COMPANY results this week are dominated by Marks & Spencer, British Telecom and three electricity generators all reporting full year figures.
After a quiet day today, tomorrow what has been called the world's best retailer will announce fairly flat pre-tax profits. These are likely to be little changed from last time's #1104m at #1100m to #1125m. M&S has been investing heavily in expansion, particularly in Germany. However, margins across the board are likely to have been under some pressure, with overseas profits depressed by the strength of sterling.
It will be interesting to see how well the food retailing business is standing up to competition from Tesco Metro, and whether margins in financial services are being squeezed as competition inten-sifies. The dividend total should rise from 13p to around 14.2p.
British Energy is the first of the generators to report. It is likely to have raised pre-tax profits from #68m to well over #160m. The outcome will have depended upon the levels of fuel price re-negotiation being partially offset by a warmer than usual winter..
On Wednesday, National Power will probably show little overall change in its profits from last time's #718m, although forecasts range from #697m to #737m. A 2p dividend hike to 27p is likely.
The following day, PowerGen should show a slight improvement at #585m compared with #577m, raising the dividend total from 25p to perhaps 29.2p.
Interest will focus on the expansion plans of both companies and what steps they are taking to avoid further tightening in the regulatory regime at a time when margins will come under pressure as favourable fuel contracts expire.
Tomorrow sees interim results from Imperial Tobacco, with an update on how it is doing in the battle for market share in the UK and what further plans it has for overseas expansion. Profits are likely to have remained almost flat with just a small increase over the #143m seen a year ago. The interim dividend will be raised from 7.2p to between 7.5p and 8p.
Pubs and hotels group Greenalls should show a small advance helped by the De Vere hotels, and profits may be about #3m to the good at #66m.
On Wednesday, Glenmorangie's interims may show an improvement from #4.3m to #4.6m according to Alan Gray at broker Sutherlands. The dividend payment is likely to rise from 3p to 3.25p.
BT's figures will show the scars of start-up ventures on the Continent and its share of reorganisation costs at MCI. While analysts are looking for profits to drop from #3203m to #3180m, any indication of its plans for partnerships will be of greatest interest.
Wednesday also sees interims from Carlton Communications. There will be a fall from #163m to around #145m. That reflects the problems in Asia and start-up costs for digital broadcasting in the UK.
On Thursday, Bass will produce complicated interim figures. Profits are likely to have remained static at #323m with the underlying trend difficult to see.
Storehouse's full-year figures should show an improvement of about 5% to #125m. The dividend will rise from 8.1p to about 9p.
TODAY - Interims: Cambridge Antibody Tech, Celltech, RM, Diploma, Paragon, UPF. Finals: Style Holdings, Fine Art Developments. AGMs: Britt Allcroft, Far Eastern Department, Fidelity Euro Values, Glaxo Wellcome, Ilion, Invesco City, John Lusty, Lopex, Moorfield Estates, Pilat Technologies, Ruberoid, Savoy Hotel, Schroder Split Fund. EGMs: Fidelity Underwriting. Limit, Pemberstone.
TOMORROW - Interims: Aberdeen Asset Management, Berisford, Care UK, Compass, Enterprise Inns, Greenalls, Hozelock, Imperial Tobacco. Finals: British Energy, Merchant Retail, Marks & Spencer. AGMs: Ash & Lacy, BASF, Caradon, Danone, Edinburgh Fund Managers, Gartmore Venture Cap, Goldsmiths, Jumbo International, Newquest, Next, Pex, Russel Alexander, Slough Estates, Sun Life & Provident, Wellington Holdings, William Baird, Wolstonholme Rink. EGMs: Metalrax.
WEDNESDAY - Interims: Carlton Comms, Baggeridge Brick, Countryside Properties, Young Holdings, Majedie Investments. Finals: Black Leisure, British Telecommunications, Energy Cap Inv, Glenmorangie, Hoare Govett 1000, Hoare Govett Smaller, Land Securities, National Power, Photobition. AGMs: Acer, BSR Astec, British Fittings, Brixton Estates, Bunzl, Cantab (also EGM), Doeflex, Deutsche Bank, Linden, WH Smith. EGMs: Schroder Ventures, Norman Hay.
THURSDAY - Interims: Bass, Morgan Grenfell Equity. Finals: Creative Publishing, PowerGen, Southnews, Storehouse. AGMs: Bowthorpe, Eadie Holdings, Epwin, Folkes, Garton Engineering, Hamleys, Ibstock, Iceland, International Energy, Jackson, Kakuzi Electric, Kinta Kellas, Meggitt, Nestor, Newport, Partco, Thompson Clive Invs. EGMs: Dalgety, Eurasia Mining, Silver Shield.
FRIDAY - AGMs: Andrew Sykes, Henry Boot & Sons, Britax International, BS Group, Burmah Castrol, Cia Group, First Russian Front, Five Arrows Chile, Fleming Mercantile, Is Solutions, Jerome Group, Richards, Severfield-Reeve, United Auctions, Zeneca, RMC Group. EGMs: United Overseas.
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