After Barclays' positive trading statements last month, pressure will be on Royal Bank of Scotland to reassure investors about the damage inflicted by the credit crunch in this week's trading statement. The bank has lost 19bn of market value this year as investors have become increasingly nervous about its exposure to the credit crunch and its acquisition of ABN Amro's wholesale bank, which was a major player in the credit boom. Unlike Barclays, which released details of its investment banking mark-downs ahead of its group update, RBS has made no comment about its position, and has stuck to the scheduled date for its statement. RBS is expected to give detailed numbers on its own performance and the ABN Amro business. Sanford Bernstein expects up to 1.9bn of write-downs, which would be well below the market's worst fears.
TODAY: While Aberdeen Asset Management has been the victim of a shifting market, forecasts predict that the full-year report will see it sitting on safer ground. Dresdner Kleinwort recently described the company as a defensive opportunity in a weak sector, based on Aberdeen's focus in the institutional market. As well as expanding its influence in the US mutual fund sector, the company recently purchased Glasgow Investment Managers and several Australian asset management businesses, considerably adding to the group's assets. Consensus forecasts expect a rise in full-year pre-tax profits to 100m, an increase on last year of over 25 per cent.
Results: Full-year Aberdeen Asset Management.
TOMORROW: With a number of potentially breakthrough projects over the next calendar year, the IT and communication services business Redstone is likely to report sound half-year results. Redstone has moved from contracts in the low millions, to over 10m with JP Morgan and White City, and on to a potential 160m deal for Birmingham BSF. Following the takeover of Comunica in March, analysts argue that Redstone should be capable of handling contracts on this level.
Carluccio's has reaped rewards from combining a deli/caf chain format, under which long opening hours have helped to pick up the coffee market as well as delivering as a restaurant business. However, Charles Stanley argues that if good results are to continue, then growth must accelerate, and that following a wet summer the company must innovate to maintain its upward trajectory. Analysts forecast pre-tax profits of 5.3m.
Results: Full year Carluccio's. Half year Redstone.
WEDNESDAY: After a miserable summer on the high streets, the online clothing retailer ASOS is expected to deliver good half-year results based on impressive growth and a strong competitive position. Meanwhile, increasing broadband take-up can only help online sales. Lingerie and menswear are tagged as key areas of growth, but the company also has flexibility to expand into the international market. Consensus forecasts for the full year predict pre-tax profits of 5.65m and normal EPS growth of 62.98 per cent.
In spite of rising fuel costs, the rail and bus manager Stagecoach recently announced that results are likely to be better than expected. If Stagecoach is true to its word, then the half-year report should offer a good indicator of performance. The company has seen significant increases in sales in both its bus and rail operations, but is set to raise fares across the board. In February the company set up a new South West Trains franchise, which will see it pay 1.19bn to the Government over the life of the 10-year contract, and should offer a solid income base.
The paper, packaging and office supplies company DS Smith is expected to see an extraordinary increase in its half-year pre-tax profits on last year, with consensus forecasts of 53.3m nearly doubling last year's report of 29.0m.
Results: Half year ASOS, DS Smith, SSP Holdings, Stagecoach. Trading update Standard Chartered.
THURSDAY: The Leeds-based electronics components company Premier Farnell has an uncertain future, says UBS. The broker predicted a 1.2 per cent decline in sales relative to last year, to 181m, with no growth in the US or the UK and growth slowing in the rest of Europe. Results: Third quarter Premier Farnell. Trading update Royal Bank of Scotland.
FRIDAY: The residential and commercial property group Berkeley announced positive results in June on the back of a high London market, but it is uncertain if the interim report will offer more of the same. The health of its cash flow and land holdings are likely to be of interest, as are rumblings about a sharp decline in the property market soon. UBS forecast pre-tax earnings of 89.5m for the half year, while full-year profits are expected to lean towards the second half, with consensus forecasting year-end, pre-tax earnings of 204m.
Results: Half year Berkeley.Reuse content