THE WEEK AHEAD: Business
Monday 02 October 1995
Moss Bros, owner of Savoy Taylors Guild, The Suit Company and Cecil Gee, continues to benefit from renewed interest in formal wear. Analysts expect half-time earnings in line with last year's record pounds 1.9m.
Interims: Ash & Lacy, Brightstone, British Dredging, Chiroscience, Greenacre, Moss Bros, Oasis, Stylo
Finals: Anglesey Mining, Betacom, DCS, Groupe Chez Gerard, Melrose Energy, Ricardo
Annual meetings: Ashtead, Farepak, IAF, Victoria Carpet.
EGMs: Alumasc, Anglo Eastern Plantations, Forth Ports
Today brings the first statistical picture of how the British economy fared in September. The Purchasing Managers' Index has shown sharp drops in its price component in the past two months. There should be another fall in September. The growth rate of M0, the narrow money measure, will be closely scrutinised after a hint in the minutes of the late-July monetary meeting that the Chancellor and the Governor of the Bank of England were beginning to become concerned about the rapid expansion in the money supply. The Nationwide house price index will be published. Overseas, the National Association of Purchasing Managers Survey brings the first evidence on the US economy in September.
Profits from Manchester United are expected to rise sharply, helped by gains on the sale of players. United will confirm itself as Britain's most profitable football club and its prospects will be helped by the return to competitive play of Eric Cantona who played yesterday for the first time since attacking a fan at Crystal Palace. Half-time profits are expected to approach pounds 20m, from pounds 10.8m last year.
Interims: Arcadian, Biocompatibles, Bloomsbury Publishing, Ibstock, Middlesex Holdings, Second Market Investment Trust, Silentnight
Finals: James Halstead, Manchester United, BBB Design, J Saville Gordon
Annual meetings: None scheduled
EGMs: None scheduled
Figures for whole-world trade in July are likely to confirm the deterioration in Britain's deficit. The expectation is a deficit of pounds 1.1bn; trade with non-EU countries in July was pounds 872m in the red. Bank of England statistics on consumer credit are expected to show a smaller increase in August than the pounds 701m rise in July, partly because of a weather-related drop in retail sales. But the underlying increase is likely to stay strong. The Halifax house price index, used to calculate housing costs in the RPI, is due to be released.
Hewden Stewart, the UK's largest plant-hire company, should show that it is continuing to prosper despite the dismal state of the British construction industry. Pre-tax profits are expected to jump by almost a quarter from pounds 16.2m to pounds 20m. Hewden has benefited from the problems experienced by smaller plant hirers but analysts expect growth to slow in the second half.
Interims: Abtrust European Index, Austin Reed, Bank of Scotland, Blenheim, Global, Grampian Holdings, Hewden-Stewart, Hunting, Investment Trust of Jersey, Neill Clerk, Prospect Japan Fund, REA, United Industries
Finals: Burn Stewart Distillers, Magnum Power, Usborne
Annual meetings: Dunton, First Spanish Investment Trust, Peel, Platignum
EGMs: Home Counties Newspapers
The IMF releases its annual forecasts for the world economy, as the annual meetings of the IMF and World Bank begin in Washington. US factory orders are likely to have rebounded in August after a fall in July.
Meggitt, the aviation equipment designer, is expected to announce strategic plans for its six core businesses as it reports interim results. Uncertainty has dogged its share price. The group should reap the benefits of a more focused collection of manufacturing businesses. Better news is also expected from the plastic fabricating division, which lost pounds 4.5m last year. A reduced pre-tax profit of pounds 6.8m compared with pounds 8.6m is forecast, with lower earnings per share of 1.9p versus 2.5p and a net dividend of 1.3p.
Interims: Barry Wehmiller, Brunel, Densitron, Hopkinsons, TH Hughes, Meggitt, Schroder Split Fund, Wensum Clothing
Finals: Galliford, McBride
Annual meetings: Allianz AG Holding, Ellis & Everard, Heiton, Pifco, Regent Inns
Industrial production and manufacturing output figures for August are expected to rise but year-on-year growth is likely to slow further. The puzzle over the divergence between weak official output figures and strong - although slowing - industry surveys has not yet been resolved.The Bundesbank Council meets. No change in key rates is expected.
Interim figures from Eurotunnel will cast more light on the company's first full year of operation. It will also have the opportunity to give information on its negotiations with banks following the suspension of interest payments on pounds 8bn of debt. Revenues in the first half were pounds 104.5m against a forecast of over pounds 500m for the full year. A loss for the period of up to pounds 350m is expected.
Interims: BMSS, Chepstow Racecourse, Horace Clarkson, Eurotunnel, Martin, HC Slingsby
Finals: Waterman Partnership
Annual meetings: East German Investment Trust, PSIT
The key US employment report will be the focus of attention, the day ahead of a G7 meeting in Washington. The expectation is the US labour market is losing momentum, so the rise in employment should be much lower than August's increase of 249,000.
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