Week Ahead: Sage, Vodafone, Kingfisher, BoE minutes

13th Jul 2012 14:09

Thursday is the big day for results next week with retail giants Sports Direct, Halfords, Kingfisher and Mothercare all set to update the market.Accountancy software behemoth Sage is first out to bat on Monday, however, with an interim management state (IMS) which will be followed on Tuesday with a Capital Market Day for investors.Panmure Gordon reckons the "fly in the ointment" for the Monday update is likely to be the grim state of affairs in Europe."Within the IMS expected message of 'trading in line' any European commentary can only reflect the operational reality - this remains a tough geography," Panmure Gordon said, explaining its decision to reduce its current ear earnings forecast from 19.9p to 19.3p a share. "Shares are range-bound, and given the recent strength, watch for some profit taking next week," suggests Panmure.Also out on Monday are the interim results from information technology recruitment specialist SThree, and Peel Hunt thinks a buoyant market in Germany is likely to have been offsetting weakness elsewhere. "However, the outlook remains bleak and we still expect global macro economic uncertainty to weigh on candidate and employer confidence," said the broker, which is bearish on all recruiters.Peel Hunt predicts interim profit before tax of £13.6m. On Thursday do-it-yourself retailer Kingfisher is expected by broker Jefferies to give a solid second quarter update, despite the lousy weather recently."A c.1% LFL [like-for-like] gain in both France and the UK should be taken well," the broker suggests. "We model for a broadly unchanged gross margin (reflecting range reviews and seasonal promotions in the UK, but sourcing progress in France) and strong cost control to allow for a broadly unchanged Q2 EBIT [second quarter earnings before interest and tax]," Jefferies says.On Friday, mobile phone networks giant Vodafone gives a first quarter (Q1) update. Nomura reckons the group will deliver year-on-year organic growth of 0.7%, down from 2.3% in the preceding quarter."In Europe, we expect growth of -1.7% (Q4 -0.2%, Q3 -1.7%) while in AMAP [Africa, Middle East and Asia Pacific], we forecast 6.0% vs 7.6% in Q4.," Nomura says.On Wednesday, the minutes from the July meeting of the Bank of England's Monetary Policy Committee will be published, where the major point of interest will be the vote on the decision to beef up the bank's asset purchase programme. Monday July 16INTERIMSSThreeINTERIM DIVIDEND PAYMENT DATEAI Claims SolutionsINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (EU) (10:00)Business Inventories (US) (13:30)Consumer Price Index (EU) (10:00)Harmonised Index of Consumer Prices (EU) (10:00)Manufacturing Inventories (US) (15:00)Retail Sales (US) (13:45)Retail Sales Inventories (US) (15:15)Wholesale Price Index (GER) (07:00)Q2Norwegian Property ASAFINALSSnackTimeIMSSSage GroupEGMSEnQuestAGMSDQ Entertainment, Papua MiningFINAL DIVIDEND PAYMENT DATEEmpresaria Group, UTV MediaTuesday July 17INTERIMSAmino Technologies, ComputacenterINTERNATIONAL ECONOMIC ANNOUNCEMENTSCapacity Utilisation (US) (16:15)Consumer Price Index (US) (13:30)Industrial Production (US) (16:15)New Car Registrations (EU) (10:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)GMSNorth Midland ConstructionFINALSIG Group Holdings, Schroder Real Estate Investment Trust LtdIMSSBTGAGMSBTG, Dairy Crest Group, ETF Securities ETFX S-Net ITG Global Agri Business Fund USD, Investec Structured Products Calculus VCT, Sepura, Worldwide Healthcare TrustUK ECONOMIC ANNOUNCEMENTSConsumer Price Index  (09:30)Retail Price Index (09:30)FINAL DIVIDEND PAYMENT DATEAmati Vct 2Wednesday July 18INTERIMSAccess Intelligence, Sagentia GroupINTERIM DIVIDEND PAYMENT DATESherborne Investors (Guernsey) 'A' Shares, WH SmithINTERIM EX-DIVIDEND DATECrystal Amber Fund Ltd., Heavitree Brewery, Heavitree Brewery 'A' Shares, Imperial Tobacco Group, Sanderson GroupQUARTERLY EX-DIVIDEND DATECaterpillar Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBeige Book Fed Survey (US) (19:00)Building Permits (US) (13:30)Crude Oil Inventories (US) (15:30)Housing Starts (US) (13:30)MBA Mortgage Applications (US) (12:00)FINALSEbiquity, Greenko Group, ZetarIMSSFuller Smith & Turner, Land Securities Group, OptosDRILLING REPORTFresnilloSPECIAL EX-DIVIDEND PAYMENT DATEWalker Crips GroupAGMSB.P. Marsh & Partners, Booker Group, Cable & Wireless Worldwide, European Convergence Development Co, Experian, Global Lock Safety (International) Global Lock Co Ltd. (DI), IBIS Media VCT 1, RedHot Media International Ltd (DI)., RPC Group, Securities Trust of Scotland, Severn Trent, Speedy Hire, Summit Corporation, Telecom Plus, VPTRADING ANNOUNCEMENTSBHP BillitonUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)Claimant Count Rate (09:30)Unemployment Rate (09:30)FINAL DIVIDEND PAYMENT DATEAlbany Inv Trust, Hasgrove, Tangent CommunicationsFINAL EX-DIVIDEND DATEAmati VCT , Castings, Fidelity China Special Situations , Halma, Lombard Risk Management, Majestic Wine, Mountview Estate, MS International, Telecom PlusThursday July 19INTERIMSHowden Joinery GroupINTERIM DIVIDEND PAYMENT DATEEdinburgh Worldwide Inv Trust, Euromoney Institutional InvestorINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Payments (EU) (09:00)Bloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Existing Home Sales (US) (15:00)Initial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)Philadelphia Fed Index (US) (15:00)GMSStraightFINALSSports Direct InternationalIMSSBritvic, Halfords Group, Imperial Tobacco GroupSPECIAL DIVIDEND PAYMENT DATECapital Gearing TrustAGMSAcal, API Group, Energy Technique, Gulf Keystone Petroleum Ltd. (DI), JJB Sports, KCOM Group, Land Securities Group, Mckay Securities, Mothercare, Shanks Group, Shires IncomeTRADING ANNOUNCEMENTSKingfisher, MothercareUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)Trends in Lending (09:30)FINAL DIVIDEND PAYMENT DATEBritish Polythene Industries, Capital Gearing Trust, Hargreave Hale AIM VCT 2, Octopus VCT , Restaurant Group, Tongaat-Hulett Ltd.Friday July 20INTERIMSBeazleyINTERIM DIVIDEND PAYMENT DATERWS HoldingsQUARTERLY PAYMENT DATEPersonal Assets TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSProducer Price Index (GER) (07:00)GMSRed Leopard HoldingsIMSSCable & Wireless Communications, Vodafone GroupSPECIAL DIVIDEND PAYMENT DATENetDimensions Holding Ltd. (DI)AGMSCable & Wireless Communications, DCC, Edinburgh Inv Trust, EPE Special Opportunities, Homeserve, Mulberry Group, Origo Partners , Printing.com, Walker Crips GroupTRADING ANNOUNCEMENTSClose Brothers GroupUK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)FINAL DIVIDEND PAYMENT DATE3i Group, Aurora Investment Trust, Big Yellow Group, Booker Group, Electrocomponents, ICAP, Maven Income & Growth VCT, Melrose Resources, NetDimensions Holding Ltd. (DI), Northern 2 VCT, Telford Homes, Tex Holdings, Value and Income Trust, VislinkJH