Thursday preview: Daily Mail and General Trust reports full year results

The Daily Mail and General Trust reports its full year results on Thursday with analysts pencilling in a decline in earnings as the company conducts a strategic review of its operations.

The group, which owns the UK's Daily Mail newspaper, is expected to report pre-tax profit of £249.8m, compared to £281m the previous year.

In a pre-close trading update in September, DMGT said full year results are anticipated to be in line with current market expectations as it plans to make deeper staff cuts.

The reduction in headcount comes as the company carries out a strategic review of its portfolio of businesses.

Paul Zwillenberg, who was appointed chief executive on 1 June 2016, will deliver the strategy overview on Thursday alongside the company’s results.

Investors will also be looking out for news on the replacement of chief financial officer, Stephen Daintith, who announced his resignation in September and is leaving to join Rolls Royce.

In its trading update for the 11 months ended 31 August, revenue grew 4%, with 2% growth in the business to business division and a 2% decline in the DMG Media business.

Ahead of the results, Numis said it forecasts revenues of £1.89bn, adjusted operating profit of £271m, adjusted pre-tax profit of £250m and adjusted earnings per share of 53.8p. The final dividend is expected to be 22.4p per share.

“In our view DMGT shares remain stand out value at current levels, despite some recent strength, DMGT remains our key large cap pick and we remain very comfortable with our blended multiples based target of 970p,” Numis analyst Gareth Davies said.

Thursday December 01

INTERIMS
Clipper Logistics , Market Tech Holdings Limited , WYG

INTERIM DIVIDEND PAYMENT DATE
Harworth Group

INTERIM EX-DIVIDEND DATE
Action Hotels, Caledonia Investments, CMC Markets , Creston, Electrocomponents, First Property Group, Fuller Smith & Turner, Headlam Group, Helical, Intermediate Capital Group, International Consolidated Airlines Group SA (CDI), James Halstead 5.5% Cumulative Preference 1, JD Sports Fashion, JPMorgan Euro Small Co. Trust, Martin Currie Asia Unconstrained Trust , MS International, PayPoint, Pets at Home Group , Record, Severn Trent, Tarsus Group, Telecom Plus, TR Property Inv Trust, ULS Technology , Walker Crips Group

QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust, Toro Limited

QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., Bank of America Corp., Land Securities Group, Premier Energy & Water Trust, UIL Limited (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Unemployment Rate (EU) (10:00)

FINALS
Grainger, Impax Asset Management Group, Premier Asset Management Group

ANNUAL REPORT
Greencore Group, Impax Asset Management Group

SPECIAL EX-DIVIDEND DATE
British Empire Trust, Keystone Inv Trust, PayPoint

AGMS
ASOS, Churchill Mining, Hotel Chocolat Group , Inland Homes, Purecircle Limited (DI), Rambler Metals & Mining, Revolution Bars Group, St Ives, Vernalis plc

FINAL DIVIDEND PAYMENT DATE
Wolseley

FINAL EX-DIVIDEND DATE
Aviva 8 3/4% Cumulative Irrd Preference 1, Bellway, British Empire Trust, Diploma, Euromoney Institutional Investor, Focusrite, Greencore Group, Mitchells & Butlers, Origin Enterprises, Town Centre Securities, Volta Finance Limited, YouGov