The Week Ahead: Bank of England to update on effective interest rates for April


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The Independent Online

As shoppers gear up for a summer spending spree buoyed by improving confidence in the economy, retail takes centre stage.

Today, Mitchell Flegg’s debut as Circle Oil boss, presenting its results having been poached from fellow Aim-listed oil and gas company Serica Energy, will be the highlight.

Tomorrow the Bank of England updates on effective interest rates for April, amid speculation that average mortgage rates could have hit an all-time low.

The online appliances retailer AO World will hope to reassure investors shaken by a profit warning earlier this year when it posts annual results tomorrow.

Synergy Health also reports results. The London-listed medical equipment company is the target of a £1.2bn takeover attempt by American buyer Steris, which has been blocked by the US Federal Trade Commission. Both parties are appealing.

The company behind Carphone Warehouse and Currys PC World is expected to post solid trading tomorrow. Analysts expect Dixons Carphone, which is worth £5bn after a merger last summer, to post like-for-like sales up 5 per cent year-on-year in an update on the final four months of its financial year, boosted by a strong performance in the electricals market. Meanwhile, the landlord Workspace Group, fresh from buying Amnesty International’s offices in Clerkenwell, will post annual results.

Morrisons’ annual general meeting provided excitement last year when former boss Sir Ken Morrison labelled then chief Dalton Philips’ strategy “bullshit”. With Mr Philips gone and respected ex-Tesco lifer David Potts in the driving seat, this year’s iteration on Thursday could be a more sanguine affair, but all eyes will be on Bradford to see whether Sir Ken passes judgement on the new direction under Mr Potts.

Meanwhile, the logistics provider Wincanton and chemical specialist Johnson Matthey update the market.

Halfords is expected to unveil higher profits on Friday as the City gets its first look at the bicycle and car parts firm’s new chief executive, Jill McDonald. The business is expected to post an 8.2 per cent rise in full-year pre-tax profits to £78.8m.