The Week Ahead: Morrisons is awaiting arrival of new boss

Analysts expect to hear of solid profits growth when the supermarket group Morrisons posts its full-year results this week. UBS is eyeing £760m in pre-tax profits, up by about 18 per cent, while Numis and Jefferies are marginally behind, forecasting a rise of £759m and £757m, respectively. "Morrisons' recent outperformance better reflects its investment attractions. These should be underpinned by a strong set of finals and the confirmation of margin expansion potential," said Jefferies, which expects the chain's full-year earnings before interest and tax to grow by 21 per cent.

Beyond the numbers, investors are advised not expect much in the way surprises, according to Numis, whose analysts point out that with Marc Bolland having stood down, and the new chief executive not yet in situ, the company is unlikely to make any groundbreaking announcements.



Today: The housebuilders' reporting round continues this morning, with Bovis Homes due to post full-year results. Numis expects the figures to be in line with market expectations, with the company likely to report the completion of 1,803 homes at an average sales price of £154,600. "We feel the market will focus on the active number of sales outlets, which are expected to decline from an average of 85 in 2009 to an average of 70 in 2010," Numis said in a preview last week.

Also today, Tullett Prebon is due to post its full-year numbers. Panmure Gordon, which upped the inter-dealer broker to "buy" last week, predicts 46.9p in earnings per share for 2009, and foreign exchange moves to add 10 per cent to annual revenues. The broker also forecasts a fall of 240 basis points in the operating margin from the first half of the year, saying: "The downward pressure ... reflects greater broker compensation assumptions." Results/Updates – Sthree, Petrofac, Intertek, Management Consulting, Stagecoach, Chaucer, Tullett Prebon and Bovis Homes.



Tomorrow: Liberty International is likely to maintain its final dividend at 16.5p when it posts full-year results, according to Panmure Gordon. The broker also expects the commercial property group's net asset value to have improved from 448p at the first-half to 533p at the end of the year. This would still represent a fall over the year as a whole, "reflecting the dilutive nature of the company's fund-raising," Panmure explained. Looking ahead, the broker struck a hopeful note on the company's prospects, adding: "While the portfolio is currently significantly weighted towards retail and perhaps lacks the gearing into the reviving London office market that Land Securities and British Land offer, we should nonetheless see an improvement in group rental and valuations during 2010."

Also tomorrow, the engineering group Weir is due to issue annual numbers, with Altium forecasting a year-end net debt of £154m. The broker says the key to Weir is the extent to which earnings before interest and tax decline, if at all, in 2010. It said: "The trend of order intakes in 2009 was negative and this suggests some decline in 2010. However, the rate of decline reduced in the fourth quarter of 2009 and this improving trend should return the group to growth at some stage this year."

Results/Updates – Abcam, Ashtead, Hill & Smith, Interior Services, Lookers, John Menzies, Rok, Weir, Antofagasta, Inmarsat, International Power, Prudential and Liberty International.



Wednesday: The car dealer Inchcape is due to post full-year numbers, with UBS forecasting £5.6bn in revenues, down nearly 11 per cent on the year, and 2.4p in earnings per share, down more than 50 per cent year-on-year. "We do no expect a dividend to be reintroduced yet, with the outlook for 2010 remaining highly uncertain in light of reduced state assistance schemes and weak consumer confidence," UBS said. "We believe there was a significant pull forward of UK sales in 2009 as a result of scrappage, and this is likely to exacerbate weakness in 2010."

Results/Updates – Cape, Chime Communications, Costain, Inchcape, Tullow Oil, Interserve, Oxford Biomedica and Standard Life.



Thursday: Results/Updates – Dignity, JD Wetherspoon, Johnston Press, WM Morrison Supermarkets, Cineworld, Computacenter, Old Mutual and Home Retail Group.



Friday: Results/Updates – Aga Rangemaster.

News
people
Sport
FootballGerman sparks three goals in four minutes at favourite No 10 role
News
Rumer was diagnosed with bipolarity, attention deficit hyperactivity disorder and post-traumatic stress disorder: 'I was convinced it was a misdiagnosis'
peopleHer debut album caused her post-traumatic stress - how will she cope as she releases her third record?
Sport
A long jumper competes in the 80-to-84-year-old age division at the 2007 World Masters Championships
athletics
PROMOTED VIDEO
Sport
Radamel Falcao was forced to withdraw from the World Cup after undergoing surgery
premier leagueExclusive: Reds have agreement with Monaco
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvHe is only remaining member of original cast
Life and Style
Walking tall: unlike some, Donatella Versace showed a strong and vibrant collection
fashionAlexander Fury on the staid Italian clothing industry
Arts and Entertainment
Gregory Porter learnt about his father’s voice at his funeral
music
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
tvHighs and lows of the cast's careers since 2004
Life and Style
Children at the Leytonstone branch of the Homeless Children's Aid and Adoption Society tuck into their harvest festival gifts, in October 1936
food + drinkThe harvest festival is back, but forget cans of tuna and packets of instant mash
Sport
Lewis Hamilton will start the Singapore Grand Prix from pole, with Nico Rosberg second and Daniel Ricciardo third
F1... for floodlit Singapore Grand Prix
New Articles
i100
Life and Style
Couples have been having sex less in 2014, according to a new survey
life
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

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam