Friday preview: Petra Diamonds expects 10% drop in full-year revenue

Petra Diamonds on Friday reports its full-year results following a challenging year for the sector.

In July, the company said it expected annual production to rise 2% to 3.2m carats but that revenues would be hurt by lower diamond prices. The group’s guidance is for a 10% drop in revenue to $425m. Petra warned that higher volumes of smaller diamonds and lower grades had dragged on prices.

Last month, De Beers cut diamond prices by 10% in an effort to boost demand, an issue Petra will need to face. Rough diamond prices have declined about 14% this year.

Despite the difficulties, Investec said Petra continues to grow, making progress in turning around the long established mines.

Friday’s calendar is otherwise quiet following a busy week that saw UK and US inflation and the Federal Reserve’s decision on interest rates

Friday 18 September

INTERIM DIVIDEND PAYMENT DATE
Baronsmead VCT 3, Baronsmead VCT 4, Baronsmead VCT 5, BlackRock World Mining Trust, Concurrent Technologies, Ferrexpo, Henderson Group, IMI, LPA Group, Secure Trust Bank, Telecity Group

QUARTERLY PAYMENT DATE
BP, Real Estate Credit Investments PCC Ltd

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Current Account (EU) (09:00)
Leading Indicators (US) (15:00)

GMS
Vela Technologies

FINALS
Petra Diamonds Ltd.(DI)

AGMS
City of London Group, ECO Animal Health Group, Frontline Ld, Imagination Technologies Group, Kuala Innovations Limited, Legendary Investments, PetroNeft Resources, Private & Commercial Finance Group

FINAL DIVIDEND PAYMENT DATE
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Hazel Renewable Energy VCT 1, Hazel Renewable Energy VCT 2, JPMorgan Brazil Inv Trust , SSE, World Trust Fund