The Week Ahead: Barclays kicks off bank reporting season

The banking sector, which has been the centre of public attention as bonus season has got into full swing, will retain the limelight this week as Barclays issues its full-year results tomorrow.

The Canary Wharf-based bank will be the first among its UK peers to publish its 2009 data which, according to City brokerage Charles Stanley, will attract investor interest "for a read across to the other UK banks". Rising loan impairments would continue to stymie the strong performance from investment banking, as had been the case in the third quarter, and bear down on the full-year results, the broker said.

Loan impairments, which the bank predicted in an interim statement in November will be about £9bn for last year, were expected to peak in the fourth quarter. "The market will be very interested to know whether management remains as confident that this will indeed be the case," analysts at Charles Stanley said.

The market will also be looking for guidance on regulatory developments, especially any changes which could have a negative affect on Barclays Capital, the firm's investment banking business which has been one of the primary drivers of earnings in 2009. The so-called Volcker Plan, which would ban proprietary trading, is a cause for concern, the broker said.



Today: Results/updates: Fidessa Group, Low & Bonar, Plant Health Group



Tomorrow: Premier Foods, the UK's largest food manufacturer and owner of well-known brands Hovis and Mr Kipling, will release its annual results.

In mid-January the company said it expected to report good progress in 2009 and announce a 2.2 per cent increase in total sales from the year before. However, the experts UBS said Christmas trading was "much tougher" than management had expected.

Those at Investec said that Premier had suffered from bearish investors, evidenced in its declining share price, and is in need of a fresh start. "Premier [is] hinting that the Prelims on 16 February will be something of a new beginning and new CFO Jim Smart is being readied for a City charm offensive. We view this as both necessary and welcome."

Domino's Pizza will also issue its 2009 results tomorrow. On the back of better-than-expected sales growth plus 55 store openings in the year, Goldman Sachs raised its expectations of Domino's' pre-tax earnings for 2009 by 3.8 per cent to £29.6m.

"We see limited competitive threats on the horizon and in our view, the proposition is unlikely to lose consumer appeal," added analysts at Brewin Dolphin.

Results/updates: ADVFN, Barclays, Devro, Domino's Pizza UK and Ireland, Innospec, Intercontinental Hotels Group, Premier Foods.



Wednesday: Results/updates: Acergy, Hargreaves Services, Rexam.



Thursday: City analysts are positive ahead of confectioner Thorntons' interim results, but the company's Christmas sales distribution has led some to question its strategy.

Thorntons' own-store sales took a festive pounding, suffering a 4.4 per cent set-back in like-for-like sales according to Investec, on the back of a 4.5 per cent decline to £51.7m in the last quarter of the year.

"The greater than expected switch away from high-margin own-store sales to lower-margin supermarket sales over Christmas raises questions about the longer term strategy, in particular the optimal number of own stores," said Noble's experts.

However, the broker was upbeat about the diversified revenue opportunities resulting from the group's various offerings. "Through product innovation (fair trade, single estate, new flavours, Thorntons Moments), Thorntons now has differentiated products to sell through various channels, be it own stores, supermarkets or the internet."

Results/updates: Antisoma, BAE Systems, Ladbrokes, Morgan Crucible Company, Thorntons, Reed Elsevier, Victoria Oil & Gas.



Friday: The announcement of Rentokil Initial's 2009 results on Friday will be overshadowed by its growth plans, Charles Stanley's watchers said.

A new strategy is expected to be announced which will give more detail on sales and marketing initiatives to kick-start organic revenue growth, which declined 11.4 per cent in the nine months to September.

Results/updates: Anglo American, BlueBay Asset Management, Ceres Power Holdings, Charles Taylor Consulting, KBC Advanced Technologies, Lookers, Millennium & Copthorne Hotels, NXT, Rentokil Initial, Synchronica, Volga Gas.

Start your day with The Independent, sign up for daily news emails
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Life and Style
techPatent specifies 'anthropomorphic device' to control media devices
Voices
The PM proposed 'commonsense restrictions' on migrant benefits
voicesAndrew Grice: Prime Minister can talk 'one nation Conservatism' but putting it into action will be tougher
News
Ireland will not find out whether gay couples have won the right to marry until Saturday afternoon
news
News
Kim Jong-un's brother Kim Jong-chol
news
News
Manchester city skyline as seen from Oldham above the streets of terraced houses in North West England on 7 April 2015.
news
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?