Week Ahead: Recruiters, ASOS

7th Oct 2011 11:30

Recruiter Hays Group updated the market earlier this week and next week it is the turn of sector peers Michael Page and Robert Walters.Michael Page saw its share price tank in August when it warned of a slow-down in profit growth in the banking sector, and things are unlikely to have improved in the intervening months. High investment in consultants, management and infrastructure in Asia Pacific and the Americas dampened profit growth, but the company is expected to reiterate its determination to expand in these markets, because that is where it sees the most opportunity for growth.The share price performance of Robert Walters since August has not been any more impressive than that of Michael Page, as the market gets the message about the rising threat of unemployment. Its half-year results, also announced in August, revealed a strong performance in the European region that was underpinned by robust growth in junior clerical recruitment business in France, whereas recruitment activity in New York, which was muted in the financial services market during the first quarter, picked up in the second quarter.On Friday of next week online clothing firm ASOS updates the market. As fashion chain Supergroup has recently demonstrated, when the market begins to lose faith in a growth company's ability to maintain its frenetic growth rate, the damage to the share price can be swift and painful. As recently as the start of August, the shares were trading comfortably above 2200p, but they are now down to about 1440p.Singer said the update, which covers the group's second quarter, should show a slow-down in sales growth, partly reflecting tougher trading conditions but also partly due to "self-induced" problems. "However, disruptive factors should be behind them now, and with strong growth expected in overseas markets, and self-help around margin, short term forecasts look achievable and long term sensitivities are unchanged," Singer says.The broker thinks that increasing demand from overseas will see the proportion of UK sales down to about 40% in the second quarter from around two-thirds in the first half of last year. "We suspect increased promotions, including in Brands where they have been matching competitor discounting over the Summer, may have diluted gross margins. That said, there is scope for key margin initiatives, including supply/buying, mix, and systems to have partly offset this, albeit a number of these are weighted towards H2 [second half] rather than H1," Singer said.Monday October 10INTERIM DIVIDEND PAYMENT DATELamprell, Tex HoldingsQUARTERLY PAYMENT DATEAfrica Opportunity Fund Ltd., Alpha Pyrenees Trust Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (GER) (07:00)Current Account (GER) (07:00)Bank of France Business Sentiment (FRA) 07:30)Industrial Production (FRA) (07:45)Manufacturing Output (FRA) (07:45)Sentix Investor Confidence (EU) (09:30)IMSSMichael Page InternationalAGMSJupiter European Opportunities Trust, Mid Wynd International Inv TrustTRADING ANNOUNCEMENTSX5 Retail Group NV GDR (Reg S)FINAL DIVIDEND PAYMENT DATEPetmin Ltd. (DI)Tuesday October 11INTERIMSBrown (N.) GroupINTERIM DIVIDEND PAYMENT DATEAmiad Water Systems LtdINTERNATIONAL ECONOMIC ANNOUNCEMENTSCurrent Account Total (JPN)Trade Balance (JPN)Bankruptcies (JPN)Consumer Confidence (JPN)Machine Tool Orders (JPN)Wholesale Price Index (GER)NFIB Small Business Optimism (US) (12:30)FOMC Interest Rate Minutes (US) (19:00)Monthly Budget Sentiment (US)FINALSEpiStem HoldingsIMSSRobert WaltersAGMSSnackTime, Standard Life UK Smaller Companies TrustUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Industrial Production (09:30)Manufacturing Production (09:30)RICS Housing Market Survey (09:30)DCLG House Price Balance (09:30)NIESR (15:00)FINAL DIVIDEND PAYMENT DATEColefax Group, IG Group HoldingsWednesday October 12INTERIMSDatatec Ltd. (DI), Evraz Group SA GDR (Reg S)INTERIM DIVIDEND PAYMENT DATECapita Group, CPP Group, Dairy Farm International Holdings Ltd. (Singapore), Hongkong Land Holding Ltd. (Singapore), Jardine Matheson Holdings Ltd (Singapore), Jardine Strategic Holdings Ltd. (Singapore), KBC Advanced Technologies, Restaurant Group, Shore Capital Group Ltd.INTERIM EX-DIVIDEND DATEAll Leisure Group, Ashley (Laura) Holding, Balfour Beatty, British American Inv Trust, Capital Shopping Centres Group, Cenkos Securities, Cobham, CQS Rig Finance Fund Ltd., Hargreave Hale AIM VCT 2, Hotel Corp., Johnson Service Group, Just Car Clinics Group, Kerry Group 'A' Shares, Maven Income & Growth 2 VCT, Mears Group, Northbridge Industrial Services, Old Mutual, Public Service Properties Inves (DI)tments Ltd., Puma VCT III, Puma VCT IV, Rightmove, S & U, Smith & Nephew, Spirax-Sarco Engineering, Staffline Group, Tesco, Travis Perkins, Unite Group, Walker Greenbank, WPP, Yule Catto & CoQUARTERLY PAYMENT DATEXP Power Ltd. (DI)QUARTERLY EX-DIVIDEND DATEF&C Commercial Property Trust Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSMachine Orders (JPN)Consumer Prices Index (FRA) (06:30)Current Account (FRA) (07:45)Industrial Production (EU) (10:00)MBA Mortgage Applications (US) (12:00)FINALSCeres Power HoldingsANNUAL REPORTCAP-XX Ltd.IMSSFresnillo, Travis PerkinsSPECIAL EX-DIVIDEND PAYMENT DATETR European Growth TrustAGMSCambium Global Timberland Ltd., Goodwin Plc, Kirkland Lake Gold Inc., MonitiseTRADING ANNOUNCEMENTSBurberry GroupUK ECONOMIC ANNOUNCEMENTSClaimant Count Rate (09:30)Unemployment Rate (09:30)FINAL EX-DIVIDEND DATEAnimalcare Group, Close Brothers Group, CPL Resources, Daejan Holdings, Hargreaves Services, Hays, Henderson EuroTrust, Jupiter Primadona Growth Trust, Murgitroyd Group, Quayle Munro Holdings, TR European Growth Trust, WolseleyThursday October 13INTERIMSBooker GroupINTERIM DIVIDEND PAYMENT DATEBerendsen, Hikma Pharmaceuticals, Macfarlane Group, Molins, UBM, ZotefoamsINTERNATIONAL ECONOMIC ANNOUNCEMENTSTertiary Industry Index (JPN)Crude Oil Inventories (US) (00:00)Consumer Price Index (GER) (07:00)ECB Report (EU) (09:00)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Balance of Trade (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)Treasury Budget Statement (US) (19:00)Q3JP Morgan Chase & CoGMSHighams Systems Services GroupFINALSAir Partner, Clinton Cards, DotDigital Group, WH SmithIMSSAshmore Group, Eaga, Hargreaves Lansdown, Ladbrokes, RenishawEGMSTelekomunikacja Polska GDR (Reg S), Zhejiang Expressway Co 'H' SharesAGMSArgos Resources Ltd. (DI), Eaga, Mattioli Woods, RenishawTRADING ANNOUNCEMENTSGraingerUK ECONOMIC ANNOUNCEMENTSUK Trade (09:30)FINAL DIVIDEND PAYMENT DATEBest of the BestFriday October 14INTERIM DIVIDEND PAYMENT DATE32Red, AZ Electronic Materials SA (WI), Braime (T.F.& J.H.) Holdings, Braime (T.F.& J.H.) Holdings (Non-Voting), Chesnara, Chime Communications, Computacenter, Drax Group, Edinburgh US Tracker Trust, G4S, Glanbia, H&T Group, IMI, IS Solutions, Lavendon Group, Logica, Melrose, Networkers International, Serco Group, Stadium Group, T Clarke, Tikit Group, UTV MediaQUARTERLY PAYMENT DATEYamana Gold Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Goods Prices Index (JPN)Balance of Trade (EU) (10:00)Consumer Price Index (EU) (10:00)Harmonised Index of Consumer Prices (EU) (10:00)Import and Export Price Indices (US) (13:30)Retail Sales (US) (13:30)U. of Michigan Confidence (Prelim) (US) (15:00)Business Inventories (US) (15:15)GMSEurovestech, Plethora Solutions HoldingsANNUAL REPORTSurface TransformsIMSSComputacenter, RegusEGMSInvista European Real Estate TrustAGMSCeltic, Surface TransformsTRADING ANNOUNCEMENTSASOS, RecordFINAL DIVIDEND PAYMENT DATEFalkland Islands Holdings, Goodwin Plc, ILX Group, Jacques Vert, Mid Wynd International Inv Trust, Standard Life UK Smaller Companies Trust, Stewart & Wight