Week Ahead 22-26 July

Monday July 22

Interims: Anglo Platinum, Dialight

Final: Filtronic

AGMs: African Eagle Resources, Quintain Estates, Sepura, Volex

Tuesday July 23

Interims: Beazley, Croda International, Premier Foods, Provident Financial

Finals: IG Group, PZ Cussons

Trading statements: Carpetright, Hogg Robinson, Petropavlovsk, Sage Group, Scapa Group

AGMs: Bloomsbury Publishing, Chaarat Gold, Eco City Vehicles, Hogg Robinson, Hotel Corporation, Polar Capital, Red Leopard Holdings, Scapa Group, Tri-Star Resources, Vodafone, Vp

Economics: British Bankers' Association loans for house purchases data

Provident Financial's (PFG) half-year figures on Tuesday are likely to show that demand for the sub-prime lender’s Vanquis credit card remains brisk. Indeed, customer numbers in the first quarter rose from 899,000 at end-2012 to 952,000 at end-March. Moreover, attracting a greater percentage of customers in regular employment, and maintaining strict lending criteria, have helped drive delinquency levels down to a record low. Consumer credit, or doorstep lending, has been much more subdued, reflecting the relative effects of higher utility bills on the lower paid, with both customer numbers and receivables down in the first quarter. On the funding side, Provident is now licensed to take deposits and retail deposits have grown to the equivalent of 56 per cent of receivables. With debt facilities in place, that gives the group sufficient headroom through to end-2015. Numis Securities expects pre-tax profit of £197m for end-2013, giving EPS of 112.7p and aa 83.5p dividend. At 1,538p, the shares have slipped since our buy tip (1,598p, 18 April 2013) and forward PE of 14 isn't so cheap. But, given the group's growth prospects, and the 5.4 per cent prospective yield, we remain buyers.

Wednesday July 24

Interims: ARM Holdings, GlaxoSmithKline, Morgan Advanced Materials, National Express, Sagentia, Synectics

Finals: Ebiquity, Imaginatik, Renishaw

Trading statements: APR Energy, British Land, Carphone Warehouse, Close Brothers, Compass Group, easyJet, Hibu, IQE, Kingfisher, Kofax, PayPoint, Tate & Lyle, JD Wetherspoon

AGMs: Caledonia Investments, Carphone Warehouse, Findel, Helical Bar, Motive Television, Norcros, Origo Partners, Paypoint, ProPhotonix, TalkTalk Telecom, Tate & Lyle

Economics: Confederation of British Industry - trends for total orders and selling prices, business optimism data

GlaxoSmithKline's (GSK) half-year figures on Wednesday effectively kicks-off the second quarter reporting season for the big pharmaceutical players. It will be reporting against the background of a tight medicines market, and the threat of a disruptive investigation into the company's activities in China. Despite these headwinds, the year so far is likely to prove solid rather than spectacular, with the market still waiting on the US launch of the group's Breo respiratory medicine. Analysts reckon the quarter should see a return to modest topline sales growth of just above 1 per cent, but management is likely to be conservative on earnings guidance given that revenues have been flat for a year. Earnings growth will be dependent on share-buy backs this year, but the company has only completed about £417m of a £1bn-2bn programme - the timing of the buybacks could yet be drawn out over a longer period of time. JP Morgan Cazenove predicts second quarter core pre-tax profit of £1.7bn, giving EPS of 25.3p, with £6.71bn and 119p, respectively, and a 79p dividend, anticipated for the full-year. Trading at 1,742p, the shares yield a fat 4.5 per cent on a prospective basis - but a forward PE of 15 is no bargain. Hold.

Thursday July 25

Interims: Bodycote, Capita, Colt Group, CSR, Howden Joinery, Lancashire Holdings, Nichols, Reed Elsevier, Rolls-Royce, Shire, Travis Perkins, Unilever

Final: ReNeuron

Trading statements: Britvic, BT Group, Cable & Wireless Communications, Daily Mail & General Trust, Euromoney Institutional Investor, Fuller Smith & Turner, Great Portland Estates, Halma, Hibu, Invensys, Kazakhmys, Lonmin, Marstons, Mitchells and Butlers, Polyus Gold International, Qinetiq, SABMiller, Shanks, SSE, Synergy Health, Titon Holdings, Victrex, Workspace

AGMs: Cable & Wireless Communications, Caffyns, Dee Valley Group, De La Rue, e-Therapeutics, Fuller Smith & Turner, Gulf Keystone Petroleum, Halma, Hornby, Invensys, Johnson Matthey, Qinetiq, Record, SABMiller, Shanks, Sirius Petroleum, SSE, Synergy Health, Totally, Vitesse Media, Workspace, Torotrak

EGM: Local Shopping REIT

Economics: Second quarter GDP figures

Friday July 26

Interims: Anglo American, BG Group, Pearson, Spectris

Finals: British Sky Broadcasting, Dods Group

Trading statements: Acal, Immunodiagnostic Systems, KCOM, Torotrak, United Utilities

AGMs: Acal, Bellzone Mining, Charles Stanley, Connemara Mining, Homeserve, Immunodiagnostic Systems, KCOM, Metro Baltic Horizons, Petrel Resources, Richland Resources, United Utilities, Wincanton, Zanaga Iron Ore Company

Anglo American's (AAL) half-year figures on Friday are likely to be overshadowed by the outcome of union negotiations that will determine wage levels in South Africa’s mining industry. Anglo's ability to appease the country’s two mining unions – one of which is pushing for a 150 per cent pay hike for underground workers – has been compromised by an approximate one-third fall in platinum and gold prices from their 2011 highs. Given South Africa’s industrial unrest, investors are likely to focus on new chief executive Mark Cutifani's willingness to initiate rationalisation measures in relation to the group’s platinum business (Amplats). Moreover, following a multi-billion dollar write-down at the 2012 year-end, the delayed timetable for the troubled Minas-Rio project in Brazil will also need addressing. Any earnings estimates will be reassessed following a new wage settlement but, at present, JP Morgan Cazenove anticipates EPS of $1.97 (132p) for 2013. That leaves the shares, at 1,301p, trading on 10 times forecast earnings - a more attractive rating than that of Lonmin (LMI) and African Barrick Gold (ABG). But the shares are also down by a third since our sell tip (1.935p, 19 November 2012) and, prior to wage clarification, are looking about right. Hold.

Shares going ex-dividend on 24 July

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.