Fashion chain Burberry suffered a rare stumble in September when it issued a profit warning, but showed signs of getting the show back on the road in its last trading update on October 11th, with the group reporting that the quarter ended on a strong note.
From Burberry's interim results on Wednesday, Seymour Pierce is looking for more detail on the bringing in-house of the Interparfums' fragrance and cosmetic licence with effect from April 1st next year. The broker is also looking forward to an update on global demand, particularly China, and an understanding of what investment has been put on hold and what has not.
"Having just updated the market, we expect no change to management guidance which is for H2 [second half] average retail space to increase by c14%, underlying H2 wholesale revenues to be broadly flat, FY [full year] licensing revenues broadly unchanged and FY capex [capital expenditure] £180-200m," writes Seymour Pierce analyst Kate Calvert.
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Seymour Pierce is forecasting profit before tax of £165m, earnings per share (EPS) of 27.4p and an interim dividend of 7.8p.
Environmental consultancy group RPS Group, which issues an interim management statement on Wednesday, should have continued to benefit from the oil companies ploughing money into exploration.
However, since the company's last update, mining companies have reduced their investment plans, increasing investor nervousness over the economy, but infrastructure spend and energy investment remains robust, notes Peel Hunt.
By Wednesday morning, the winner of the US Presidential election should already have been projected, but Irish bookie Paddy Power is not even bothering to wait for the exit polls; it has already paid out on an Obama victory.
INTERIMS
Burberry Group, Canaccord Financial Inc., FirstGroup, Vedanta Resources
INTERIM DIVIDEND PAYMENT DATE
Bodycote, Carillion, SIG, StatPro Group
INTERIM EX-DIVIDEND DATE
Amati VCT , Andrews Sykes Group, BlackRock Smaller Companies Trust, Bunzl, Elderstreet VCT, Maven Income & Growth VCT, Pace, Scottish Mortgage Inv Trust, SThree, Stobart Group Ltd., Whitbread
QUARTERLY EX-DIVIDEND DATE
Barclays, BP, IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Crude Oil Inventories (US) (15:30)
Industrial Production (GER) (11:00)
MBA Mortgage Applications (US) (12:00)
PMI Construction (GER) (08:55)
Retail Sales (EU) (10:00)
Q2
Canaccord Financial Inc.
Q3
Mood Media Corp. (DI), Randgold Resources Ltd., Smurfit Kappa Group
IMSS
4Imprint Group, Aer Lingus Group, Capital & Counties Properties , Old Mutual, Playtech Ltd., RPS Group
AGMS
Hays, Public Service Properties Investments Ltd (DI), Schroder Japan Growth Fund, Sinclair Is Pharma
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
FINAL DIVIDEND PAYMENT DATE
Begbies Traynor Group, Photo-Me International
FINAL EX-DIVIDEND DATE
Ashmore Group, Asian Citrus Holding, Centaur Media, Craneware, Dechra Pharmaceuticals, Genus, Hargreaves Services, James Halstead, JPMorgan Overseas Inv Trust, Jupiter Primadona Growth Trust, London Finance & Investment Group, Manchester & London Inv Trust, Matchtech Group, Regenersis, Sherborne Investors (Guernsey) 'A' Shares, Swallowfield, Third Point Offshore Investors Ltd. EUR Shares, Third Point Offshore Investors Ltd. GBP Shares, Third Point Offshore Investors Ltd. USD Shares
JH
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Frozen thresholds could push ‘tax freedom day’ to latest date this centuryTax freedom day is the point in the year you stop earning for the taxman and start earning for yourself. A rising tax burden could push it to 12 June this year – the latest date since 1982.
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Family left with £20k IHT bill because of out-of-date tax adviceFrozen tax thresholds and dated guidance helped drag the estate into an inheritance tax liability despite extensive use of gifting to avoid a bill
