Friday preview: British Airways, Marston's

Expectations are not high for British Airways' full-year results, particularly after its putative merger partner, Iberia, announced worse than feared results earlier this month. Expectations are for a full-year loss of £296m on sales of £9,078m, which would represent one of the worst performances by the company since it was privatised back in 1987. The company can point to soaring fuel costs last year as a major reason for its fall from grace, but it has also seen a dramatic decline in passenger numbers on the lucrative transatlantic routes, while there also may have been a certain amount of trading down to the cheaper seats by cash-conscious customers.The company has been predicting a 5% decline in revenues in the current fiscal year, with fuel costs expected to be around 10% lower than in 2008/9, but with fuel prices edging higher it may update this forecast. Pub group and real ale brewer Marston's will be hoping that the Meteorlogical Office's long range forecast of a long, hot, dry summer proves correct. Trading has been on the upturn of late, but like many pub groups Marston's would like to reduce its debt levels and, unlike many pub groups, wants to do so while at least maintaining the dividend, so a weather-inspired boost to revenues would be welcomed. On the debt reduction front, the company may give an update on its pub disposal programme. The company has set a target of raising £20m from pub sales in the year to 30 September 2009, and was ahead of schedule at the halfway point, with £13m having been raised.Broker KBC Peel Hunt expects pre-tax profits to be down 13% from last year's level to £27m. INTERIM Marston'sINTERIM DIVIDEND PAYMENT DATE James Halstead, Mcbride, Next Fifteen Communications QUARTERLY PAYMENT DATE Equity Partnership Income Shares, M&G High Income & Growth Units FINALS British Airways, New Century AIM VCT 2 EGMS Guangdong Development AGMS Aegis Group, Alliance Trust, Development Securities, FDM Group, HSBC Holdings, Judges Capital, Michael Page International, Monterrico Metals, New Century AIM VCT 2, Oak Holdings, OJSC Magnitogorsk Iron & Steel GDR (Reg S), Portmeirion, S & U, Verona Pharma, Vindon Healthcare FINAL DIVIDEND PAYMENT DATE Amiad Filtration Systems, BBA Aviation, BG Group, Biocompatibles International, Cadbury, Costain Group, Drax Group, Dunedin Income Growth Inv Trust, Edinburgh Inv Trust, Elementis, Evolution Group, Ferrexpo, Greggs, Hammerson, IMI, International Personal Finance, IS Solutions, Just Car Clinics Group, Kerry Group 'A', New World Resources, Ocean Wilsons, Octopus IHT AIM VCT 'A' Shares, Octopus IHT AIM VCT 'B' Shares, Paddy Power, Petrofac Ltd, Prudential, Reed Elsevier, SQS Software Quality Systems, STM Group, Total, Vitec GroupUK ECONOMIC ANNOUNCEMENTSGross Domestic Product (09:30)Private Consumption (09:30)Government Spending (09:30)Exports (09:30)Imports (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSBank of Japan Target Rate (JPN)Supermarket Sales (JPN) Marstons Bay Capital