British Airways cannot have had many worst years than 2009/10 and the pain is not over yet with another 20 days of strike action threatened by cabin crew from May.
Add in the volcanic ash cloud, a major global recession and a recurring pension fund headache and it’s been a punishing 12 months for the airline.
There have been bright spots. The company’s name is to change to International Consolidated Airlines following the agreed merger with Spain’s Iberia. The share
The recent strength of the US dollar against sterling has prompted upgrades its earnings forecasts for mobile phone giant Vodafone recently, But brokers are still concerned about mature markets in Europe, falling market share , and the prospects of a US slowdown. There is the prospect of Vodafone getting a dividend from its stake in US mobile phone operator Verizon Wireless from fiscal 2012.
A small improvement in underlying trading in the final quarter of 2010 prompted Vodafone recently to lift its guidance for adjusted operating profit to a range of £11.4bn to £11.8bn.
Pub group Mitchells & Butlers recently decided to concentrate on its core food brands after a strategic review. Broker KBC upgraded its FY2010E pre-tax to £155m and EPS to 27p, and FY2011E to £180m/31p on the back of the review.
Scottish dairy group Robert Wiseman's full-year results that could reveal a 40% increase in underlying profit to £45.5m and 4.7% rise in revenue to £887.4m, according to Panmure Gordon. But it thinks the recent strength in bulk cream prices is likely to be offset by higher fuel and resin costs.
Outsourced workplaces provider Regus publishes a trading update Tuesday and investors will be eager to hear news about the pace of recovery and improved visibility of earnings. Only one key data point is expected, a 9% drop in revenue to £352m in the first four months to April, according to KBC Peel Hunt. This would be broadly flat in constant currency terms on the second half of 2009.
It’s plant hire specialist Speedy Hire’s turn a day later. Preliminary results are expected to reveal an adjusted loss of £5m, EBITDA of £73.4m and £353m of sales.
Kids’ clothes and equipment chain Mothercare lines up final numbers for Thursday, which should reveal international sales driving further acceleration in profits. KBC is looking for a pre-tax profit of £38.4m, down £2m from original forecasts to include a non-cash charge for share based payments. It recommends buying on current weakness.
Other results due next week*
Experian (forecast profits $886m against $843m)
ICAP (forecast net income £303m against £346m)
Scottish & Southern Energy (forecast profits of £1.3bn up from £1.25bn)
SABMiller (profits of $3.9bn against $3.4bn).
*(forecasts from Charles Stanley)
Monday May 17
INTERIMS
Carluccio's, ITE Group, RM Group, Wichford
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
New Car Registrations (EU) (10:00)
Q4
Big Yellow Group, Hansen Transmissions International
GMS
Bezant Resources, Evraz Group GDR (Reg S), LP Hill, Spice
FINALS
Big Yellow Group, Hansen Transmissions International, Mitie Group
ANNUAL REPORT
Andrews Sykes, Trafficmaster
IMSS
Alpha Pyrenees Trust Ltd., Vitec Group
EGMS
Watford Leisure
AGMS
Bioquell, Camco International, Cello Group, Charlemagne Capital, Colliers CRE, Cryptologic Ld, Dunedin Enterprise Inv Trust, Edinburgh US Tracker Trust, Go Plc GDR (Reg S), H.R. Owen, JPMorgan Income & Growth Inv Trust Income Shares, KDD Group, Keller Group, MirLand Development Corporation, RSA Insurance Group, Travis Perkins, Vitec Group, Win
TRADING ANNOUNCEMENTS
Spice
FINAL DIVIDEND PAYMENT DATE
Aviva, Stanley Gibbons
Q1
Atlas Estates, Espirito Santo, Frutarom GDR (Reg S), OJSC Magnit GDR (Reg S)
Tuesday May 18
INTERIMS
Britvic, Paragon Group Of Companies
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
Balance of Trade (EU) (10:00)
Building Permits (US) (13:30)
Consumer Price Index (EU) (10:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Housing Starts (US) (13:30)
Producer Price Index(US) (13:30)
RBA Interest Rate Minutes (AUS) (00:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q4
British Land Co
GMS
Davenham, NetServices, Renewable Power & Light
FINALS
British Land Co, Dairy Crest Group, JZ Capital Partners, Robert Wiseman, Vodafone Group, Yell Group
ANNUAL REPORT
Cinpart
IMSS
Ark Therapeutics, Avis Europe, BATM Advanced, Drax Group, Paddy Power
SPECIAL DIVIDEND PAYMENT DATE
Emerging Metals Limited
AGMS
Baronsmead VCT 3, Brammer, Evolution Group, Fidelity European Values, Foresight Technology VCT, INA-Industrija Nafte GDR (Reg S), International Power, ISIS Property Trust, JP Morgan Chase, JZ Capital Partners, Kellan Group, Midas Capital, Mobile Streams, Next, Northbridge Industrial Services, office2office, Paddy Power, Proximagen Neuroscience, Regus, Renewable Power & Light, Resolution, Royal Dutch Shell 'A', Scotty Group, Sports Direct International, StatPro Group, Stilo, Unite Group, UTV Media, Westhouse Holdings , Zenergy Power
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Evolution Group, Impax Environmental Markets, Kazakhmys, KBC Advanced Technologies, Norsk Hydro, St James's Place
Q1
Eurasia Drilling Company GDR (Reg S)
INTERIMS
Mitchells & Butlers
INTERIM EX-DIVIDEND DATE
Baronsmead VCT 2, Bellway, Diploma, Euromoney Institutional Investor, Noble Investments, WH Smith
QUARTERLY EX-DIVIDEND DATE
Carnival
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (US) (13:30)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Blinkx, Experian Group, Green Compliance, ICAP, Land Securities Group, Melorio, Scottish & Southern Energy, UK Mail Group
IMSS
Bisichi Mining, Capital & Regional, Charles Taylor, Chaucer Holdings, CPP Group, Ricardo Group, Spectris
AGMS
Adventis Group, ANT, Arena Leisure, Aseana Properties Trust, Autoclenz, Axis-Shield, Chaucer Holdings, Churchill China, Cryo-Save Group, Dunedin Income Growth Inv Trust, Ferrexpo, Galiform, Gartmore Group , Graphite Enterprise Trust, ICB Financial, Impellam Group, Mercantile Inv Trust, ProStrakan, Prudential, Spectris, Woburn Energy, Woburn Energy, Xaar
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)
FINAL DIVIDEND PAYMENT DATE
ARM Holdings, Mondi, Serco Group
FINAL EX-DIVIDEND DATE
Bloomsbury Publishing, Capital Shopping Centres Group, Cello Group, Cryo-Save Group, Derwent London, Home Retail Group, Kentz Corporation, Morgan Crucible, Panther Securities, Robinson, Sainsbury (J), Shed Media, SQS Software Quality Systems, Stobart Group Ltd., ToLuna, Wellstream Holdings
Q1
New World Resources
Thursday May 20
INTERIMS
Future, Grainger, GW Pharmaceuticals, Intec Telecom Systems, Marston's, Optos, Renovo Group
QUARTERLY PAYMENT DATE
Caterpillar
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
BoJ Intrest Rates (JPN) (00:00)
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
Producer Price Index(GER) (07:00)
FINALS
Booker Group, FFastFill, Great Portland Estates, Mothercare, National Grid, SABMiller, Shanks Group
IMSS
Cairn Energy
AGMS
Baronsmead VCT 4, Cairn Energy, Candover Investments, Cape, Core VCT IV, Core VCT V, Corin Group, Energetix, H & T Group, Hydro International, IS Solutions, Jupiter Dividend & Growth Trust, Just Car Clinics Group, KazakhGold Group GDR (Reg S), Kenmare Resources, Lombard Medical Technologies, Marsh and Mclennan, Moss Bros, Nichols, Omega Insurance Holdings, Petropavlovsk, Portmeirion, Premier Foods, Sagentia Group, Staffline Group, Total Produce, Tribal Group, Vphase, Wolfson Microelectronics
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Chesnara, Edinburgh UK Tracker Trust, Fyffes, Tullett Prebon, Vitec Group, Zotefoams
Q1
MHP S.A. GDR (Reg S)
Friday May 21
INTERIM DIVIDEND PAYMENT DATE
Albemarle & Bond
QUARTERLY PAYMENT DATE
Equity Partnership Income Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Current Account (EU) (09:00)
IFO Business Climate (GER) (10:00)
IFO Current Assessment (GER) (10:00)
IFO Expectations (GER) (10:00)
Q4
British Airways
FINALS
British Airways, BTG, London Stock Exchange Group, United Utilities Group
ANNUAL REPORT
Energetix, Vphase
IMSS
Close Brothers Group
AGMS
AFI Development GDR (Reg S), Alliance Trust, Concurrent Technologies, Invesco Perpetual UK Small Companies Inv Trust, John Menzies, Martin Currie Portfolio Trust, Mercury Recycling, Michael Page International, National Bank of Greece ADR, OJSC Magnitogorsk Iron & Steel GDR (Reg S), OJSC Polyus Gold ADR, Pan Pacific Aggregates, PowerFilm (Reg S), Premier Oil, Robert Walters, S & U, Total
UK ECONOMIC ANNOUNCEMENTS
M4 Money Supply (estimate) (09:30)
M4 Sterling Lending (estimate) (09:30)
Mortgage Approvals (09:30)
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Aggreko, Arena Leisure, BBA Aviation, BG Group, British Smaller Technology Companies VCT 2, Costain Group, Dunedin Income Growth Inv Trust, Edinburgh US Tracker Trust, Greggs, Hellenic Carriers, International Personal Finance, Johnson Service Group, office2office, Paddy Power, Petrofac Ltd., Reed Elsevier, Sagicor Financial Corporation, Spirax-Sarco Engineering, Tullow Oil
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