Friday preview: Cash the key for T. Clarke

T.Clarke, the building services group, said in mid-November it was on track to meet market expectations for the full year and in Panmure Gordon's opinion it had better deliver, or face the wrath of the market.

"After some disappointing updates, the company needs to start delivering again. While market conditions remain tough, the last IMS [interim management statement] was in line, so it is a start to the process," the broker notes. "However, against a backdrop of challenging market conditions, this remains a tough task," the broker added.

The broker reckons the key issues in Friday's full-year trading update will be: revenue visibility (regions versus the south); pricing and margin pressures; strategy implementation; and financial, with cash levels being important for a dividend yield stock such as this.

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Regarding the latter, net cash at the half-year stage was £3.4m; Panmure Gordon expects the usual seasonal working capital inflow in the second half, so its full-year net cash forecast is £4.6m.

Precision instrumentation and controls company Spectris is set to deliver revenue growth in the double-digits in its trading announcement, if Numis Securities' Scott Cagehin is to be believed. Enjoy it while it lasts, though, Cahegin warns; the company will start running up against some tough year-on-year comparative figures.

INTERIM DIVIDEND PAYMENT DATE

Alliance Pharma, Babcock International Group, Caffyns, Cropper (James), Electrocomponents, Kewill, Marks & Spencer Group, Northern 3 VCT, Severn Trent, Shanks Group, Telford Homes, UK Mail Group

QUARTERLY PAYMENT DATE

Yamana Gold Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (US) (13:30)

Import and Export Price Indexes (US) (13:30)

U. of Michigan Confidence (Prelim) (US) (15:00)

GMS

Beowulf Mining

AGMS

Bellway

TRADING ANNOUNCEMENTS

Spectris, Ted Baker

FINAL DIVIDEND PAYMENT DATE

Associated British Foods, Debenhams, Renewable Energy Generation Ltd.

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