Week ahead: Prudential, Friends Provident, Intercontinental Hotels
Life insurance groups take centre stage next week on an otherwise quiet week as the holiday season really kicks in.The sector has already had mixed messages about prospects, with both Legal & General and Aviva cutting their dividends, but it is the turn of Prudential and Friends Provident to give some firmer idea of the sector's short-term prospects.
The Pru's capital position may attract more attention than normal this time especially losses on its credit portfolios. Brokers expect an interim dividend of around 6p per share.
Friends Provident has a more pressing issue of how to deal with the attentions of self-styled industry consolidator Resolution. It has rejected Resolutions merger proposals so far, but talk still persists that a deal could be done. If Friends is serious about keeping independent, it needs some good figures here. Expect a dividend of 1.3p.
Broker Charles Stanley expects Intercontinental Hotels report a very weak set of interim results, reflecting tough conditions in the global hotels industry and high operational gearing. it expects global constant currency revenue per room to be down by 14%. The broker expects profits will fall to $135m from $232m, with a maintained dividend of 12.2c.
The Week Ahead
| Date | Name | Type | Reporting Date | Turnover (m) | Pre-tax Profit (m) | EPS Adjusted | Dividend | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 11-Aug-09 | NWF Group | Final | 31-May-09 | Ł401.67 | +11% | Ł6.97 | +66% | 7.80p | +30% | 4.05p | +4% |
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