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 25 March
Interims: Finsbury Food, Infrastrata, Saville
Finals: Afren, IS Solutions, Kentz Corporation, Michelmersh Brick, SpaceandPeople, Vislink, Vphase
Trading statements: Daily Mail & General Trust, Diploma, GB
AGMs: Aukett Fitzroy Robinson, Horizonte Minerals
EGM: Helphire
Economics: Hometrack housing survey, BBA loans for house purchases
The sale of a gluten-free baking business in a £21m deal could prove a decisive event for Finsbury Food (FIF). High-debt levels have been the main reason behind the deep-value rating the market has applied to shares in the cake and baked goods company. Even after a 17 per cent jump to 51p following the disposal earlier this month, Finsbury's shares still trade at a substantial discount to the last published book value per share of 88p. Moreover, based on updated forecasts by house broker Cenkos, the company's enterprise value (adjusted for the drop in debt) stands at just four times this year's expected cash profits. That compares with the price it got for its gluten-free business of equivalent to seven times cash profits.
The gluten-free market did represent a good area for growth, but with debt forecast to fall to £10m by the end of June, Finsbury's management will be in a strong position to pursue other growth opportunities rather than focusing first and foremost on paying down borrowings. So it's worth keeping a close eye on the company's results this week.
Tuesday 26 March
Interims: Bellway, Epistem, Wolseley
Finals: Abbey Protection, Augean, Churchill China, Corac, Corero Network Security, Delcam, Faroe Petroleum, Global Energy Development, GVC, Kazakhmys, KBC Advanced Technologies, Kingfisher, Office2office, Oxford Catalysts, Resolution, S&U, Synety, Vindon Healthcare
Trading statements: Compass
AGMs: Domino's Pizza, Pinnacle Technology
Economics: CBI reported sales
Wednesday 27 March
Finals: Allied Irish Banks, Amara Mining, Biome Technologies, Boot (Henry), Centamin, EnQuest, IFG, Instem
Trading statements: Icap, Tui Travel
AGMs: Amino Technologies, Beazley, Formation, Milestone, St Modwen Properties, SVG Capital
EGMs: Acal, Enables IT, London Stock Exchange
Economics: Current account data, GDP (fourth quarter, final revision), Total business investment
Thursday 28 March
Interims: Earthport, James Halstead
Finals: Alent, Chesnara, DRS Data & Research, Hilton Food, Inditherm, International Public Partnerships, Laura Ashley, Petropavlosk, Signet Jewelers
Trading statements: Electrocomponents, London Stock Exchange, RPC, Tate & Lyle
AGMs: Helius Energy, Pursuit Dynamics, Sula Iron & Gold
EGMs: Hiscox, Treatt
Economics: GfK consumer confidence
Meat packaging isn't the most glamorous of businesses, but Hilton Food (HFG) looks well-placed within its sector. Not only does it pack and supply food in state-of-the-art factories for major European supermarkets such as Tesco, Ahold, Albert Heijn and Ica, but it can also point to a degree of growth potential that many of its rivals would struggle to match.
That's because Hilton has entered into a joint venture with Australia's largest retailer, Woolworths. This is a major coup for the group, which had previously been purely focused on European markets, and the potential this deal creates led brokers Peel Hunt and Panmure Gordon to upp their end-2014 earnings estimates, by around 4 per cent and 6 per cent, respectively.
Finsbury's success to date has largely reflected a focus on product development and through following existing customers as they entered new markets. It has benefited, in particular, from the fact that its central meat-packing model is one that can be replicated relatively easily, while supply and production chains are flexible - allowing Hilton to seamlessly add fresh product lines for customers and take advantage of consumer-led trends. It is a highly cash-generative business, too, and when the group reports results for 2012, broker Numis Securities expects a 10 per cent hike in the dividend to 12.2p a share. Numis forecasts 2012 pre-tax profits of £24.3m and EPS of 24.5p.
Friday 29 March
Good Friday Public Holiday: UK markets closed
Shares going ex-dividend on 27 March
| Company | Dividend (p) | Payment |
| Abbey | €0.03 | 30 Apr |
| Air Partner | 6.05 | 26 Apr |
| Amino Technologies | 3 | 15 Apr |
| Argo Group | 1.3 | 26 Apr |
| Bovis Homes | 6 | 24 May |
| British Land | 6.6 | 10 May |
| British Sky Broadcasting | 11 | 23 Apr |
| Devro | 5.85 | 3 May |
| Driver | 1 | 9 Apr |
| Impellam | 35 | 10 Apr |
| Japan Residential Inv | 1.8 | 26 Apr |
| Nichols | 11.7 | 3 May |
| Photo-Me | 1.5 | 7 May |
| PPHE Hotel | 6 | 14 May |
| Prudential | 20.79 | 23 May |
| Schroders non-voting | 30 | 9 May |
| Schroders voting | 30 | 9 May |
| Stadium Group | 1.75 | 10 may |
| Tristel | 0.08 | 15 Apr |
| Wynnstay | 5.65 | 16 Apr |
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.
