The property sector has delivered strong results over the past six months, so investors will be looking for more of the same this week from Hammerson, the FTSE 100-listed property developer.
The group reported full-year results in March and net asset value was 1,237p per share. Given the strong growth shown by the rest of the sector, anything less than 10 per cent asset growth will be seen as a disappointment. Consensus forecasts are for net asset value to have increased to 1,350p.
Hammerson recently sold a major shopping centre in Romfordto a private buyer for £280m. It has also spent £425m on a portfolio of retail parks, and is developing the former Stock Exchange building in the City and two other regional shopping centres in Bristol and Leicester.
However, investors will perhaps be keener to hear more about the group's plans to convert to a real estate investment trust. At the AGM in May, the group announced its intention to convert, which will cost about £90m. Hammerson has a reputation for open communication with shareholders so the market is not expecting any nasty surprises.
TODAY: Two months ago, Taylor Nelson Sofres, the market research group, shocked investors with a profit warning, as it confirmedits US operations would not meet market expectations. However, most investors would be surprised if trading has deteriorated further. Numis Securities is looking for £31m in first-half pre-tax profit.
The days of exponential growth for the pub group JD Wetherspoon are long gone, and with the smoking ban appearing to have a detrimental effect on business in Scotland investors will be hoping for soothing news on business in England and Wales. July's pre-close trading statement was good enough to lead to a handful of upgraded forecasts, and the broker Goldman Sachs is now looking for £56m in pre-tax profits for the year.
Results: Full year - Murgitroyd; Pace Micro Technology; JD Wetherspoon. First half - Amlin; Bond International; Charlemagne Capital; Corporate Synergy; Goldenport; Hammerson; IMI; Intertek; Lookers; Robert Walters; SDL; Tarsus; Taylor Nelson Sofres; WSP Group; ZI Medical.
TOMORROW: Launching a rights issue to fund a $1bn (£525m) acquisition was a bold move by management at Ashtead Group, but with fewer than 4 per cent of the new shares lapsed by shareholders it appears to have worked. Expect a bullish statement now that the acquisition of NationsRent, which will almost double Ashtead's size, is assured.
Cairn Energy is expected to report record earnings thanks to the strong oil price, but investors will be more interested to hear further developments on plans for an IPO of its Indian operations, planned for the last quarter of this year or the first quarter of 2007. The broker UBS expects $37.9m in first-half operating profit.
Results: Full year - Abcam; Dachra Pharmaceuticals; Hays; Mattioli Woods. First half - Admiral Group; Aegis Group; Ashtead; Brammer; Brit Insurance Holdings; Brixton; Cairn Energy; Cello; Dmatek; Gresham Computing; Independent Media Distribution; Inion; John Wood; Lavendon; Meggitt; Savills; Spectris; Tikit.
WEDNESDAY: June's trading statement from the cigarette maker Gallaher included very few surprises and anything other than an in-line statement and set of first-half numbers would be a major shock. The company has major operations in the former Soviet states, which should more than compensate for declining numbers of smokers in the West.
There will be a few nerves as FTSE International publishes its index reviews for the quarter. The fund manager Schroders looks the most likely candidate to drop out of the blue chips for the first time in 10 years. The reshuffle also means Wednesday will be the last day shares in BOC are listed in London following the takeover by the German rival Linde.
Results: Full year - AJ Mucklow; Town Centre Securities. First half - AB Ports; Chesnara; Derwent Valley; Devro; Financial Objects; Gallaher; Imagesound; IXEurope; Shore Capital; Titan Europe; Ubiquity Software; Wilson Bowden.
THURSDAY: Strong results from its rival Hunting last week should mean the first six months have also been good for Abbot Group, the oil industry services provider. Hunting's pre-tax profit rose by 86 per cent; anything short of that from Abbot will be seen as a disappointment.
Results: Full year - Galliford Try; Hargreaves Services. First half - Abbot; Arriva; Benfield Group; Erinaceous; KBC Advanced Technology; Melrose Resources; MTL Instruments; PartyGaming; Pipex Communications; Premier Farnell; SHL Group; Spirax-Sarco Engineering; Surgical Innovations; Yule Catto & Co.
FRIDAY: Results: Full year - Go-Ahead Group; Netstore. First half - Aga Foodservice; Catlin; Davis Service; Designer Vision; Marshalls.Reuse content