Week Ahead: Ticket to Schadenfreude for TUI

2nd Dec 2011 08:47

Massive attention has been focused on the cash-flow problems of package tour operator Thomas Cook recently, so the full-year results of rival holiday firm TUI Travel on Monday are certain to attract a lot of attention.TUI has been at pains to emphasise it has not been suffering the same sort of tribulations as Thomas Cook, though it has not gone so far as to claim that Schadenfreude is a skiing resort in Austria ...The results cover the period prior to Thomas Cook's latest woes, so there won't have been any benefit to TUI from its rival's reputational damage, but the update on current bookings should make very interesting reading. General market conditions remain challenging, given the Eurozone crisis, ongoing troubles in the Middle East and North Africa region and flooding in Thailand.Market consensus is for profit before tax of £335.8m on sales of £14.1bn. Fund manager Aberdeen Asset Management will also be releasing its full-year results on Monday. The firm announced in late September that it expects profits to be at the top end of analysts' forecasts (ranging between £262m and £297m) despite the recent volatility in markets. As such, Singer Capital Markets expects pre-exceptional profit before tax (after finance costs) to be £295m.At 31 August, assets under management (AUM) totalled £176.9bn, a 4.8% decrease on the total at 30 June. "Markets have been particularly volatile in recent weeks, as concerns about the Eurozone debt crisis and its impact on the global financial system have intensified," Aberdeen Asset said. Singer says that with the market falls in September, AUM will have fallen to £172bn for the full year. Nevertheless, the broker reiterated its buy rating on the stock on 1 December. "With strong organic growth, improving revenue and operating margins and a robust balance sheet, the outlook for higher dividend payments is also encouraging although we believe that Aberdeen will wish to retain a capital surplus given its institutional bias," Singer said.On Tuesday, the British Retail Consortium releases its update on the state of the UK High Street and edge of town shopping centre. Although it seems to be the case every year, retailers are banking more than ever on a bumper Christmas to hit their targets, and Tuesday's figures will give a clue as to how the presents-buying season is progressing. On that subject, Thursday's trading update from Tesco should also give a good insight into what sort of Christmas the supermarkets can expect. Monday December 05INTERIMSSirius Real Estate Ltd.INTERIM DIVIDEND PAYMENT DATERotalaINTERNATIONAL ECONOMIC ANNOUNCEMENTSFactory Orders (US) (15:00)Goods Orders (US) (15:00)ISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)PMI Composite (EU) (09:00)PMI Composite (GER) (08:55)PMI Services (EU) (09:00)PMI Services (GER) (08:55)Retail Sales (EU) (10:00)Q3OJSC Magnitogorsk Iron & Steel Works GDR (Reg S)FINALSAberdeen Asset Management, Treatt, TUI TravelANNUAL REPORTDiplomaEGMSFRM Diversified Alpha Ltd., Integra Group GDR (Reg S)AGMSCreat Resources Holdings Ltd. (DI)UK ECONOMIC ANNOUNCEMENTSOfficial Reserves (09:30)PMI Services (09:30)Tuesday December 06INTERIMSBrulines Group, International Greetings, MDM Engineering Group Ltd. (DI), Northgate, Park GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Construction (EU) (09:00)PMI Construction (GER) (08:55)FINALSAlternative Networks, Innovation Group, Superglass Holdings, VictrexIMSSWolseleyEGMSDatang International Power Generation Co Ltd., Hellenic Telecom Industries SA ADS, OAO Omz ADR (Level 1)AGMSBluebird Energy , Brookwell Ltd. Part Red Pref Shares NPV D, Starvest, Wessex ExplorationUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)GDP (1st release) (EU) (10:00)New Car Registrations (09:30)Wednesday December 07INTERIMSDS Smith, Kesa Electricals, Micro Focus International Plc, Stagecoach GroupINTERIM DIVIDEND PAYMENT DATEAga Rangemaster GroupINTERIM EX-DIVIDEND DATE3i Group, Big Yellow Group, Brown (N.) Group, Caledonia Investments, Castings, Cello Group, Chamberlin, City of London Group, Clean Energy Brazil, Creston, De La Rue, Dee Valley Group, Dee Valley Group (Non-Voting), Electrocomponents, European Residual Income Investments Cell, First Property Group, Fuller Smith & Turner, Hogg Robinson Group, Investec, London Stock Exchange Group, Majestic Wine, May Gurney Integrated Services, Montanaro European Smaller Companies Trust, Norcros, Northern 3 VCT, Northern Investors Co, Phoenix IT Group, Shanks Group, Tarsus Group, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Value and Income Trust, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, VPQUARTERLY EX-DIVIDEND DATEBritish Assets Trust, Personal Assets Trust, Real Estate Credit Investments PCC Ltd, XP Power Ltd. (DI)INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Credit (US) (20:00)Crude Oil Inventories (US) (15:30)Industrial Production (GER) (11:00)MBA Mortgage Applications (US) (12:00)FINALSATH Resources, Brewin Dolphin Holdings, ZytronicSPECIAL EX-DIVIDEND PAYMENT DATEBritish Empire Securities & General Trust, LatchwaysAGMSDowning Absolute Income VCT 1, Edinburgh Dragon Trust, International Biotech Trust, ZCCM Investments Holdings 'B' SharesTRADING ANNOUNCEMENTSCarillionUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)Industrial Production (09:30)Manufacturing Production (09:30)FINAL EX-DIVIDEND DATEAI Claims Solutions, Associated British Foods, British Empire Securities & General Trust, Britvic, Cambria Automobiles, Conygar Investment Company, Debenhams, Diploma, Grainger, K3 Business Technology Group, Local Shopping REIT, Netcall, Noble Investments (UK), RSM Tenon Group, Town Centre Securities, Waterman GroupThursday December 08INTERIMSAPI Group, Ashtead Group, Mulberry GroupINTERIM DIVIDEND PAYMENT DATEFirst Derivatives, William HillQUARTERLY EX-DIVIDEND DATECanadian General Investments Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)ECB Interest Rate (EU) (12:45)Factory Orders (GER) (11:00)Initial Jobless Claims (US) (13:30)Wholesales Inventories (US) (15:00)Q2Ashtead GroupQ3Premier FarnellGMSFinsbury Growth & Income TrustFINALSCareTech Holding, Redhall Group, Titon HoldingsIMSSIntegra Group GDR (Reg S), TescoSPECIAL DIVIDEND PAYMENT DATEBlackRock Greater Europe Inv TrustEGMSJSC Uralkali GDR (Reg S)AGMSBaobab Resources, Egdon Resources, Kolar Gold Ltd., Madagascar Oil, Yangtze China Investment Ltd. (DI)TRADING ANNOUNCEMENTSPZ Cussons, Standard CharteredUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)FINAL DIVIDEND PAYMENT DATEBlackRock Greater Europe Inv Trust, Fidelity Asian ValuesFriday December 09INTERIMSMBL GroupINTERIM DIVIDEND PAYMENT DATEBalfour Beatty, Invensys, Maven Income & Growth VCT, NB Global Floating Rate Income Fund Ltd GBP, NB Global Floating Rate Income Fund Ltd USD, Pace, Printing.com, SABMiller, Stobart Group Ltd., Walker Crips GroupQUARTERLY PAYMENT DATEBarclays, Lilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (GER) (07:00)Balance of Trade (US) (13:30)Consumer Price Index (GER) (07:00)Current Account (GER) (07:00)Retail Price Index (GER) (07:00)ANNUAL REPORTCarr's Milling IndustriesSPECIAL DIVIDEND PAYMENT DATEMicrogen, Narborough PlantationsEGMSOJSC Polyus Gold ADRAGMSAir Partner, Artilium, Associated British Foods, cScape Group , Norseman Gold, Pantheon Resources, Tembusu Investments Ltd. (DI), Waterman Group, West Pioneer Properties Ltd. (DI)UK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)Producer Price Index (09:30)UK Trade (09:30)FINAL DIVIDEND PAYMENT DATEAvingtrans, British Sky Broadcasting Group, Centaur Media, Craneware, Edinburgh Dragon Trust, JPMorgan Global Markets Emerging Income Trust, JPMorgan Smaller Companies Inv Trust