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Thursday's agenda: SABMiller facing headwinds in Colombia

Last updated: 12:30 20 Nov 2013 EST, First published: 13:30 20 Nov 2013 EST

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Brewer SABMiller, which will pretty much make you any sort of beer you like, so long as it is lager, has already announced first half lager volumes ahead of its interim results.

The company reported organic lager volume growth of 1% year-on-year and net revenue growth of 4% on 17 October.

The market is expecting half-year underlying earnings (EBITA) of US$3.22bn and earnings per share of 120.4 cents.

“We expect confirmation of US$450m cost savings run rate by end of 14FY (potential upside here) and low to mid-single digit input cost/hl inflation for 14FY,” reveals UBS.

“However, it will be more challenging to deliver the top end of guidance for 20-50bps of organic group EBITA margin expansion y/y (UBSe at the top end of the range), especially in light of expected Colombia volume volatility for H2FY. We note that margin guidance is easier to achieve mathematically for margins as % of NPR (new reporting structure) than as % of gross revenue,” the broker added.

Full-year results from Daily Mail owner and exhibitions organiser DMGT are expected to be low key, leavened, perhaps, by news on the recent acquisition of DIIG Europe.

DIIG EUROPE is the UK and Ireland's leading property searches group, primarily delivering residential and commercial property search results to legal professional, and set back DMGT £75mln.

The market is expecting DMGT to announce full-year profit before tax of £266mln on revenue of £1.8bn.

Times have been hard for mother-and-toddler products seller Mothercare in the UK, though the group is enjoying better fortunes overseas.

Peel Hunt forecasts half-year profit before tax of £2.0mln, which would represent the first time the company had turned a profit in the first half of the year since 2011.

"As ever, we look for more operational data beyond the usual management statement that performance is in line with the three-year plan, although we do not hold out much hope. Forecasts unlikely to change following Q2 downgrades," Peel Hunt reckons.

Significant announcements expected

Companies: Finals: DMGT (LON:DMGT), Renew Holdings (LON:RNWH). Interims: Dart Group (LON:DTG), Investec (LON:INVR), Johnson Matthey (LON:JMAT), Mothercare (LON:MTC), National Grid (LON:NG.), Enteq Upstream (LON:NTQ), PayPoint (LON:PAY), QinetiQ Group (LON:QQ.), SABMiller (LON:SAB), Wentworth Resources (LON:WRL). Trading Statement: Close Brothers Group (LON:CBG), Wildhorse Energy (LON:WHE)

Macroeconomic: UK: Public Sector Net Borrowing, CBI Industrial Order Expectations. EU: French Flash Services PMI, French Flash Manufacturing PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Services PMI, Flash Manufacturing PMI, Consumer Confidence. US: PPI, Unemployment Claims, Core PPI, Flash Manufacturing PMI, Philly Fed Manufacturing Index.

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