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RESULTS season heats up next week with a string of blue-chips due to report first=half figures.
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A round-up of the financial crisis
Media group Reuters is likely to say that gloomy conditions continue to take their toll when it reveals half-year results on Tuesday. The company has been hit by the economic downturn as City institutions sack staff and so buy fewer of its financial information products. Analysts forecast pre-tax profits of around £54m, compared with losses of £10m last year.
Pharmaceuticals giant GlaxoSmithKline is expected to show continued strong growth of its Advair asthma product when it reports interim results on Wednesday. The company is expected to post pre-tax profits of £1.91bn for the six months, from £1.83bn last time.
Investors will also be looking for early trends from the diabetes drug Avandamet and possible details of a planned share buyback. Sales of menopausal treatment Paxil are expected to show little growth due to tough comparisons with last year. Sales of antibiotic Augmentin are expected to be down about 40%.
Doorstep credit company Provident Financial is poised to unveil a solid increase in half-year profits on Wednesday. Acquisitions and overseas sales are expected to have offset tough conditions in its core UK home-collected credit business. Analysts predict pre-tax profits of between £79.3m and £82.2m, from last year's £74.6m.
Investors will be seeking news of contract wins at Capita Group, the support services company that operates London's jam-busting congestion charge. It has bids in the pipeline of around £2.4bn but the absence of new work could raise fears about growth for 2004. Broker Gerrard predicts half-year pre-tax profits of £53m, from £40.1m last time.
Legal & General's new business from distribution deals with the likes of Barclays, Woolwich and Northern Rock will be the focus when it reports on Thursday. The key will be its margin on the business.
L&G's profits are forecast to have risen to about £394m for the half-year, from £365m last time. Strong first-quarter sales of unit trusts and pension annuities are likely to have continued, helping offset lower sales of Isas and with-profits bonds.
Cost-cutting is expected to have underpinned the performance by Alliance & Leicester. The mortgage bank, due to post interims on Friday, is expected report pre-tax profits of around £228m, similar to last year's showing.
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