Welcome to the week ahead, our summary of the forthcoming key company announcements. Companies are no longer obliged to notify the London Stock Exchange (LSE) of results and trading updates, so this list does not claim to be comprehensive. You can read company announcements at http://announce.ft.com and our daily online news summaries record all key company announcements and business press headlines.
Monday 20 January
Interims: Allocate Software, City of London Investment Group, Conviviality Retail
Economics: Rightmove house prices
Tuesday 21 January
Interims: 1pm, PZ Cussons
Final: Unilever
Trading statements: African Barrick Gold, Cairn Energy, Carphone Warehouse, Intermediate Capital, SABMiller, Hochschild Mining
AGM: Marston's
Economics: CBI trends - total orders, Selling prices, CBI business optimism
When Unilever (ULVR), the company behind well-known brands such as Dove soap and Ben & Jerry’s ice cream, reports its full-year results next week, and we’re expecting to see an improvement in underlying sales growth in the fourth quarter. For the full year, emerging markets are likely to have been the main driver of growth, offsetting weaker but still market-beating trading in North America and Europe. The company should hit full-year sales targets and report improved operating margins. Currency headwinds persist and earnings downgrades have put pressure on the shares in recent months, but we believe the latter to be a short-term blip. For long-term investors, Unilever offers a decent dividend yield with plenty of product innovation and scope for margin improvement. Emerging market exposure is a further advantage that will pay off in the long run. We still rate the shares a buy at 2,376p.
Wednesday 22 January
Trading statements: BHP Billiton, Emis, Findel, Land Securities, London Mining, Sage, WH Smith
AGMs: Lowland Investment, WH Smith
Economics: Employment data, Average earnings, Bank of England MPC minutes, Public sector borrowing
Companies paying dividends: Assura (0.45p), Diploma (10.7p), Home Retail (1p), Majedie Investments (6.3p), National Grid (14.49p)
Next week’s trading statement from BHP Billiton (BLT) provides an opportunity for investors to assess the progress that Andrew Mackenzie has made after a year in the hot seat. The chief executive will certainly be able to claim credit for paring back operating costs, although his strategy of selling off non-core assets is proving a challenge in the current market place. Shareholders will also be looking for any pointers as to whether the group is thinking of initiating another round of share buy-backs ahead of February’s interim results. A projected capital expenditure bill of $16bn through 2014 will restrict its capacity to return cash to shareholders, unless it manages to offload more non-core assets; the aluminium and nickel businesses could prove easier to sell given an existing market deficit for both metals. Importantly for BHP - and its chief rival Rio Tinto (RIO) – prices for iron ore were strong through the final quarter of 2013, while investor sentiment towards the group’s onshore shale interests in the US have improved markedly since the $2.8bn write-down in 2012. Hold.
Thursday 23 January
Final: Chemring
Trading statements: easyJet, FirstGroup, London Stock Exchange, Paypoint, Petra Diamonds, St James's Place
AGM: Smiths News
Economics: CBI reported sales
Companies paying dividends: BlackRock Commodity Inc. Inv. Trust (1.525p)
Recent regulatory blows at Heathrow could help easyJet (EZJ), which is due to post a first-quarter update on 23 Jan. The Civil Aviation Authority left Gatwick well alone when it chose to hike passenger charges at Heathrow last week. The decision should allow the budget airline some breathing space.
When the group announced full-year results last November, it surprised the market with record pre-tax profits. But brokers are now retreating and taking a more reserved stance on the company’s prospects. They warn that the adverse winter weather could negatively impact many of the budget airlines – especially those closely associated with the Gatwick Christmas Eve chaos.
Despite expected EPS growth of 6 per cent and pre-tax profits forecast to break £500m this year, easyJet may have maxmised its potential for now. It has already reached Liberum’s target price of 1600p. The potential for upside, they argue, is limited. Hold.
Friday 24 January
Trading statements: Biome Technologies, Close Brothers, Covidien, Henry Boot, Royal Mail, Workspace
AGMs: Artilium, Avacta, Topps Tiles
Economics: BBA house purchase loans
Companies paying dividends: Aberdeen Asset Management (10p), BlackRock New Energy (0.225p), Burberry (8.8p), Cambia Automobiles (0.4p), Cranswick (10p), Downing Structured Opps VCT 1 (2.5p), Ensor (0.5p), F&C Global Smaller Companies (2.5p), Falkland Island Holdings (4p), Greene King (7.6p), Halfords (5.2p), Hargreave Hale Aim VCT 1 (2.25p), Micro Focus International (8.75p), Proactis (1p), REA (3.5p), RPC (4.5p), Vertu Motors (0.3p).
Shares going ex-dividend on 22 January
| Company | Dividend (p) | Payment |
| Cardiff Property ord 20p | 9.25 | 13 Feb |
| City of London Inv Trust ord 25p | 3.63 | 28 Feb |
| Compass Group ord 10p | 16 | 24 Feb |
| Fletcher King ord 10p | 0.75 | 21 Feb |
| GVC | 9.58 | 3 Feb |
| Impax Asset Management | 0.9 | 17 Feb |
| Red24 ord 1p | 0.22 | 18 Feb |
| RWS Holdings ord 5p | 15.75 | 21 Feb |
| Shaftesbury ord 25p | 6.25 | 14 Feb |
| SSE ord 50p | 26 | 21 Mar |
| Titon ord 10p | 1 | 21 Feb |
The ex-dividend date is the first day on which it is no longer possible to buy the shares and qualify for the dividend. Ex-days are almost always a Wednesday. The record date is usually two days after the ex-date. The payment day is the day on which the funds are transferred to shareholders.
