The Week Ahead: Investors unlikely to clean up on McBride



There is pressure for the City to clean up its act, but today’s first-quarter update from soap-to-detergent maker McBride might not be what people had in mind. Analysts expect the squeaky-clean update to be largely lacklustre because its results usually improve in the second half.

Numis said “growth in the full year 2013-14 is likely to be extremely second-half loaded so there is unlikely to be much to excite in the short term”. Even so, investors will be closely watching margins in the highly competitive price environment of own-brand personal and homecare products.

Although there are signs the price wars have calmed down somewhat, McBride has been focusing on developing new products so any news on this will be of considerable interest to punters.

Results/Updates: Essentra, McBride, Nanoco and Tristel.


Fears of a prolonged slowdown of sales growth in China has rocked luxury goods companies again recently, and tomorrow Burberry will update on its six-months sales to October. Analysts like the long-term outlook for the group but some have warned of potential issues from the fine summer in Europe.

Luca Solca at Exane BNP Paribas said the company’s focus on outwear – including its famous trenchcoats – will have helped sales in the first quarter “when the weather was horrible but a slowdown is to be expected over the summer”. Analysts at Berenberg expect half-year sales of £981.7m – around 4 per cent below a company-compiled consensus of just over £1bn. Investors will also be watching to see how its make-up and perfumes business performs after it took the fragrances in-house. Although the longer term looks rosy, Mr Solca also pointed out that Burberry’s move into make-up and control of the fragrances business means there is “execution risk”.

Results/Updates: Burberry (pictured), Bellway, Carpetright, dotDigital, e2v Technologies, Hargreaves Lansdown, Lombard Risk Management, Michael Page, Rio Tinto and Utilitywise.


Latin American precious metals miner Hochschild Mining’s third-quarter update follows news of its purchase of the remaining stakes that it didn’t already own in Peruvian silver mines Pallancata and Inmaculada. Analysts thought the deals were good news for the group, especially as half of the equity will come from its chairman, Peruvian businessman Eduardo Hochschild, who is the company’s largest shareholder.

Metals prices have been weak and this will of course have an impact on the figures, but management has already adopted a highly conservative approach to guidance on the outlook for the group since May so any concerns have already been factored into the price.

Results/Updates: e-Therapeutics, Hochschild Mining, Imperial Innovations and Smiths News.


By Thursday, the market could do with a drink but spirits giant Diageo’s third-quarter update is expected to show a mixed bag in terms of regional performance.

Europe will be tough again and there are concerns that emerging-market growth will have also slowed.

However analysts at JP Morgan think the Smirnoff-to-Guinness owner is likely to produce an update that will show its “geographical and brand diversity” means it is less “exposed” to any problems in a single region. Analysts at Nomura predict sales growth of 4 per cent “with growth in emerging markets” and resilience in the “US and a less-negative decline in Western Europe”.

Results/Updates: BSkyB, Britvic, Booker, Bunzl, Cairn Energy, Dechra Pharma, Diageo, Etalon, Ferrexpo, Fresnillo, Jupiter Fund Management, Man Group, Mothercare, Omega Diagnostics, Polymetal International, Rank, Rathbone Brothers, Renishaw SAB Miller, Speedy Hire and Travis Perkins.


The continued squeeze on household incomes should be good for door-to-door lender Provident Financial, but Numis expects this to cause volumes to fall and impairments to increase for the third quarter update on Friday.

However the broker’s analyst James Hamilton also predicts its credit card Vanquis business will have had a “very strong performance” which will off set issues in its home credit arm.

Results/Updates: Anglo American, Evraz, Provident Financial, Record and Spectris.

Economics Diary:


Chinese consumer price index, Chinese producer price index.


Consumer price index, Office for National Statistics house price index, producer price index, retail price index, US Empire State manufacturing index.


Average earnings data, claimant count data, unemployment rate.


Retail sales, US industrial production, US unemployment claims.


China retail sales.

ebookA unique anthology of reporting and analysis of a crucial period of history
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Accounts Payable

£12 - £15 per hour: Cameron Kennedy Recruitment: Excellent opportunity to join...

Technical BA - Banking - Bristol - £400pd

£400 per hour: Orgtel: Technical Business Analyst - Banking - Bristol - £400pd...

Account Management Strategy Manager

£38000 - £42000 per annum + competitive: Real Staffing: Required skills:Previo...

Business Analyst Consultant (Financial Services)

£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...

Day In a Page

A History of the First World War in 100 Moments: Peace without magnanimity - the summit in a railway siding that ended the fighting

A History of the First World War in 100 Moments

Peace without magnanimity - the summit in a railway siding that ended the fighting
Scottish independence: How the Commonwealth Games could swing the vote

Scottish independence: How the Commonwealth Games could swing the vote

In the final part of our series, Chris Green arrives in Glasgow - a host city struggling to keep the politics out of its celebration of sport
Out in the cold: A writer spends a night on the streets and hears the stories of the homeless

A writer spends a night on the streets

Rough sleepers - the homeless, the destitute and the drunk - exist in every city. Will Nicoll meets those whose luck has run out
Striking new stations, high-speed links and (whisper it) better services - the UK's railways are entering a new golden age

UK's railways are entering a new golden age

New stations are opening across the country and our railways appear to be entering an era not seen in Britain since the early 1950s
Conchita Wurst becomes a 'bride' on the Paris catwalk - and proves there is life after Eurovision

Conchita becomes a 'bride' on Paris catwalk

Alexander Fury salutes the Eurovision Song Contest winner's latest triumph
Pétanque World Championship in Marseilles hit by

Pétanque 'world cup' hit by death threats

This year's most acrimonious sporting event took place in France, not Brazil. How did pétanque get so passionate?
Whelks are healthy, versatile and sustainable - so why did we stop eating them in the UK?

Why did we stop eating whelks?

Whelks were the Victorian equivalent of the donor kebab and our stocks are abundant. So why do we now export them all to the Far East?
10 best women's sunglasses

In the shade: 10 best women's sunglasses

From luxury bespoke eyewear to fun festival sunnies, we round up the shades to be seen in this summer
Germany vs Argentina World Cup 2014: Lionel Messi? Javier Mascherano is key for Argentina...

World Cup final: Messi? Mascherano is key for Argentina...

No 10 is always centre of attention but Barça team-mate is just as crucial to finalists’ hopes
Siobhan-Marie O’Connor: Swimmer knows she needs Glasgow joy on road to Rio

Siobhan-Marie O’Connor: Swimmer needs Glasgow joy on road to Rio

18-year-old says this month’s Commonwealth Games are a key staging post in her career before time slips away
The true Gaza back-story that the Israelis aren’t telling this week

The true Gaza back-story that the Israelis aren’t telling this week

A future Palestine state will have no borders and be an enclave within Israel, surrounded on all sides by Israeli-held territory, says Robert Fisk
A History of the First World War in 100 Moments: The German people demand an end to the fighting

A History of the First World War in 100 Moments

The German people demand an end to the fighting
New play by Oscar Wilde's grandson reveals what the Irish wit said at his trials

New play reveals what Oscar Wilde said at trials

For a century, what Wilde actually said at his trials was a mystery. But the recent discovery of shorthand notes changed that. Now his grandson Merlin Holland has turned them into a play
Can scientists save the world's sea life from

Can scientists save our sea life?

By the end of the century, the only living things left in our oceans could be plankton and jellyfish. Alex Renton meets the scientists who are trying to turn the tide
Richard III, Trafalgar Studios, review: Martin Freeman gives highly intelligent performance

Richard III review

Martin Freeman’s psychotic monarch is big on mockery but wanting in malice