The Week Ahead: Evolution rather than revolution at Morrisons

Morrison's, the grocer, will provide the highlight of the reporting week when new chief executive Dalton Philips makes his first public City appearance following his appointment to replace Marc Bolland.

Investors have been waiting expectantly to hear Mr Philips' vision for Britain's No 4 grocer which has managed to outpace rivals in recent times, thanks to the revival brought about by Mr Bolland before his defection to M&S. Mr Dalton is a relative unknown in the UK having previous worked at Canadian retailer Loblaw, and Credit Suisse has said it has detected a "wait and see" approach among investors ahead of Thursday's interims.

However, the broker believes the caution will prove unjustified. "We do not expect Philips to materially change the current Plan. We would expect strategy evolution rather than revolution," it said.

Credit Suisse expects underlying pre-tax profits of £415m but said there could be earnings upgrades if the group delivers on strategy.

The news is expected to be less good for Home Retail Group, which owns Argos and Homebase and is likely to lose its place in the FTSE 100 this week at the scheduled quarterly review. It has yo-yoed between the top index and the second tier FTSE 250 and investors will be hoping for something slightly more positive after a dismal first quarter.

The other big retail story of the week will be tomorrow's interims from the online grocer Ocado, the first results following its controversial flotation. The loss-making company has seen its shares tumbling since it joined the market.



Today

Kofax, the computer hardware and software business will release its final results today after telling investors in an earlier trading statement that it expects to exceed expectations. House broker Canaccord expects the company to give an upbeat message about future prospects and said of its software division: "Kofax spoke of an increasingly confident outlook for the software business... Our forecast full- year 2011 and full-year 2012 margins of 13.2 per cent and 13.6 per cent seem well underpinned. We expect the company to reiterate its message of increasing confidence in the software business."

Goals Soccer Centres is expected to show some benefits from the World Cup, although broker KBC Peel Hunt still worries that results will be towards the lower end of expectations. "There was increasing interest in children's birthday parties and corporate events in advance of the World Cup, although benefit of that interest is expected to fall in H2. Guidance was for results for the full year within expectations... and we dropped our forecast by 2 per cent."

Results/Updates: Craneware, Murgitroyd Group, WFCA, Brady, Hellenic Carriers, Hydrogen Group

Tomorrow

Results/Updates:

Abcam, Dechra Pharmaceuticals, Genus, Ocado, Ashtead Group, Greene King, Whitbread



Wednesday

Barratt Developments, one of the most heavily shorted stocks on the market recently, will be the focus of attention following the latest grim set of statistics from the housing market. July's update, however, suggested things were going better than expected and UBS said Barratt had been making "good progress on all fronts" ahead of its finals. "Given continued margin progression, no land provisions, materially lower debt and good land buying (both in volume and GM), we see the 50 per cent discount to Net Asset Value as illogical," the broker added. The consensus forecast is for the group to make a small pre-tax loss but an operating profit of £85m with net debt at £376m.

Chocolate-maker Thorntons will also report finals and is expected to unveil a profit before exceptionals of between £6m and £6.4m. Said Investec: "The company has seen a rebound in commercial sales following a difficult early Q3 and is looking to improve own-store performance by strengthening the management team and implementing a staff restructuring programme. We are maintaining our forecasts... and remain holders of the stock."

Results/Updates: CPL Resources, Interior Services, Advanced Medical Solutions, Alliance Pharma, Cape, Lupus Capital, Prezzo.



Thursday

Harriet Green, Premier Farnell's yoga enthusiast chief executive, presents interims with the analysts' consensus forecasting a sharp rise in profits to £43.4m from £23.7m in the first half of 2009. Having thrived during her first 1,000 days in the job, Ms Green will be expected to give some indication of what she expects for the next 1,000. Seymour Pierce said: "Although the potential for an earnings upgrade is strong, we do recognise that there are some risks to the Premier Farnell story. Revenue visibility is extremely limited with over 90 per cent of sales for next-day delivery. However, Premier's track record during the downturn has been impressive."

Results/Updates: Redrow, Morrson (Wm), Home Retail Group, HMV, IG Group.



Friday

JD Wetherspoon rounds off the week and is expect to report profits of between £69m and £73m before tax and exceptional items compared with just over £66m the previous year. Pub groups in general have been finding life tough recently and investors will look closely at the company's thoughts on the outlook for the sector and the wider economy.

Results/Updates: SThree

Today: New car registrations August

Tuesday: BRC retail sales monitor

Wednesday: UK industrial production

Thursday: UK trade in goods and services July; MPC announcement

Friday: UK producer prices August

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Sport
The Queen and the letter sent to Charlie
football
Arts and Entertainment
Eurovision Song Contest 2015
EurovisionGoogle marks the 2015 show
News
Two lesbians hold hands at a gay pride parade.
peopleIrish journalist shares moving story on day of referendum
Arts and Entertainment
<p>
<b>Kathryn Williams</b>
</p>
<p>
When I was supporting Ray La Montagne I was six months pregnant. He had been touring for a year and he was exhausted and full of the cold. I was feeling motherly, so I would leave presents for him and his band: Tunnock's Tea Cakes, cold remedies and proper tea. Ray seemed painfully shy. He hardly spoke, hardly looked at you in the face. I felt like a dick speaking to him, but said "hi" every day. </p>
<p>
He was being courted by the same record company who had signed me and subsequently let me go, and I wanted him to know that there were people around who didn't want anything from him. At the Shepherds Bush Empire in London, on the last night of the tour, Ray stopped in his set to thank me for doing the support. He said I was a really good songwriter and people should buy my stuff. I was taken aback and felt emotionally overwhelmed. Later that year, just before I had my boy Louis, I was l asleep in bed with Radio 4 on when Louis moved around in my belly and woke me up. Ray was doing a session on the World Service. </p>
<p>
I really believe that Louis recognised the music from the tour, and when I gave birth to him at home I played Ray's record as something that he would recognise to come into the world with. </p>
booksKathryn Williams explores the works and influences of Sylvia Plath
News
Liz Kendall played a key role in the introduction of the smoking ban
newsLiz Kendall: profile
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
ebookA unique anthology of reporting and analysis of a crucial period of history
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?