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Wednesday preview: Sage, Marston's, RPC

Tue, 29th Nov 2011 15:48
Accountancy software giant Sage is set to release full-year results against a backdrop of a law-suit against it, brought by Archer Capital, which is suing for damages following the termination of discussions between Sage and Archer relating to the potential purchase of Sage's Australian competitor MYOB.Unwelcome though that distraction is, Panmure Gordon thinks that Sage will present an upbeat set of figures and will be "able to talk up the success of new product initiatives, notably Sage1 and X3; and, point to progress with its connected services and the resilience in the business model brought about by its 6.3m installed base."The broker has a sneaking feeling that the figures will be a shade ahead of consensus, which stands at £354.4m for pre-tax profit, up from £319.9m last year. Sales are tipped to climb to £1.47bn from £1.44bn last year. Panmure's own predictions are profit before tax od £381.5m on sales of £1,515.3m.Pubs group Marston's is likely to have a grumble about the difficult trading environment, but as recently as early October it said earnings before tax and exceptional items for the full-year were in line with expectations, which should mean the company announcing profit before tax of around £79.8m on sales of £678.8m.Plastics supplier RPC has seen its share price improve by about 50% over the last year, though it is little changed since it announced at the end of September that adjusted pre-tax profits for the half-year would be ahead of expectations. Broker Altium Securities says that RPC's status as the last major player standing in the plastic packaging market has enabled it to demonstrate pricing power, and a mixture of cost saving initiatives and acquisitions synergies over the next two or three years "should enable the group to demonstrate margin progress despite the adverse raw material environment."Panmure Gordon harps on a similar theme. "We believe RPC remains well placed, almost regardless of macro pressures, given cost reductions, synergies from Superfos, and the beneficial effect of falling raw material prices. We remain buyers ahead of the results and our forecasts ahead of consensus by some margin," the broker said.INTERIMSAEA Technology Group, Alterian, BlueStar SecuTech Inc. (DI), City of London Group, Creston, Daisy Group, Hogg Robinson Group, Plastics CapitalINTERIM DIVIDEND PAYMENT DATEBAE Systems, Bloomsbury Publishing, China Food Co, Lookers, Old Mutual, Provident Financial, Senior, Toyota Motor Corp.INTERIM EX-DIVIDEND DATEAlliance Pharma, Amec, E2V Technologies, Establishment Inv Trust, Headlam Group, Helical Bar, Homeserve, IFG Group, Intermediate Capital Group, Investment Company, JD Sports Fashion, Johnson Matthey, Kewill, London & Stamford Property Ltd., Management Consulting Group, Mckay Securities, National Grid, PayPoint, Record, Rensburg AIM VCT, Rights & Issues Inv Trust Capital Shares, SABMiller, Sepura, Severn Trent, Slingsby H.C, Tate & Lyle, Telecom Plus, UK Mail Group , Utilico Emerging Markets Ltd., Victoria, Young & Co's Brewery 'A' SharesQUARTERLY PAYMENT DATECity of London Inv TrustQUARTERLY EX-DIVIDEND DATEAnglogold Ashanti Ltd., Canaccord Financial Inc., Land Securities Group, Premier Energy & Water TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSBeige Book Fed Survey (US) (19:00)Chicago PMI (US) (13:45)GFK Consumer Confidence (GER) (07:00)International Reserves (EU) (11:00)MBA Mortgage Applications (US) (12:00)Pending Homes Sales (US) (15:00)Productivity (US) (13:30)Unemployment Rate (EU) (10:00)Unemployment Rate (GER) (08:55)Q3Espirito Santo Financial Group SAGMSLMS CapitalFINALSBritvic, Marston's, Sage Group, Shaftesbury, SilverdellANNUAL REPORTAgriterra LDSPECIAL EX-DIVIDEND PAYMENT DATERensburg AIM VCTEGMSAvengardco Investments Public Ltd.GDRAGMSBlackRock Greater Europe Inv Trust, Harmony Gold Mining Co Ltd., ILA Group Ltd., Kea Petroleum, Plexus Holdings, Range Resources Ltd. (DI), Victoria Oil & Gas, Victory VCT, WFCAUK ECONOMIC ANNOUNCEMENTSGFK Consumer Confidence (09:30)FINAL DIVIDEND PAYMENT DATEKier Group, WolseleyFINAL EX-DIVIDEND DATEA&J Mucklow Group, Catco Reinsurance Opps. Fd (DI), Catco Reinsurance Opps. Fd (DI) C SHS, Daily Mail and General Trust, JPMorgan Chinese Inv Trust, JPMorgan Japanese Inv Trust, Northamber, Smart (J) & Co., St IvesQ1Sportingbet--jh

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