The Intelligent Investor - U.K.
THE NEXT TRADING DAY
Economic and Political Events
ECB Governing Council
meeting, followed by an interest rate announcement at 1245 GMT. News conference follows at 1330 GMT.
Bank of England
gives speech at
ABI economics and research conference
at 1300 GMT.
Bretton Woods Committee
holds "Turmoil in Europe - A Wider Threat?" program. Ajai Chopra, deputy director,
, participates at 1400 GMT.
, Britain's market leader in big-ticket construction projects, will announce its final results. The firm last year unveiled its plan to boostprofit margins and lift dividends for shareholders by selling off some assets. Balfour said it hoped to improve its operating margin to 3.5-4.0 percentover the medium term by better using resources and by growing its professional and support services businesses. It also plans to sell 200-300 millionpounds ($311-467 million) of assets over the next five years. The company reported increase in its order book to more than 15 billion pounds, in thethird quarter, underscoring its resilience in a tough environment for the building sector. The company is less exposed to government spending cutsthan many of its peers because it operates across a wide range of businesses and is well-placed to compete for big-ticket projects.Defense and commercial aerospace equipment maker
will release its preliminary results. Cobham expects its North American revenues togrow at a faster rate than the U.S. defense budget, which is expected to flatten in coming years, and remains on the lookout for acquisitions.Cobham also expects to cut 120 net jobs this year, in addition to the 700 lost in 2010, as it consolidates its manufacturing operations. It has alsoplanned to close nine sites in 2011 and cut 150 jobs, although 30 new positions are expected to be created. Last year the group said that continueddelays in the award of U.S. defence contracts would dent full-year sales and that it was uncertain about its growth prospects for the rest of 2010. Thegroup continues to experience delays and deferrals in the award of certain U.S. defence and security contracts. Roughly two-thirds of Cobham'srevenues come from the U.S. Cobham also said that it is unlikely that a significant increase in full-year revenue growth will be achieved, given a
slowdown in its technology businesses. Cobham’s aviation services division had continued to deliver good organic growth but t
hat the final threemonths of the year would be tough for the group.Leading marketing services provider,
, will report its preliminary results for the year ended 31 December 2010 on 3 March 2011. Thefirm said in January that the full year's trading was in line with management expectations and restructuring plans are on track. The Company's MSPgo-to-market model showed solid commercial progress made by the sales team. Communisis sees a good level of new business opportunitiesemerging across the Company.
, a provider of credit card insurance and identity theft protection, will release its preliminary results. Last year the company said it was on track tomeet its full-year expectations even as economic conditions remain challenging. Chief Executive Eric Woolley said: "Our outlook for the future
remains unchanged and we remain on track to deliver another year of strong growth.” The company is being driven by growth in
recently launchedmarkets, including China, India and Mexico.British kitchen-unit supplier
Howden Joinery Group
will post its preliminary results for FY 2010. The firm said in January that it expects 2010 pretaxprofits to beat current market expectations comfortably as sales rose and margins improved in the second half of the year. The company also saidthat the business was on track to post pretax profit well above the 88 million pound ($137 million) to 94 million pound range currently forecast byanalysts. The firm reported a rise in its total sales from its depots for the year by rose 5.1 percent to 795.1 million pounds compared to 2009 or 3.6percent on a same-depot basis.British engineering firm
will announce its preliminary results. IMI expects 2010 adjusted earnings to be at the middle to upper end of latestanalyst expectations helped by higher volumes and improved margins. The company said analysts expect earnings per share, before exceptionalitems, of 62 pence to 66 pence, for the year ending December 31. The firm said sales for the ten months to end-October grew 6 percent on constantcurrency basis. It expects full-year restructuring costs of about 15 million pounds ($24.2 million), up 50 percent from what was anticipated in August.
will announce its Trading Update for the year ended 31 December 2010 on Thursday 3 March 2011. Last month the chairman of theworld's 10th biggest copper producer, Kazakhmys, said he will keep his stake in the London-listed copper miner and will continue to be its biggestshareholder. The company also said it was still considering a secondary listing in Hong Kong. The miner Kazakhmys said its annual copperproduction was in line with its target and expects 2011 output to remain at similar levels amid strong demand. It produced 303,300 tonnes of coppercathode from its own concentrate, in line with its target of at least 300,000 tonnes, although output fell from 320,400 in 2009. Kazakhmys alsoreported better-than-expected production of by-products zinc and silver and in line gold output for the year.The British provider of mobile computing services,
, will announce its preliminary results. The company has forecasted a normalised operatingloss for the full year, hurt by forex losses, but remains confident of strong growth in 2011. The firm expects a normalised operating loss of 1.5 millionto 2.5 million pounds ($4 million) for the year ended December 31, compared with an operating profit of 4 million pounds last year. It expects areported pretax profit of 4.5 million pounds to 5.5 million pounds.The British newspaper publisher and printer,
, will announce its preliminary results. The firm reported a fall in like for like sales by 5percent in the four months to end-October and said the environment would remain challenging into 2011 due to economic uncertainty. Excludingrevenue from GMG Regional Media advertising revenue fell 5 percent and circulation revenue fell 7 percent. The board remains confident that thegroup will deliver a robust performance for 2010 in line with expectations. Trinity Mirror said it was on track to deliver 25 million pounds ($40 million)in cost savings for the year. The board envisages that the trading environment will remain challenging over the remainder of the year and into 2011,however, it anticipates that the rate of decline in revenues will improve.