Punch Taverns PLC Share News (PUB)

Pubs group Punch Taverns has been working hard to lose the adjectival preface "cash strapped", with a series of asset disposals, while at the same time attempting to stabilise its business performance. It declares interim results on Thursday and Panmure Gordon is tipping the group will announce profit before tax of £64.5m, slightly below market consensus of £65m. KBC Peel Hunt expects like for like sales in the managed estate to improve from -1.6% in the first quarter "to perhaps -1%" for the first half. It is forecasting profit before tax of £60m."We believe the interims will indicate qualitative progress on the in-depth review and turn-round plan that each division has put in place, albeit these remain medium-term action plans. In addition the trade press has recently reported a £20m programme of small refurbishments in 450 tenanted pubs, which should have some short-term trading benefit in H2 [second half]," KBC said.Newsagent WH Smith is another FTSE 250 stock reporting interim results. Expectations are for pre-tax profits of £61.2m, with gross margins tipped to improve by one and a half percentage points in both High Street and Travel stores, but like for like (LFL) sales are predicted to be down on a year earlier. LFL sales were down 4% in the first 21 weeks of the company's financial year.Switching to economic matters, public sector finances data for March is likely to make grisly reading with the best that can be hoped for is a slow down in the rate of deterioration. The Public Sector Net Borrowing Requirement (PSNBR) is expected to widen to £24bn from £12.4bn in February and £20bn in March 2009. March is traditionally an expensive month for public finances as government departments race to use up their budgets for the fiscal year.Retail Sales excluding fuel are expected to show a 0.4% rise for March, after rising 1.6% in February. The annual gain is expected to contract to 3.9% from 5.4%.With fuel included retail sales are tipped to have advanced 0.7% in March (2.4% year on year) after climbing 2.1% (3.5% yoy) in February. INTERIMSOffshore Hydrocarbon Mapping, Punch Taverns, Smiths News, WH SmithINTERIM DIVIDEND PAYMENT DATEClose Brothers GroupQUARTERLY EX-DIVIDEND DATECaterpillarINTERNATIONAL ECONOMIC ANNOUNCEMENTSAuto Sales (AUS) (00:00)Consumer Confidence Indicator (EU) (10:00)Production Outlook Indicator (FRA) 07:45)Business Confidence Indicator (FRA) (07:45)PMI Service Sector Survey (FRA) (08:00)PMI Manufacturing Sector Survey (FRA) (08:00)PMI Service Sector Survey (GER) (08:30)PMI Manufacturing Sector Survey (GER) (08:30)PMI Service Sector Survey (EU) (09:00)PMI Manufacturing Sector Survey (EU) (09:00)PMI Composite Index (EU) (09:00)Continuing Claims (US) (13:30)Existing Home Sales (US) (15:00)House Price Index (US) (15:00)Initial Jobless Claims (US) (13:30)Producer Price Index (US) (13:30)Unemployment Rate (US) (13:30)GMSCanaccord Financial Inc., Coal of Africa Limited, Volkswagen AGFINALSAseana Properties Trust, Dexion Commodities, JSC Novorossiysk Comm. Sea Port GDR (Reg S), StanelcoANNUAL REPORTSurgical InnovationsIMSSAnglo American, BlueBay Asset Management, Filtrona PLC, Haynes Publishing, PersimmonEGMSMaple EnergyAGMSAnglo American, Asustek Computer Inc. GDR (Reg S), Cazenove Absolute Equity Ltd., Direct Wonen, Elementis, Filtrona PLC, Lavendon Group, Persimmon, Rank Group, Stadium Group, Volkswagen AG, W H Ireland, ZestUK ECONOMIC ANNOUNCEMENTSIndex of Services (09:30)M4 Money Supply (estimate) (09:30)M4 Sterling Lending (estimate) (09:30)Public Sector Finances (09:30)Retail Sales (09:30)PRODUCTION REPORTLonminTRADKNG UPDATESports Direct International