The Week Ahead: easyJet, Enterprise Inns & Majestic

Published in Investing on 12 November 2010

Interims from SABMiller, Fuller Smith & Turner, Robert Wiseman and Halfords too.

Interim results are coming through thick and fast now, and there will be a good number of them next week. Full-year results will be thinner on the ground, but there will be a few.

The week will kick off with figures from Lonmin (LSE: LMI) on Monday. Lonmin, operating in South Africa, is the world's third largest producer of platinum. Third-quarter production figures were released in July, together with an interim statement.

Tuesday will bring full-year results from easyJet (LSE: EZJ), for the year ending September 30, and the rolling 12-month passenger figures from October show a significant increase. In fact, after a slump in 2009, we should be expecting a jump back to serious profit this year. But we'll need to keep an eye open for debt -- the last few years have seen a steady decline in year-end net cash, slipping into debt last year.

Dimension Data Holdings (LSE: DDT) will release its last set of full-year figures as an independent company on Wednesday, after a takeover by Nippon Telegraph and Telephone was confirmed last month.

Pubs and beer

Pub manager Enterprise Inns (LSE: ETI) will report full-year results on Tuesday. Last year was a pretty poor one, profit-wise. But profits this year are expected to be back up close to pre-slump levels, and we saw evidence of that at the interim stage. 

Since then, an update in July suggested the second half has already shown signs of improvement, with the company's sale and leaseback programme progressing well. Further reducing net debt is what a lot of investors will be looking for.

Thursday will bring first-half results from SABMiller (LSE: SAB). The brewer of Miller, Grolsch, Peroni, Urquell and Castle Lager has seen profits and dividends go from strength to strength in recent years, and its share price, apart from a brief crisis-time dip, has followed suit. A full-year dividend yield of only a little over 2% is forecast, but it is growing and will be well covered.

Fuller Smith & Turner (LSE: FSTA), which has its fingers in both the pub management and brewing pies, will finish the week with an interim update on Friday. A July update told us that the year had started quite strongly, with like-for-like sales up and net debt falling. Full-year profit is currently forecast to come in quite flat, and shareholders will be hoping for further positive debt progress.

Milk, wine and bikes

Interims from two more beverage purveyors are expected next week, with figures from Robert Wiseman Dairies (LSE: RWD) expected on Monday. G A Chester added some shares to his "Fantastic Family Firms" portfolio last month after a price slump caused by a profit warning in September. Has the price fall been overdone? We shall see.

Majestic Wine (LSE: MJW) will report first-half figures the same day, and decent numbers are expected. The company's shares really tanked in the recession, even though profits only fell a little.

Halfords Group (LSE: HFD), which is more than just a high street bike shop, will release its half-year results on Thursday. Judging by its pre-close statement, we should expect to see steady progress in profits, with a decent dividend on the cards for the full year.

Notable announcements next week:

Monday: Lonmin, Cranswick, E2V Technologies, Majestic Wine, Robert Wiseman Dairies, Workspace Group
Tuesday: easyJet, Enterprise Inns, Advanced Computer Software, Burberry, HSBC Infrastructure, ITV, Record, Talk Talk Telecom,
Wednesday: Barloworld, Dimension Data Holdings, United Drug, Entertainment One, Experian, ICAP, Metric Property Investments, Mothercare, Speedy Hire, MirLand Development
Thursday: Dart Group, Halfords, National Grid, Norcros, QiniteQ, SABMiller, UK Mail
Friday: Fuller Smith & Turner, New World Resources

Fool comment on this week's news:

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UncleEbenezer 12 Nov 2010 , 10:11am

You can tell a non-cyclist when they think Halfords have anything to do with bikes[1].

[1] Other than to sell you something that'll sit unloved in a shed and convince its owner that cycling is a chore.

Jimi97 12 Nov 2010 , 5:36pm

And you can tell a bike shop when nothing is less than £100 and the kiddies are too busy to actually serve customers!

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