around £110m of net debt. "If it does pursue acquisitions we believe these are most likely to be in the areas of online gaming and casinos. Management has thus far been cautious and we do not expect it to embark on a reckless acquisition programme," said analyst Nick Batram.Monday April 11INTERIMSCarr's Milling Industries, Punch TavernsINTERIM DIVIDEND PAYMENT DATECasdon plc, Quayle Munro Holdings, RenishawQUARTERLY PAYMENT DATEAfrica Opportunity Fund Ltd.GMSHephaestus Holdings, RCG Holdings Ltd., Swallowfield, System C HealthcareFINALSAlliance Trust, China Food Co, Networkers InternationalIMSSMichael Page InternationalEGMSBahamas Petroleum Co, Dexion Commodities Ltd. EUR Shares, Dexion Commodities Ltd. GBP Shares, Dexion Commodities Ltd. USD SharesAGMSBaronsmead VCT 4, Henderson TR Pacific Inv Trust, Vatukoula Gold MinesFINAL DIVIDEND PAYMENT DATEScottish American Inv CompanyTuesday April 12INTERIM DIVIDEND PAYMENT DATEGalliford TryINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (US) (13:30)Consumer Price Index (GER) (07:00)Import and Export Price Indexes (US) (13:30)Treasury Budget Statement (US) (19:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)GMSDensitron TechnologiesFINALSNorcon, Vernalis, Walker GreenbankAGMSAccess Intelligence, JPMorgan Claverhouse Inv Trust, Law Debenture Corp., Lo-Q, Telecity GroupUK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)BRC Sales Monitor (00:01)Consumer Price Index (09:30)Retail Price Index (09:30)RICS Housing Market Survey (09:30)FINAL DIVIDEND PAYMENT DATEShore Capital Group Ltd.FINAL EX-DIVIDEND DATEFirst Quantum Minerals Ltd.Wednesday April 13INTERIMSSmiths NewsINTERIM EX-DIVIDEND DATEAlbemarle & Bond Holdings, Next Fifteen Communications, Northamber, Thorpe (F.W.)QUARTERLY EX-DIVIDEND DATEMercantile Inv Trust, Merchants TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSBeige Book Fed Survey (US) (19:00)Business Inventories (US) (13:30)Crude Oil Inventories (US) (15:30)Industrial Production (EU) (10:00)Manufacturing Inventories (US) (15:00)MBA Mortgage Applications (US) (12:00)Retail Sales (US) (13:45)Retail Sales Inventories (US) (15:15)GMSPorta Communications FINALSHightex Group, JD Sports Fashion, Styles & Wood GroupEGMSCommercial International Bank (Egypt) SAE GDR (Reg S)AGMSAnglo Pacific Group, Drax Group, Shires Smaller Companies, Vitec GroupTRADING ANNOUNCEMENTSASOSUK ECONOMIC ANNOUNCEMENTSClaimant Count Rate (09:30)Unemployment Rate (09:30)FINAL DIVIDEND PAYMENT DATEBaronsmead VCT 4FINAL EX-DIVIDEND DATEAggreko, Arbuthnot Banking Group, BBA Aviation, Berendsen, BG Group, Capita Group, Capital & Counties Properties , Charles Taylor Consulting, Communisis, Costain Group, CPP Group, CQS Rig Finance Fund Ltd., Dealogic Holdings, Dunedin Enterprise Inv Trust, Edinburgh UK Tracker Trust, F&C Inv Trust, Filtrona PLC, Fisher (James) & Sons, Foresight 2 VCT, Foresight 2 VCT 'C' Shares, Forth Ports, Fyffes, GVC Holdings, Hikma Pharmaceuticals, IMI, Impax Environmental Markets, International Personal Finance, Interserve, John Wood Group, Jupiter Fund Management , Just Car Clinics Group, Kerry Group 'A' Shares, Melrose, Microgen, Mondi, Motivcom, Norish Units, Old Mutual, Psion, RPS Group, SEGRO, Spirax-Sarco Engineering, SR Europe Inv Trust, Timeweave, Tullow OilQ1JP Morgan Chase & CoThursday April 14INTERIMSDebenhams, Namakwa Diamonds Ltd. (DI), WH SmithINTERIM DIVIDEND PAYMENT DATEIndigoVision Group, Plexus HoldingsQUARTERLY PAYMENT DATEYamana Gold Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSContinuing Claims (US) (13:30)ECB Report (EU) (09:00)Initial Jobless Claims (US) (13:30)Producer Price Index (US) (13:30)GMSGoldman Sachs Dynamic Opportunities Ltd. EUR Shares, Goldman Sachs Dynamic Opportunities Ltd. GBP Shares, Goldman Sachs Dynamic Opportunities Ltd. USD Shares, Orascom Telecom Holdings SAE GDR (Reg S)FINALSAmiad Filtration Systems Ltd., Dori Media Group Ltd., Ideal Shopping DirectANNUAL REPORTPetropavlovskIMSSAshmore Group, Eaga, Filtrona PLC, Rank GroupEGMSCambium Global Timberland Ltd., Orascom Telecom Holdings SAE GDR (Reg S)AGMSBP, Cenkos Securities, Filtrona PLC, Plant Health Care, Rank Group, Smith & Nephew, Telekomunikacja Polska GDR (Reg S), Tiszai Chemical Group GDR (Reg S)Friday April 15INTERIM DIVIDEND PAYMENT DATEAbcam, Group NBT, Hays, London Finance & Investment Group, TristelINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (EU) (10:00)Capacity Utilisation (US) (16:15)Consumer Price Index (EU) (10:00)Consumer Price Index (US) (13:30)Harmonised Competitiveness Indicators (EU) (09:00)Harmonised Index of Consumer Prices (EU) (10:00)Industrial Production (US) (16:15)U. of Michigan Confidence (Prelim) (US) (15:00)Wholesale Price Index (GER) (07:00)GMSCanaccord Financial Inc., RheochemIMSSLadbrokes, PZ CussonsSPECIAL DIVIDEND PAYMENT DATEAshley HouseEGMSJetion Solar Holdings Ltd. (DI)AGMSBaronsmead VCT 5TRADING ANNOUNCEMENTSRecordFINAL DIVIDEND PAYMENT DATEChemring Group, New World Resources NV (DI)---jh