Prudential, which also reports full-year figures this week, is expected to say that sales figures were more resilient, showing a 4% lift in the UK to £947m. However, the fourth quarter revealed a worsening picture, with UK sales down by 35% in the three-month period. On Wednesday, its operating profits could show an 8% drop to £2.3bn, said Barrie Cornes, an analyst with Panmure Gordon. Aside from its results, the market will be looking for some clarification of its decision on the AIG Asian business auction, after reports suggested it had pulled out over price. While life insurers have so far avoided rights issues, analysts say these should not be ruled out. Nic Clarke, of Charles Stanley, said: "Everyone is worried that life assurers may have to come to the market for capital. In previous recessions they have had to do so at a certain point in the cycle and I can't see why this one should be any different." Legal & General is the last of the big insurers to publish its result on March 25. Credit rating agency Fitch put the firm on "negative watch", blaming depletion of the firm's capital as a result of steep declines in equity and credit markets.
INSURANCE giant Friends Provident is expected to cut its dividend this week due to falling sales and fluctuating markets. Analysts will be looking for reassurance that the capital level is secure but shares in life and pensions firms have been battered by fears over reserves, although Standard Life gave the sector a boost when it reported its results last Thursday ADVERTISEMENTFriends Provident is expected to announce pre-tax profits of just under £400m, taking account of expectations of future growth or "embedded value". This is up from £16m in 2007, although that figure was skewed by a £361m one-off charge. However, the firm could make a loss of around £194m for 2008 when its results are calculated using international reporting standards. Last year its loss was £113m. Analysts said it could cut its dividend in half to 4p a share. Trevor Matthews, who last year left Standard Life to become chief executive of Friends, is likely to take the opportunity this week to reiterate that his firm has healthy levels of capital. However, he has already braced the market for battered full-year profits figures following news of sliding sales in 2008. He said last month that UK life and pension sales plunged 27% last year, partly blaming "corporate uncertainty" caused by the threat of a hostile takeover bid and a failed attempt to merge with Resolution. Prudential, which also reports full-year figures this week, is expected to say tha
Timan Oil & Gas plc ("Timan" or the "Company") Further Drawdown Request and Financial Position Following a delay to the receipt of funds anticipated on 13 March 2009 after service of a drawdown request on Kamanisk Holdings Limited ("Kamanisk") for a further $7.5 million of the loan facility previously agreed with Kamanisk on 29 September 2008, Timan has been informed by Kamanisk that $300,000 of the funds will be available to Timan within the next three business days to provide sufficient liquidity for the company's short term trading requirements, with the remainder by the end of March 2009. As Timan has spent almost all the funds previously provided to the Company by Kamanisk, it is dependent on delivery of further funds from Kamanisk in order to continue to trade. Kamanisk informed the board of Timan on 13 March 2009 that it will be delivering $300,000 of the requested funds under the drawdown within the next three business days which the Board believes will provide sufficient working capital for the Company for another calendar month with the remainder of the drawdown to follow by the end of March 2009. Further announcements will be made in due course. Enquiries Timan Oil & Gas plc Alexander Kapalin, Chief Executive Officer Zhakyp Marabayev, Chairman +7 495 223 3390 Strand Partners Limited Rory Murphy/Simon Raggett + 44 (0) 20 7409 3494
Metalrax Group PLC ("Metalrax" or "the Group") Trading update The Directors estimate that the preliminary results for the year ended 31 December 2008 will be in line with market expectations, before taking into account any exceptional items. In addition, the Directors announce that trading in the current year to date has been significantly below the levels experienced in 2008, although trading in February represented a slight improvement over January. Against the current economic backdrop, visibility of future trading levels is very limited and, in the Directors' opinion, there is a wide range of potential outcomes for the Group in the current financial year. If trading does not improve further over coming months, the Directors would expect the Group's performance in the current year to fall below market expectations. As a result of widespread weakness in the credit insurance market, the reduced value of assets to be disposed of from discontinued operations and the weak trading referred to above; the Group's debt has increased above management's expectations since the year end, but remains within its facilities. The Group is in discussions with its banks to convert its existing unsecured facilities, parts of which are provided on an uncommitted basis, into secured committed facilities.
Upcoming Events 25-Mar-09 2008 Preliminary Results 15-Apr-09 Ex-dividend date 23-Apr-09 Q1 2009 New Business Results 27-May-09 2009 Annual General Meeting 01-Jun-09 Payment of Final Dividend for 2008 (to members registered 17/04/09) 04-Aug-09 Half-Year Results 2009 02-Sep-09 Ex-dividend date 01-Oct-09 Payment of Interim Dividend for 2009 (to members registered 04/09/09) 20-Oct-09 Q3 2009 New Business Results
Prudential plc will announce its 2008 Full Year Results at 0700 (GMT) on Thursday, 19 March 2009. A presentation for analysts and investors will be held on the same day at 0930 (GMT) at there offices at Laurence Pountney Hill, London EC4R 0HH. The live webcast can be viewed here on the day.
Date Topic Event 17 Mar 09 Results Preliminary Results - 2008 28 Apr 09 Results Interim management statement plus quarter 1 new business 11 Aug 09 Results Interim results - 2009 27 Oct 09 Results Interim management statement plus quarter 3 new business
Cobra announces that for reasons outside of its control, one of its customers has entered into discussions with the Company which may lead to a variation or termination of a material contract which could impact the revenues of the Company immediately and for the financial year as a whole.