Wednesday preview: Brewin Dolphin, Aveva, UK GDP

24th May 2011 18:18

Stockbroker and investment manager Brewin Dolphin had a good first quarter so unless something went dramatically wrong in the first three months of 2011, Wednesday's interim results should be a relatively cheery affair.Broker Peel Hunt is forecasting adjusted profits of £23.0m, up 26% on the previous year. The Financial Services Compensation Scheme (FSCS) should take a £6m bite out of those profits, however, the broker notes.Peel Hunt is not expecting assets under management to have climbed much in the first quarter of 2001; its forecast is for an increase to £25.2bn from £24.8bn at the end of 2010. "We have assumed that the group records net fund inflows of £0.4bn in Q2 [second quarter], building on the £0.5bn reported in Q1. This would be a strong performance and would comfortably exceed the 5% organic growth figure target. We note that Rathbones recently reported strong growth in the quarter to March, organic growth running at over 8% (although this benefited to some extent from one particularly large client win)," Peel Hunt said.Engineering software firm Aveva has already tipped the wink that full year figures will be in line with expectations, so Wednesday's numbers should see profit before tax advance to £55.2m from £49.6m last year, on sales of £167.4m, up from £148.3m the year before."We expect Aveva NET to remain a focal point (and a high-growth segment within the business), but at under 10% of revenue, believe its significance to the group's valuation is overstated," opines Matrix Group, which has a "reduce" recommendation on the shares. Aveva NET is the group's web-based solution for collating, contextualising, cross-referencing and visualising data and documents of all types, whatever their locations or original source programs."More broadly, we expect strength in Oil & Gas to offset weakness in Marine and expect the FY12 [fiscal year 2012] outlook to remain stable given macro conditions in Aveva's target markets," Matrix added. The broker is forecasting full-year revenue of £165.9m, adjusted operating income of £56.2m and adjusted earnings per share of 57.5p, versus consensus forecasts of 56.4p."We expect management to face the usual questions about possible M&A [mergers & acquisitions], particularly given the group's net cash position and the recent increase in M&A activity in the sector, but don't expect any structural M&A within the business in the short term," Matrix said. On the economic front, first quarter UK gross domestic product is expected to have grown 0.5%. INTERIMSBrewin Dolphin Holdings, Britvic, Innovation Group, ShaftesburyINTERIM DIVIDEND PAYMENT DATEJD WetherspoonINTERIM EX-DIVIDEND DATEBritish Empire Securities & General Trust, Diploma, Euromoney Institutional Investor, Lowland Investment Co, StarvestINTERNATIONAL ECONOMIC ANNOUNCEMENTSGfK Consumer Confidence Survey (7:00)MBA Mortgage Applications (US) (12:00)Durable Goods Orders (US) (13:30)House Price Index (US) (15:00)Crude Oil Inventories (US) (15:30)Jobseekers Net Change (FRA) (17:00)FINALSAveva Group, BTG, Cable & Wireless Communications, First Derivatives, Hogg Robinson Group, Quintain Estates & Development, Telecom PlusANNUAL REPORTHomeserveSPECIAL EX-DIVIDEND PAYMENT DATERotorkAGMSAurelian Oil & Gas, Avis Europe, Banque Marocaine Du Comm Exterieur GDR (Reg S), Billington Holdings, Cape, China Food Co, DRS Data & Research Services, Edinburgh US Tracker Trust, EnQuest, Hilton Food Group, International Public Partnerships Ltd., Kakuzi Ltd., Legal & General Group, Oak Holdings, Playtech Ltd., Robert Walters, Specialist Energy Group, TastyUK ECONOMIC ANNOUNCEMENTSTotal Business Investment (9:30)Private Consumption (9:30)Government Spending (9:30)Trade Figures (9:30)BBA Mortgage Lending Figures (09:30)GDP (output, income & expenditure) (09:30)Index of Services (09:30)FINAL DIVIDEND PAYMENT DATECPP Group, Dunedin Income Growth Inv Trust, Just Car Clinics Group, Portmeirion Group, StatPro GroupFINAL EX-DIVIDEND DATEAmbrian Capital, Amec, Anglo-Eastern Plantations, Argo Group Ltd., British American Inv Trust, C&C Group, Cayenne Trust, Chime Communications, Clarkson, Dignity, Fairpoint Group, Huntsworth, Hygea VCT, International Power, John Menzies, Kings Arms Yard VCT, Kings Arms Yard VCT 2, Maven Income & Growth 2 VCT, Next, Premier Farnell, Robert Walters, Rotala, Tarsus Group, TT Electronics, UTV Media, Witan Pacific Inv TrustQ1Frontline Ltd.---jh