Tuesday preview: Wet weather to have impact on Kingfisher results

European home improvement retailer Kingfisher will report "weather battered" annual results on Tuesday, according to analysts' forecasts.

The company's 2012/13 results are expected to reflect the impact of Britain's wettest year on record, a continued weak UK housing market, rapidly deteriorating demand in French construction and a waning Polish backdrop.

Profit before tax is pegged at £715m, down from the previous year's £797m.

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"Kingfisher's finals will likely confirm a weather-battered 2012/13 and a tough start to the new year (as per recent industry and competitor updates)," said Jefferies International.

"A normalisation of the trading backdrop and a more meaningful return to gross margin self-help provide long term attractions, even if the glacial run-up to spring may prove a short-term negative offset."

The broker also expects solid progress on cashflow, with a more limited capital expenditure outlay and reduced working capital headwinds in France allowing a return to a near net cash position by year-end.

Kingfisher should see earnings improve on better weather conditions in the year ahead, the analyst added.

"We therefore look for a resumption in double-digit earnings growth from '13/14," Jefferies added, issuing the company's stocks a 'buy' rating and a target price of 330p.

Shares dropped 1.88% to 282.10p at 15:52 on Monday.

Tuesday March 26th

INTERIMS

Bellway, EpiStem Holdings, Wolseley

QUARTERLY EX-DIVIDEND DATE

Dow Chemical Co, Molex Inc., Molex Inc. 'A' Shares, Yamana Gold Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Confidence (US) (14:00)

Durable Goods Orders (US) (12:30)

New Homes Sales (US) (14:00)

Q3

Immofinanz AG

FINALS

Abbey Protection, Augean, Charlemagne Capital Ltd., Churchill China, Corac Group, Delcam, Faroe Petroleum, GVC Holdings, Hutchison China Meditech Ltd, JSC Halyk Bank GDR (Reg S), KBC Advanced Technologies, Kingfisher, Mission Marketing Group, office2office, Oxford Catalysts Group, Resolution Ltd., RTC Group, S & U, Synety Group, Vindon Healthcare

SPECIAL EX-DIVIDEND PAYMENT DATE

Hiscox Ltd.

AGMS

Domino's Pizza Group, Phytopharm, Pinnacle Technology Group

UK ECONOMIC ANNOUNCEMENTS

CBI Distributive Trends Surveys (11:00)

FINAL EX-DIVIDEND DATE

Hiscox Ltd., New Europe Property Investments