Friday preview: Wetherspoon releases interims

13th Mar 2014 14:44

Wetherspoon will release its first half interim results which are expected by analysts to show an increase in profit. Numis predicts the pub and food operator will post pre-tax profits, before exceptional items, of £37m, up from £34.8m a year earlier.In January, the company said revenues from pubs that had been open for more than a year rose 6.7% in the 12 weeks to January 19th. In the first half the group has opened 18 new pubs, with 40-50 openings targeted for the full-year. "Due to this and a negative working capital movement, net debt should increase by £70m this year, yet interest costs should fall from next year due to maturing swaps (2015 estimated benefit: £5m)," Numis said. "The shares have re-rated to 17 times earnings; our 925p target price, equivalent to 16 times earnings on next year earnings, reflects stronger growth prospects (faster expansion and falling swap costs)."The broker said the UK Budget announcement on March 19th, which will include beer duty and minimum wages, will play a part in its full-year results. Wetherspoon has said the cost any inflation in wages can be absorbed. Following the earnings session, attention will turn to the release of the UK trade balance and the University of Michigan's US consumer confidence index.Friday March 14th INTERIMSWetherspoon (J.D.)INTERIM DIVIDEND PAYMENT DATEJupiter Primadona Growth Trust, Penna ConsultingQUARTERLY PAYMENT DATECarnival, Duet Real Estate Finance Ltd, Energy XXI (Bermuda) (DI)INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (GER) (07:00)Producer Price Index (US) (12:30)U. of Michigan Confidence (Prelim) (US) (13:55)GMSRange Resources Ltd. (DI)FINALSTribal GroupANNUAL REPORTHerald Inv Trust, Norsk Hydro ASA, SeniorIMSSSThreeAGMSHenderson Diversified Income Ltd., LG Chem Ltd GDS (Reg S), LG Electronics Inc GDS (Reg S), Posco ADS (Level II), Samsung C&T Corp. GDRFINAL DIVIDEND PAYMENT DATEFuture, JPMorgan Russian Securities, Octopus Eclipse VCT 1, ZytronicRD