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Thursday preview: DSG, Hays, McBride
Wed, 08 Feb, 2012
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Thursday preview: DSG, Hays, McBride
Wed, 1 Sep 2010, 16:00:00
After a relatively quiet Wednesday, activity picks up again on Thursday with the likes of <b>Go-Ahead Group, Hays, McBride </b>and <b>DSG International </b>all set to give trading updates. <b>DSG International</b>, soon to implement a welcome reversion back to its former name of Dixons, issues a trading update covering the first quarter of its financial year. Nomura is forecasting a strong sales performance given the challenging trading environment, "with Currys offsetting ongoing weakness at PC World, driven by easy comps, the World Cup and iPad sales." The broker thinks like for like sales will show little or no change from a year earlier, but margins may improve by half a percentage point. Recruiter <b>Hays </b>brings out full year results which should see pre-tax profits more than halved, though things are starting to look up as the company returned to year on year growth in net fees for the last quarter of its financial year to June 2010. Charles Stanley is forecasting profit before tax of £70m, down from £151m last year, and earnings per share of 3.2p, down from 7.8p. The broker expects the dividend will be held at 5.8p, even though it is not covered by earnings, as the company has previously pledged to maintain its payout through the cycle. Market consensus is for pre-tax profits of £65.5m on revenue of £2,482m. "The 2010 results should mark the low point for earnings per share (estimated at 3.2p) for this down cycle and this compares to peak earnings of 12.6p in 2008. Clearly, the group starts the new financial year with an improved outlook though the strength of the potential upswing remains uncertain," Charles Stanley said. "At the end of June 2010, net debt is expected to be about £80m (2009; net cash of £0.7m). During the year, about £18m was paid as deferred consideration on the James Harvard acquisition and the annual dividend cost is about £79m. At the year end, the group completed its re-financing with a new £300m facility," the broker added. <b>McBride</b>, which makes laundry, household cleaning and personal care products which are sold as "own brand" by supermarkets, is forecast to announce profits before tax for the year to 30 June of £44.3m on sales of £815m, according to the median forecast among seven broker estimates. The company had a good recession as cash-strapped consumers traded down to own-brand products but the April to June quarter was not a good one, prompting McBride to say that full year revenue would be flat, which would imply turnover of around £792m, somewhat below consensus. The company is also struggling to cope with rising raw material prices and has instigated a restructuring programme to cut costs and protect margins. INTERIMS 32Red, Abbey Protection, DataCash Group, Evraz Group GDR (Reg S), Restaurant Group, Stadium Group, To9tal Produce INTERIM DIVIDEND PAYMENT DATE British Portfolio Trust INTERNATIONAL ECONOMIC ANNOUNCEMENTS ILO Unemployment Rate (FRA) (06:30) PMI Construction (GER) (08:55) PMI Construction (EU) (09:00) GDP (1st release) (EU) (10:00) Producer Price Index (EU) (10:00) Household Consumption (EU) (10:00) Government Expenditure (EU) (10:00) ECB Interest Rate (EU) (12:45) Initial Jobless Claims (US) (13:30) Continuing Claims (US) (13:30) Non-farm Productivity (US) (13:30) Unit Labour Costs (US) (13:30) Factory Orders (US) (15:00) Pending Homes Sales (US) (15:00) Business Inventories (US) (15:00) FINALS Eaga, Go-Ahead Group, Hays, McBride IMSS DSG International EGMS BPC Limited (DI) AGMS ACM Shipping, Advanced Computer Software, Carclo, Cohort, Daejan Holdings, Dart Group, Invesco Property Income Trust, Maple Energy, Scott Wilson UK ECONOMIC ANNOUNCEMENTS PMI Construction (09:30) FINAL DIVIDEND PAYMENT DATE SSL International
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