Wednesday preview: Glaxo, Next

Drugs giant GlaxoSmithKline issues third quarter figures on Wednesday with the market expecting revenue to decline but earnings to rise.

Drugs giant GlaxoSmithKline issues third quarter figures on Wednesday with the market expecting revenue to decline but earnings to rise.

Revenue is forecast to slide by around 5% to £6,758m from £7,104m the year before, but operating profit is seen climbing to £2,257m from £2,179m.

Earnings per share are tipped to improve to 28.7p from 28.2p in the third quarter of last year, paving the way for a penny-ha'penny increase in the quarterly dividend to 18.5p.

"As with other pharma companies Glaxo is facing a challenging macro environment and increasing generic competition. This, combined with the discontinuation of

certain older products, is driving the declining revenue," notes Rae Ellingham at broker Charles Stanley.

Fashion chain Next should have seen third quarter trading and margins boosted by the colder autumnal weather, Peel Hunt reckons.

"We expect third quarter sales to have recovered well over the past seven weeks and expect to see year-to-date Brand sales back at the top end of guidance, up more than 4%, implying third quarter sales growth of 3.8%. We expect management to endorse current guidance and market expectations, although consensus is likely to drift upwards," the broker said.

INTERIMS

Volex

INTERIM DIVIDEND PAYMENT DATE

Amiad Water Systems Ltd, Foresight Solar VCT, Wynnstay Group

INTERIM EX-DIVIDEND DATE

APR Energy, Bloomsbury Publishing, Booker Group, C&C Group, Development Securities, Downing Planned Exit VCT 2 'C' Shares, Downing Planned Exit VCT 2 'D' Shares , Downing Planned Exit VCT 2 'F' Shares, Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured Shares), Downing Planned Exit VCT 3 'C' Shares, Downing Planned Exit VCT 3 'D' Shares , Downing Planned Exit VCT 3 F Shares, Hargreave Hale AIM VCT 2, Hilton Food Group, Howden Joinery Group, Intertek Group, ITV, Laird, Lombard Risk Management, Lookers, M&C Saatchi, Moss Bros Group, Provident Financial, Restore

QUARTERLY PAYMENT DATE

F&C Commercial Property Trust Ltd., JP Morgan Chase & Co, Middlefield Canadian Income PCC, Schroder Income Growth Fund

QUARTERLY EX-DIVIDEND DATE

JPMorgan Claverhouse Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Chicago PMI (US) (13:45)

Crude Oil Inventories (US) (15:30)

GFK Consumer Confidence (GER) (07:00)

International Reserves (EU) (11:00)

MBA Mortgage Applications (US) (12:00)

Retail Sales (GER) (07:00)

Q3

First Quantum Minerals Ltd., GlaxoSmithKline

FINALS

Neos Resources, Tracsis

ANNUAL REPORT

Aquarius Platinum Ltd.

IMSS

Aegis Group, Barclays, Logica, Mondi, Next, Phoenix Group Holdings (DI), St James's Place, Standard Life

SPECIAL EX-DIVIDEND PAYMENT DATE

IndigoVision Group

EGMS

OSJC Center for Cargo Container Traffic Transcontainer GDR (Reg S)

AGMS

Ashmore Group, Carpathian, Coburg Group, Greenko Group, Ideagen, Pacific Horizon Inv Trust, Tricor

FINAL DIVIDEND PAYMENT DATE

Abbey, Alumasc Group, Haynes Publishing Group, Rank Group

FINAL EX-DIVIDEND DATE

Abcam, AIREA, Allocate Software, El Oro Ltd, Go-Ahead Group, IndigoVision Group, JPMorgan Global Markets Emerging Income Trust

JH

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