Thursday preview: Euromoney, WS Atkins, Invensys

Full year results from business publisher and exhibitions organiser Euromoney on Thursday will be the first update from the company since the untimely last month from cancer of Chairman Padraic Fallon.

In September, the group said it had been trading in line with expectations which had, in turn, been lowered in July after market conditions became noticeably tougher in June, particularly in Europe.

Recent updates from competitors suggest there has been little sign of an upturn in the market. Expectations are that pre-tax profits will come in at around £105m on revenue of £295m. The full year dividend is tipped to rise to 21.27p.

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Half year results from WS Atkins, the engineering consultant, are likely to highlight continuing weak conditions in the North American consulting market. The company is also experiencing project delays in the Middle East.

As a result, Peel Hunt is looking for profit before tax of £42.4m, down 9% year-on-year. "Cash flow is also expected to be weak, even allowing for the usual seasonality, resulting in a reduction in net cash to £87m (Sept 2011: £96.5m)," the broker added.

Rail, power and appliance conglomerate Invensys is expected to deliver a nice round number of £100m operating profit for the six months to the end of September, on revenue of £1,256m.

The market is expecting earnings per share to dip to 7.5p from 9.79p the year before, but the interim dividend is still tipped to rise from 1.65p to 1.75p.

"We note rumours that Invensys may boost its dividend payout on the back of rising cash and exposure to an improving US housing market, however in our view the size of Invensys' pension deficit (£5.8bn in gross liabilities FY'2012 (3.1x market cap) and net deficit £426m) remains a matter of real concern," said Charles Stanley analyst Rae Ellingham.

INTERIMS

3i Group, Atkins (WS), Invensys, Investec, National Grid, Opsec Security Group

INTERIM DIVIDEND PAYMENT DATE

Cenkos Securities, Sagicor Financial Corp., Tullett Prebon

QUARTERLY PAYMENT DATE

Abbott Laboratories, Marsh & Mclennan Cos Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Bloomberg Consumer Confidence (US) (14:45)

Consumer Price Index (EU) (10:00)

Consumer Price Index (US) (13:30)

Continuing Claims (US) (13:30)

Crude Oil Inventories (US) (15:30)

ECB Report (EU) (09:00)

GDP (Flash Estimate) (EU) (10:00)

Gross Domestic Product (GER) (07:00)

Harmonised Index of Consumer Prices (EU) (10:00)

Initial Jobless Claims (US) (13:30)

Philadelphia Fed Index (US) (15:00)

Wholesale Price Index (GER) (07:00)

Q3

Caledonia Mining Corp., MHP SA GDR (Reg S)

GMS

Hellenic Telecom Industries SA ADS, Rugby Estates, Verdes Management

FINALS

Euromoney Institutional Investor

IMSS

Alpha UK Multi Property Trust, Amlin, BBA Aviation, Centrica, Derwent London, Hill & Smith Holdings, Keller Group, Premier Oil, Resolution Ltd., Rexam, Ted Baker, Unite Group, UTV Media

AGMS

Armor Designs Inc. (DI), El Oro Ltd, Kier Group, Medusa Mining Ltd. (DI), Red Emperor Resources NL (DI), Ricardo, Swallowfield

UK ECONOMIC ANNOUNCEMENTS

Internet Retail Sales (09:30)

Retail Sales (09:30)

FINAL DIVIDEND PAYMENT DATE

Quayle Munro Holdings