The market is also hoping for a generous dividend But investors will be eager to learn if business is picking up in the West End and the City.The market will want to focus on the fundamentals at Royal & SunAlliance now that it has completed its £960m rights issue. The market will want to know if the outlook has improved.Land Securities, one of the biggest landlords for London office space, is expected to report a small decline in net asset value -a key performance measure for property companies. Results are also due from Fuller Smith & Turner, the owner of London Pride bitter, and Glenmorangie, the whisky distiller.Updates from InterContinental Hotels and Hilton Group are likely to show poor trading, as both companies have suffered from a downturn in international travel. Although its US operations continue to struggle, these will be offset by strong growth in Europe, Africa and Asia. Investors will be wondering if the company will cut prices to boost Christmas sales.Results from EMI, the record company, are likely to reflect the tough state of the music industry. But the market will be more taken with whether it can make a bid for Warner, the music arm of US media giant Time Warner. Word is that a deal could be struck by the end of the week, but there are fears it won't get approval from the competition authorities.Good progress is expected from SABMiller, the international brewer. GUS retains a 77 per cent stake in the the check prints group, which continues to expand by opening new stores, but we'll see if the rumours of a share sale have any substance.A trading statement from Dixons, Europe's leading electrical retailer, is expected to show little progress in the UK, though its overseas operations should continue to grow. It is waiting for a move from Wm Morrison, the only rival supermarket chain now allowed to bid by by the regulator.The market is expecting good results from GUS, owner of Argos and Homebase. Its recent trading statement showed strong growth but investors will ask if this is sustainable. Similar questions will be asked about Burberry, which also reports. Investors are growing impatient with chief executive Sir Peter Davis, who will be chairman next year, and will ask once again how the negative trend will be reversed Half-year profits should show a slight rise to £355m. Investors will also want to know about progress in finding anew chief executive.There will be few surprises from Safeway, with a half-year profit forecast of £173m.
Although sales growth is barely positive, after nine months of uncertainty due to a host of bids for the company, Safeway will want to talk itself up. The market is also hoping for a generous dividend.MmO2, the mobile business demerged from BT, is likely to deliver similar progress, but growth is expected to slow in the second half as the regulator's price cuts take effect. Investors will want reassurance that the company is on track to meet its full-year target of 10 per cent sales growth and 30 per cent margins.Don't expect any improvements at J Sainsbury, which reported poor sales figures despite favourable trading conditions. The company aims to grow subscriber numbers by more than 10 per cent, but there are concerns about margins as network operators provide greater subsidies for handsets and undertake expensive marketing campaigns to promote their fancy services. The crowds of protesters expected in central London for President Bush's visit will get scant attention from the City as it grapples with its own business during a busy week of company results. Expect solid progress at Vodafone, the world's biggest mobile operator, which reports its six-month figures on Tuesday. We need to make sure lessons are learnt for the future."Network Rail isn't expected to reach any firm conclusions for some weeks. But this may be too late for Mr Moayedi, who looks set to leave a controversial legacy.. Network Rail has since brought all its maintenance contracts in-house.Jarvis is still Network Rail's largest renewals contractor, with a 50 per cent share of the market. But once again it is mired in controversy, this time over its work on the West Coast Mainline.The company is threatening to sue Rail magazine after the publication referred to irregularities inn documents relating to work done on the line. Inspectors had found that that track had not been properly "stressed" to deal with autumn temperatures, something which Jarvis does not dispute. On one occasion it even read the rulebook back to us, when we had written it."The derailment at King's Cross station in October prompted Jarvis to quit rail maintenance, citing "reputational issues". One senior source at a rival contractor says: "The sensible thing would have been to keep shtoom after the report." Instead, Jarvis lashed out and labelled the HSE conclusions "incredible", "facile" and "simplistic".A senior rail industry source, who dealt with Jarvis for many years, says: "If there was a problem then Jarvis would immediately go on the attack. |
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