Tuesday preview: Barclays reports drop in annual profit

Barclays said adjusted 2013 pre-tax profits will fall by a quarter from the year before to 5.2bn, four per cent below market expectations. The lender released its headline profit figures a day early after the Financial Times previewed numbers that were considered too close to the actual results. Results are likely to reflect a fall in earnings at Barclays Capital, the lender's investment banking arm.Traders will be interested to hear from Chief Executive Antony Jenkins about his plans to slash costs, which could include hundreds of job cuts.Barclays is also expected to confirm its overall bonus payments for 2013. Jenkins sought to head off criticism by waiving his annual bonus, which could have been worth up to £2.75m. Investec said despite pre-tax profits missing consensus, it was 1% above its own predictions and "Barclays remains our preferred UK domestic bank"."So even if there is a small miss against more frothy sellside forecasts, we are reassured that the 2013e outturn was marginally better than we expected. Clear valuation support remains," the broker said, issuing a 'buy' rating. "We must wait until tomorrow for the detail, though we continue to assume that any marginal disappointment against wider sellside expectations will have come within Barclays Capital where our £11.7bn revenue forecast was fractionally below consensus."Tuesday February 11thINTERIMSDotDigital Group, Dunelm Group, Hargreaves Services, McbrideINTERNATIONAL ECONOMIC ANNOUNCEMENTSWholesales Inventories (US) (15:00)FINALSBarclaysIMSSBabcock International Group, Cable & Wireless Communications, Thomas Cook GroupAGMSBlackrock Income And Growth Investment Trust, RWS HoldingsTRADING ANNOUNCEMENTSBellwayUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)FINAL DIVIDEND PAYMENT DATEDunedin Smaller Companies Inv TrustDunedin Smaller Companies Inv TrustRD