Week ahead in business and economics: June 30 - July 4

CORPORATE EVENTS

Pubs group and brewer Greene King has been on something of a roll in the last four years. As it told analysts at a strategy update in May, the group has produced record results since 2010.

Full-year figures, on Thursday, will show further progress as the business, which has been placing a heavy emphasis on food sales, continues to eat into Britain’s casual dining sector.

Analysts are expecting pre-tax profits to have advanced to £172.7m from £162m. Numis analyst Douglas Jack has pencilled in sales of almost £1.3bn from £1.2bn last time, as Greene King benefited from stronger like-for-like sales in the second half of the year at its expanding managed estate, which includes the Hungry Horse brand. It has also been shrinking its portfolio of tenanted pubs.It recently sold 275 inns to a new outfit backed by Avenue Capital.

Greene King’s chief, Rooney Anand, has long been expected to venture into the M&A market but is still keeping the City guessing after withdrawing from the race for the 173-strong Orchid pub estate, eventually bought by Mitchells & Butlers.

MONDAY JUNE 30

Full-year results iEnergizer

Interim Results None scheduled

Trading Update None scheduled

Economics Bank of England monetary and financial statistics, Bank of England effective interest rates, CBI & PwC financial services survey.

AGMs: Ark Therapeutics Group, Borders & Southern Petroleum, Faroe Petroleum, Graphene Nanochem.

TUESDAY JULY 1

• The online grocery retailer Ocado could add to the disappointment surrounding listed internet retailers this week by reporting a slowdown in sales. After two profit warnings from Asos, analysts at Deutsche Bank are forecasting that Ocado will report that gross retail sales in the second quarter grew by 15.3pc, compared to 18pc in the first three months. However, the Deutsche analysts said that Ocado should report first-half earnings before interest and tax of £10m as the company’s profitability is boosted by a tie-up with Morrisons. In the interim results, Ocado could also confirm plans to build a third high-technology warehouse to go alongside its sites in the Midlands and Hatfield in Hertfordshire. Niamh McSherry at Deutsche said: “Details regarding the next customer fulfilment centre [CFC] build were notably absent from the full year results. We expect management to address this concern, outlining a schedule for a CFC build, which may or may not involve a commitment from Morrisons to participate.”

Full-year results None scheduled

Interim results Ocado Group, St. Modwen Property

Trading update None scheduled

Economics Financial Policy Committee record of latest meeting, CIPS/Markit manufacturing PMI

AGMs: Sierra Rutile

WEDNESDAY JULY 2

• Shareholders in Anite, which makes software used by the likes of Samsung to test smartphones, have had a tough year. The shares are down more than 30pc in the past 12 months. The first half of the year was not good. Contract delays meant pre-tax profit slumped 64pc and revenues were down 6pc. At the time management said they expected stronger second-half trading, and a trading update last month guided for a performance in line with expectations in spite of market conditions still making it difficult to predict the timing of orders.

Ahead of the results most analysts expect Anite shares to rebound as it focuses on its core wireless testing software following the sale of its travel systems division to private equity last month for £45m.

• It would have been hard for Persimmon to deliver anything but a barnstorming performance last year, as the housebuilding frenzy intensified, supported by the Government’s Help to Buy scheme for new build property. Increased consumer confidence, pent up demand,and an easing lending environment saw bumper profits for Persimmon at full year results in February. Tuesday’s trading update will come two days ahead of an accelerated 70p a share dividend pay out for investors, to be repeated next July at 95p. It will give guidance on the half-year results scheduled for August. The announcement that the Bank of England will curb excessive lending, looming interest rate rises, and cooling demand will not have hit first-half results. Long term estimates, from broker Numis, show 16pc compound growth between 2014-2020 for the sector.

Full-year results Anite

Interim Results Topps Tiles, Carillion

Trading update Tullow Oil, Persimmon

Economics Nationwide house price index, CIPS/Markit construction PMI

AGMs: Home Retail Group, NewRiver Retail

THURSDAY JUNE 19

• Poundland is one of the few IPOs in 2014 that it is still above its float price and the discount retailer should prove why that is the case with a solid set of maiden annual results. The company has already confirmed sales rose 13pc to £998m, with analysts expecting pre-tax profits of £36m.

Full-year results Accsys Technologies, Greene King, NCC Group, Poundland Group

Interim Results None scheduled

Trading update None scheduled

Economics CIPS/Markit services PMI

AGMs: Emblaze, Harvey Nash Group, Great Portland Estates, Shires Income

FRIDAY JUNE 20

Full-year results None scheduled

Interim results None scheduled

Trading update None scheduled

Economics UK monthly car registrations figures.

AGMs: Braemar Shipping Services

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