The Week Ahead: Analysts await Travis Perkins investment plan

Click to follow
The Independent Online


The week begins with builders' merchant Travis Perkins revealing how it managed over the first three months of the year and, having said in February that 2012 would remain tough, the group is expected to stay cautious.

Analysts from Peel Hunt are predicting overall like-for-like growth of around 3 per cent, although they believe comments on the outlook and its investment plan will be more important.

Interim results from Lonmin are also being released today and Credit Suisse believes the event could provide an opportunity for the platinum producer to announce a moderation of its capital expenditure plans "in order to preserve the balance sheet".

Results/Updates: Diploma, Dignity, Lonmin, Providence Resources, Renishaw, Serco and Travis Perkins.


Although its share price dipped at the time, RBC Capital Market's scribblers were impressed by G4S's final results back in March and they are expecting the security services group's first-quarter update on Tuesday to show "continued momentum", predicting organic growth of around 5 per cent.

Results/Updates: Afren, Babcock, Enterprise Inns, Evraz, G4S, Spirax-Sarco, TT Electronics and UNITE.


Although Greggs' campaign against the so-called "pasty tax" has given it plenty of publicity, the high street baker's share price has been under pressure ever since March's budget. We already know like-for-like sales over the first 10 weeks of the current financial year dropped 1.8 per cent and – despite the recent focus on the company – Numis Securities' Andrew Wade still expects Wednesday's 18-week update to show this remaining in negative territory.

Results/Updates: Bovis Homes, Cineworld, Compass, Greggs, Hardy Oil & Gas, Hilton Food, ICAP, Interserve, Land Securities, New World Resources, Speedy Hire, SSE and Tullow Oil.


In the run-up to June – which, with Euro 2012 football and the Jubilee celebrations, is expected to be a strong month for the boozers – Marston's releases its interim results on Thursday. The market already largely knows what to expect, given that the group announced that like-for-like sales over the first 23 weeks of the year from its managed estate were up 3.5 per cent, although Deutsche Bank's scribes suggest the sunny weather in March could see this go slightly higher by the end of the half-year. At the same time, they predict its leased and tenanted pubs will have seen "modest growth" while admitting their expectations of a small margin increase from that side of its business may be too optimistic.

Meanwhile, Aviva will once again be in focus as the insurer announces its figures for the first-quarter on Thursday a little more than a week after the resignation of its chief executive Andrew Moss.

Results/Updates: 3i Group, Amlin, Antofagasta, Aviva, Cairn Energy, Close Brothers, Cookson, Euromoney, French Connection, Grainger, Hikma Pharmaceuticals, Intertek, Invensys, Investec, Jersey Electricity, Kesa Electricals, Kier, Marston's, National Grid, Optos, Premier Oil, Restaurant Group, Shanks, Stobart, TalkTalk, UTV, Vedanta Resources and Yule Catto.


The London Stock Exchange will reveal quite how much it has been helped by the turmoil in the Italian banking system on Friday when it releases its preliminary results, with Numis' James Hamilton believing the bourse's net treasury income will have more than doubled.

Also updating the market on Friday is All Bar One and Harvester owner Mitchells & Butlers, whose interim results follow in the wake of figures this week from rivals Enterprise Inns and Marston's.

The pubs company – which still hasn't found a replacement for former chief executive Adam Fowle, who left over a year ago – is expected by Peel Hunt's Paul Hickman to have seen a slowdown in like-for-like sales growth over the second-quarter, resulting in a rise of 3 per cent for the first six months of the year.

Results/Updates: Blinkx, Centaur Media, Chesnara, Headlam, Keller, Kentz, London Stock Exchange, Mitchells & Butlers, MJ Gleeson, Wilmington and SIG.

Economics Diary

TODAY Eurozone industrial production.

TOMORROW Eurozone provisional GDP (first-quarter); Eurozone ZEW economic sentiment survey; Trade balance; US business inventories; US CPI; US Empire State manufacturing Index; US retail sales.

WEDNESDAY Eurozone CPI; Unemployment data; US capacity utilisation rate; US Federal Open Market Committee meeting minutes; US housing starts; US industrial production

THURSDAY US Philadelphia Fed manufacturing index; US unemployment claims.

FRIDAY G8 summit begins in Maryland.