LONDON-Week Ahead: M&S, Invensys, Cranswick

The last week of May sees the two parts of recently demerged Cable & Wirelessreport as independent entities for the first time while the trickle of results from utility companies continues with Pennon Group and Severn Trent, but it is the results announcement from retail giant Marks & Spencer (M&S) that is likely to be of most interest to the average person in the High Street.

M&S has already indicated that full year pre-tax profit will be in the range of £620m to £630m. Charles Stanley thinks that the iconic UK company’s overseas operations will have generally put in a good shift, though Ireland and Greece may have been slowed by difficult economic conditions in those countries.

“India and China have been identified as key markets for future expansion, but international strategy remains slightly unclear. We would expect this to be an area to be clarified by [new chief executive] Bolland in his strategic review in November,” Charles Stanley analyst Sam Hart sates.

Engineering firm Invensys gets the ball rolling on Monday with full year results. The market is expecting profit before tax of £193.6m on turnover of £2,248m, and a not particularly generous dividend of 2.87p, though that pay-out would represent a significant improvement on the 1.50 paid last year.

Pork products specialist Cranswick is also releasing full year results on Monday and the market has already been tipped off by the company to expect a good set of figures. Total sales for the year were 22% higher than last time, excluding sales from the pet business which was sold in April 2009. The increase reflects organic growth of 11% and a further contribution of 11% from CCF Norfolk which was acquired in June 2009. The market has pencilled in a figure of £43.3m for pre-tax profit, though Panmure Gordon is more pessimistic, with a forecast of £42.5m.

“On a divisional basis we forecast Fresh Pork revenues +51% to £234.1m and Bacon +49% to £32.0m benefiting from the impact of the CCF Norfolk acquisition; Sausage revenues +24% to £64.0m; Cooked meats revenues +13% to £259.0m; Continental +9% to £94.9m; Sandwiches down 5% to £39.1m and other revenue of £19.2m,” Panmure Gordon predicts.


Monday May 24

INTERIMS
Invista European Real Estate Trust, Phytopharm

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (15:00)

GMS
Rubicon Software

FINALS
Chloride Group, Cranswick, First Derivatives, Invensys, Proton Power Systems

ANNUAL REPORT
PetroNeft Resources

EGMS
Maple Energy

AGMS
AG Barr, Anglo-Eastern Plantations, Core VCT, Core VCT 'B' Shares, F&C Private Equity, F&C Private Equity, F&C Private Equity Restricte 'D' Shares, Fairpoint Group, JSC Kazkommertsbank GDR (Reg S), Morson Group, Panmure Gordon & Co, Speymill Macau Property Company

UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)

FINAL DIVIDEND PAYMENT DATE
Capita Group, Devro, IMI

Tuesday May 25

INTERIMS
Education Development International, Greencore Group, Renew Holdings, Romag Holdings, Victrex

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
Consumer Confidence (EU) (10:00)
Consumer Confidence (US) (15:00)
House Price Index (US) (15:00)
Industrial New Orders (EU) (10:00)

GMS
Alphameric, Cleardebt Group

FINALS
BSS Group, C&C Group, Clyde Process Solutions, De La Rue, Entertainment One (DI), Homeserve, HSBC Infrastructure Company Ltd., KCOM Group, Marks & Spencer Group, Pennon Group, Telecom Plus

EGMS
Discovery Metals (CDI), Glanbia, Minera IRL

AGMS
21st Century Technology, Clipper Windpower (Reg S), Clipper Windpower (Reg S), Dillistone, Downing Protected VCT IX, Downing Protected VCT IX 'A' Shares, Downing Protected VCT VIII, Downing Protected VCT VIII 'A' Shares, DRS Data, Glanbia, Judges Scientific, Judges Scientific, KazMunaiGaz GDR (Reg S), KEFI Minerals, Metalrax Group, Metalrax Group, Plaza Centers, Sinosoft Technology, Surgical Innovations, Surgical Innovations

UK ECONOMIC ANNOUNCEMENTS
GDP (output, income & expenditure) (09:30)
Index of Services (09:30)

FINAL DIVIDEND PAYMENT DATE
Brady, Charles Taylor, Core VCT IV, Core VCT V

Wednesday May 26

INTERIMS
Brewin Dolphin, Chrysalis Group, Innovation Group, Local Shopping REIT, MedicX Fund Ltd., Shaftesbury, Zytronic

INTERIM EX-DIVIDEND DATE
A&J Mucklow, British Empire Securities & General Trust, Britvic, Carluccio's, Lowland Investment Co., Wichford

QUARTERLY EX-DIVIDEND DATE
M&G Equity Inv Trust Income Shares, Premier Energy & Water Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Durable Goods Orders (US) (13:30)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)

GMS
Groupe Eurotunnel S.A. (DI)

FINALS
Aveva Group, Burberry Group, Cable & Wireless Worldwide, GB Group, Hogg Robinson, Telford Homes, Water Hall Group

ANNUAL REPORT
Hansen Transmissions International

EGMS
Ashmore Global Opportunities GBP Shares, Middlefield Canadian Income Trust Inv Co., Providence Resources

AGMS
888 Holdings, Angel Biotechnology, Banque Marocaine Du Comm Exterieur GDR (Reg S), EG Solutions, Groupe Eurotunnel S.A. (DI), Healthcare Locums, Hilton Food, Hochschild Mining, K3 Business Technology Group, Legal & General Group, Providence Resources, Rio Tinto, Rugby Estates Investment Trust, SQS Software Quality Systems, Standard Life Investments Property Income Trust Ltd.

FINAL DIVIDEND PAYMENT DATE
Graphite Enterprise Trust, Maven Income and Growth VCT 3, Portmeirion, StatPro Group, Total Produce

FINAL EX-DIVIDEND DATE
3i Infrastructure, Adventis Group, Amec, Amiad Filtration Systems, Argo Group, British American Inv Trust, Cayenne Trust, Chime Communications, Clarkson, Cobham, Corin Group, DCC, Dignity, Elderstreet VCT, Gresham House, Huntsworth, International Power, K3 Business Technology Group, Maven Income and Growth VCT 2 , Next, Premier Farnell, Robert Walters, Tarsus Group, UTV Media, Witan Pacific Inv Trust

Q1
National Bank of Greece ADR, OJSC Cherkizovo GDR (Reg S), Prologic

Thursday May 27

INTERIMS
Daily Mail and General Trust

QUARTERLY PAYMENT DATE
M Winkworth

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
GDP (Preliminary) (US) (13:30)
Initial Jobless Claims (US) (13:30)

GMS
F&C UK Select Trust, Morse, Natasa Mining Ltd

FINALS
Cable & Wireless Communications, JJB Sports, London & Stamford Property, Man Group, PayPoint, QinetiQ Group, Scapa Group, Tate & Lyle

ANNUAL REPORT
Immedia Group, Rugby Estates

EGMS
MHP S.A. GDR (Reg S), World Trust Fund

AGMS
Alliance Pharma, Braime Ord, Commoditrade, cScape Group , Engel East Europe N.V., F&C UK Select Trust, Ferrexpo, Finders Resources, Gulfsands Petroleum, HydroDec Group, InterQuest, Kakuzi, Lookers, Matrix Income & Growth 4 VCT, North Midland Construction, Pinnacle Staffing Group, Playtech, Plethora Solutions Holdings, Public Service Properties Investments, PV Crystalox Solar, Scisys, SR Europe Inv Trust, Thalassa Energy (DI)

UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trends Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Collins Stewart, Fiberweb, GlobeOp Financial Services, Hikma Pharmaceuticals, Hochschild Mining, Maven Income and Growth VCT 4, Maven Income and Growth VCT 4 'S' Shares, Mithras Inv Trust, Prudential, Reckitt Benckiser Group, RPS Group, SQS Software Quality Systems

Q1
Alpha Bank GDR (Reg S) USD, Antofagasta, X5 Retail Group GDR (Reg S)

Friday May 28

INTERIMS
Standard Life European Private Equity Trust

INTERIM DIVIDEND PAYMENT DATE
Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 2 'C' Shares, Mcbride, Puma VCT III, Puma VCT IV, Swallowfield

QUARTERLY PAYMENT DATE
City Merchants High Yield Trust, City of London Inv Trust

QUARTERLY EX-DIVIDEND DATE
Schlumberger

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:45)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
U. of Michigan Confidence (US) (15:00)

FINALS
Electrocomponents, Severn Trent

ANNUAL REPORT
Edenville Energy , Leisure & Gaming, Northern 3 VCT

EGMS
Renewable Energy Holdings

AGMS
Bloomsbury Publishing, Brinkley Mining, Daishin Securities Co. GDR (Reg S/144a), Dragon-Ukrainian Properties & Development, Fresnillo, G4S, Henry Boot, HSBC Holdings, InterContinental Hotels Group, Lupus Capital, Ormonde Mining, Saltus European Debt Strategies Ltd., Straight, Straight, Symphony Environmental Technologies, Tau Capital, Vindon Healthcare

UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:01)
Nationwide House Price Index (07:00)
PMI Retail (09:30)

FINAL DIVIDEND PAYMENT DATE
Anglo-Eastern Plantations, Biocompatibles International, CBG Group, Chaucer Holdings, Downing Protected VCT IX, Downing Protected VCT VIII, Elementis, H.R. Owen, Henderson Group, IS Solutions, Lincat Group, Morson Group, North Midland Construction, Northbridge Industrial Services, Regus, Resolution, Senior, Standard Life