The city will be hoping for signs of progress on Empiric Student Property’s search for a new chief financial officer after Michael Enright resigned last month for personal reasons, when it unveils its interim results. Although the student accommodation owner appointed Nigel Turner as interim finance chief, it said it was looking for a permanent replacement.
At the end of March, the London-listed group also acquired Revcap’s 50pc in its flagship Willowbank site in Glasgow. It now owns 100pc of the interest in the site.
Interims: Empiric Student Property
Trading update: Ramsdens Holdings
Economics: RICS house price balance (UK), BRC retail sales monitor y/y (UK), labor market conditions index m/m (US), Sentix investor confidence (EU)
Tuesday April 11
British sportswear retailer JD Sports Fashion is expected to publish forecast-beating full-year results, buoyed by strong growth in store sales. Consensus market expectations point to full-year expectations of £200m for the 12 months ended January 28, a 15pc increase year-on-year. It reported a 73pc jump in half-year profits to a record £77.4m. Jonathan Pritchard, of Peel Hunt, said: “Forecast momentum persists and the absolute level of profit progress remains impressive.”
JD Sports has exploited the growing demand for sports branded shoes and clothes to overtake rival Sports Direct as the Britain’s biggest sportswear retailer by market value. It is also in talks about a potential tie-up with Sport Zone in Spain and Portugal, which it announced last month.
Full-year results: Vedanta Resources, JD Sports Fashion
Trading update: XP Power
Economics: PPI input m/m (UK), CPI y/y (UK), RPI y/y (UK), PPI output m/m (UK), HPI y/y (UK), NFIB small business index (US), federal budget balance (US), TIC long-term purchases (US), final CPI m/m (GER), industrial production m/m (EU)
Wednesday April 12
Tesco’s results need to “impress” to keep its merger with Booker on track. That was the message from the City ahead of the retailer’s full-year results. Bernstein said phase III of chief executive Dave Lewis’s recovery plan is expected. The broker believes it will be about innovation and growth. “The Booker deal fits in perfectly with that,” said analyst Bruno Monteyne. In recent weeks, Tesco has said it remained committed to its agreed £3.7bn takeover of wholesaler Book.
Investors will also be keen to ensure the grocer’s recovery is on track, with operating profit of £430m forecast in the second half of the year. Recent industry data from Kantar Worldpanel showed that Tesco’s sales were down 0.4pc in the 12 weeks to March 26.
Interims: Carrs Group, WH Smith
Trading update: Dunelm Group, PageGroup, Low & Bonar, WS Atkins, Countryside Properties, Hunting
AGMs: TMT Investments
Economics: Unemployment rate (UK), average earnings index 3m/y (UK), claimant count change (UK), import prices (US)
Thursday April 13
All eyes will be on recruitment firm Hays’ outlook when it publishes its latest trading update as investors attempt to gauge if Brexit negotiations will weigh on the UK market. In February, the recruiter reported a 28pc fall in half-year operating profits in its UK and Ireland division. At the time, broker Numis said: “We believe the risks to the outlook posed by the UK are likely to remain a drag on the equity case in the short term.”
Investors should also pay attention to its operations outside the UK. In the first six months of the financial year, Hays enjoyed a “significant” acceleration in activity in Australia and posted net fees growth in Germany, which boosted group profit to £100.1m.
Full-year results:Avocet Mining
Trading update: Hays, PZ Cussons
Economics: BOE credit conditions survey (UK), CB leading index m/m (UK), PPI m/m (US), unemployment claims (US)
Friday April 14
Interims: Scottish Oriental Smaller Companies
Economics: CPI m/m (US), retail sales m/m (US), business inventories m/m (US), preliminary UoM inflation expectations (US), preliminary UoM consumer sentiment (US)[“Source-telegraph”]