TCM.L Share News (TCM)

It is a relatively quiet period next week for big company results, while on the economic side of things the key point of interest in the UK will be the release of the Bank of England Monetary Policy Committee (MPC) meeting minutes.Grocery delivery firm Ocado issues a trading statement on Monday. Analysts at UBS recently upgraded the stock from "neutral" to "buy", saying that the firm's sales performance has been more or less in line with the bank's expectations since it floated last year, "and while EBITDA [earnings before interest, tax, depreciation and amortisation] has fallen short, supplier income has significantly exceeded our expectations and should remain a lucrative, growing revenue stream for many years."There have been suggestions that the company might need to issue more equity to boost its balance sheet strength, but UBS thinks "Ocado has considerable headroom under its current facilities and substantial flexibility to raise further funds without recourse to equity markets.""A re-financing of the main debt facility, providing more headroom and/or improved terms would allay balance sheet fears," the broker added.Also out on Monday are interim figures from Israeli technology company Telit, the machine-to-machine (m2m) wireless communications specialist. The company has already indicated that revenue will be up 36% from last year, boosted by a four-month contribution from the recently acquired Motorola m2m business.Northland Capital Partners expects the half-year results to provide an update on the company's move into value added services "that would provide high margin and high visibility downstream revenue such as connectivity with Telit offering tailored data packages. To that end, it made the small acquisition of GlobalConect for $2.9m in cash and shares in July.""Net cash is expected to be c. $2.4m (FY10: net debt $7.2m) reflecting both positive trading and January's £19m placing, offset by the acquisition of Motorola m2m for $23.0m. Management said they were confident that FY trading remains in line with expectations," Northland added.On Tuesday, department stores group Debenhams will seek to regain some of its fading lustre with investors as it issues its pre-close statement. Figures from the British Retail Consortium suggest that August was a rough month for the high street, even for those bits of it that were not being looted, but Singer Capital Markets thinks that Debenhams' sales mix should have afforded it some protection from the worst of the consumer sentiment downturn."As a guide for August sales we use the following assumptions :- Womenswear -8% (20% of sales), Health & Beauty +1% (20%), Menswear +1% (18%), Accessories -2% (12%), Home -9% (10%), Kidswear -3% (8%), Lingerie -3% (7%), Other -5% (5%). What this mix analysis highlights is good protection from a weak Womenswear market in August, resulting in a UK LFL [like-for-like] estimate of c-3.5% (c-3% overall inc Magasin). This is equivalent to a 5% slump versus growth in Mar-June," Singer said. "Assuming growth in July of say +2.5% LFL would imply a marginal LFL decline since the last update, taking H2 [second half] to +1.0% LFL, a downgrade of 0.5% (£5-6m) versus our previous FY [full-year] assumption. The margin may also be squeezed given the bigger reductions needed to complete final clearance," the broker added. The minutes from the September meeting of the MPC, the Bank of England's rate-setting committee, will garner their usual quota of attention and maybe a bit more this time, given there is a realistic possibility that one or more committee members may have joined perennial "dove", Adam Posen, in calling for the bank to get the quantitative easing (QE) machine out of mothballs and print some more money.On Tuesday of this week Posen was his usual impassioned self on the need for the Bank of England to ignore those economists who suggest that another dose of QE would not work.Posen's preference is for up to £100bn to be injected into the economy, double the amount he has hitherto supported in MPC meetings."If we do not undertake the stimulative policy that the outlook calls for, then our economies and our people will suffer avoidable and potentially lasting damage," he claimed in a speech."We should start with a minimum of £50bn, tilted toward the longer-end of the maturity spectrum, over the next three months - arguably, given that the forecast appears likely to turn worse, that number should be £75bn or £100bn," he added.Monday September 19INTERIMSAsia Digital Holdings, French Connection Group, GLOBO, Highland Gold Mining Ltd., Michelmersh Brick Holdings, Shore Capital Group Ltd., Smart Metering Systems, SpaceandPeople, Telit CommunicationsQUARTERLY PAYMENT DATERoyal Dutch Shell 'A', Royal Dutch Shell 'B'GMSCareCapital GroupFINALSAllergy Therapeutics, Greenko Group, International Ferro Metals Group, K3 Business Technology Group, Petra Diamonds Ltd., PureCircle Ltd. (DI)IMSSOcado GroupAGMSBango, Powerhouse Energy Group, PZ Cussons, Speymill, XXI Century Investments Public Ltd.TRADING ANNOUNCEMENTSDairy Crest GroupFINAL DIVIDEND PAYMENT DATEHarmony Gold Mining Co Ltd., Impala Platinum Holdings Ltd.INTERNATIONAL ECONOMIC ANNONCEMENTSNAHB Housing Market Index (US) (15:00)EC Construction Output (EU) (10:00)UK ECONOMIC ANNOUNCEMENTSRightmove House Prices (00:01)Tuesday September 20INTERIMS3Legs Resources, Dolphin Capital Investors Ltd., KBC Advanced Technologies, Optimal Pay, Symphony Environmental Technologies, TEG Group, Ubisense Group Plc, VphaseINTERIM DIVIDEND PAYMENT DATECapital & Counties Properties , First Quantum Minerals Ltd.QUARTERLY PAYMENT DATEBPINTERNATIONAL ECONOMIC ANNOUNCEMENTSNationwide Department Store Sales (JPN)Convenience Store Sales (JPN)Producer Price Index (GER) (07:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Building Permits (US) (13:30)Housing Starts (US) (13:30)Q3CarnivalGMSBerkeley Resources Ltd. (DI)FINALSWilmington GroupIMSSPorvairTRADING STATEMENTDebenhamsEGMSAlternative Asset Opportunities PCC Ltd.AGMS3Legs Resources, Blinkx, Daejan Holdings, Downing Structured Opportunities VCT 1, F&C Managed Portfolio Trust Growth Shares, HML Holdings, ILX Group, Marwyn Value Investors Ltd., Park Group, Sirius MineralsTRADING ANNOUNCEMENTSDolphin Capital Investors Ltd.Q1Real Estate Credit Investments PCC LtdWednesday September 21INTERIMSCircle Holdings , EG Solutions, M&C Saatchi, Norcon, Silence Therapeutics, Toumaz Ltd.INTERIM DIVIDEND PAYMENT DATEHiscox Ltd.INTERIM EX-DIVIDEND DATEAggreko, Amiad Water Systems Ltd, Aviva, BrainJuicer Group, Charlemagne Capital Ltd., Chime Communications, Costain Group, Elektron Technology, H.R. Owen, Highcroft Investment, International Power, Interserve, Kentz Corporation Ltd., Macfarlane Group, Maintel Holdings, Neptune-Calculus Income & Growth VCT, Networkers International, office2office, Panther Securities, Petrofac Ltd., Plaza Centers NV, Premier Farnell, ReThink Group, RPS Group, SEGRO, Total Produce, Tribal Group, ViCTory VCTINTERNATIONAL ECONOMIC ANNOUNCEMENTSExisting Home Sales (US) (15:00)FOMC Interest Rate (US) (17:15)Crude Oil Inventories (US) (15:30)MBA Mortgage Applications (US) (12:00)FINALSIndigoVision Group, Ultimate Finance GroupANNUAL REPORTCity of London Inv TrustSPECIAL EX-DIVIDEND PAYMENT DATENorthern AIM VCT, Polo Resources Ltd. (DI)AGMSForesight 4 VCT, Intercede Group, NCC Group, Private Equity InvestorTRADING ANNOUNCEMENTSImperial Tobacco GroupUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)Public Sector Finances (09:30)FINAL DIVIDEND PAYMENT DATETangent CommunicationsFINAL EX-DIVIDEND DATEAirsprung Group, Brooks Macdonald Group, Consort Medical, Games Workshop Group, Kier Group, Photo-Me International, Stagecoach Theatre ArtsThursday September 22INTERIMSAltitude Group, Energetix Group, Songbird EstatesINTERIM DIVIDEND PAYMENT DATEBrewin Dolphin Holdings, Hochschild Mining, PrudentialQUARTERLY PAYMENT DATETotal SA, Virgin Media Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSSupermarket Sales (JPN)PMI Manufacturing Survey (FRA) (08:00)PMI Service Sector Survey (FRA) (08:00)Consumer Confidence Indicator (EU) (10:00)Industrial New Orders (EU) (10:00)Initial Jobless Claims (US) (13:30)Continuing Claims (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)Leading Indicators (US) (15:00)FINALSSinclair Is Pharma ANNUAL REPORTMcbrideAGMSAtlantis Japan Growth Fund Ltd., Betfair Group, Cobra Holdings, Conexion Media Group, CSF Group, Fulcrum Utility Services Ltd. (DI), Micro Focus International Plc, New India Inv Trust, NWF Group, Supergroup, Thames River Multi Hedge PCC Ltd. Realisation Shares, Tricorn Group, VietNam Holding Ltd., Zoo Digital GroupTRADING ANNOUNCEMENTSAssura Group Ltd., Euromoney Institutional Investor, TUI Travel, United Utilities GroupUK ECONOMIC ANNOUNCEMENTSCBI Industrial Trends Surveys (11:00)Friday September 23INTERIMSAmphion Innovations, Planet Payment Inc., TawaINTERIM DIVIDEND PAYMENT DATEAegis Group, BlackRock Latin American Inv Trust, Catlin Group Ltd., Concurrent Technologies, Dragon Oil, Henderson Group, Henderson Opportunities Trust, Japan Residential Investment Co Ltd., Kingspan Group, London Capital Group Holdings, LPA Group, National Express Group, Patsystems, Plaza Centers NV, Quadnetics Group, Rotork, Ultra Electronics Holdings, Wood Group (John), XaarGMSKings Arms Yard VCT, Kings Arms Yard VCT 2SPECIAL DIVIDEND PAYMENT DATEPHSCAGMSFiltronic, Frontline Ltd., Penna Consulting, Trinity Capital, WYGINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence Indicator (FRA) (07:45)Wages (FRA) (07:45)PMI Manufacturing Survey (GER) (08:30)PMI Service Sector Survey (GER) (08:30)PMI Manufacturing Survey (EU) (09:00)PMI Service Sector Survey (EU) (09:00)PMI Composite Index (EC) (09:00)UK ECONOMIC ANNOUNCEMENTSBBA Mortgage Lending Figures (09:30)FINAL DIVIDEND PAYMENT DATEBlueStar SecuTech Inc. (DI), Carclo, City of London Group, ECO Animal Health Group, First Property Group, PHSC, Scottish & Southern Energy