Thursday preview: Flood of FTSE 350 corporate interims dominate agenda

Investors will be kept busy on Thursday with a raft of corporate interims on the FTSE 350.

Lloyds Banking Group joins the hefty list, reporting its first half results.

“Given that Brexit was late into the quarter we expect limited impact on results from the referendum decision,” said Deutsche Bank.

“Instead, we think focus will rest not on second quarter performance, but on management commentary for outlook of margin (sensitivity to lower rates), lending growth (esp. consumer finance), dividends and any cost plans.”

Deutsche Bank expects management to lower the guidance for net interest margin for 2015 from 270 basis points to high 260s and to propose an interim dividend of 0.9p but give limited commentary on full year and special dividends. It also sees Lloyds saying it will have a greater focus on potential further cost reductions given a weaker revenue outlook after the UK voted to leave the European Union on 24 June.

“Key risks are regulatory change around mortgage lending and industry structure, conduct risk liabilities, industry margin, loan loss performance, lower economic growth, and economic and sector uncertainties post-Brexit.”

Analysts forecast a first-half profit of £1.72bn, up on last year’s £925m, as Lloyds is not expected to set any more money aside to compensate customers for payment protection insurance mis-selling which has so far cost £15bn.

Other FTSE 350 companies due to report include Bodycote, Compass, Countrywide, Domino’s Pizza, Henderson, Schroders, Sky, Smith & Nephew, Thomas Cook, Weir Group, Anglo American, Astrazeneca, BT Group, British American Tobacco, Diageo and Just Eat.

Thursday July 28

INTERIMS
Anglo American, AstraZeneca, BAE Systems, British American Tobacco, Centrica, COLT Group SA, Dairy Farm International Holdings Ltd. (Singapore), Genel Energy, Greencoat UK Wind, Henderson Group, Hongkong Land Holding Ltd. (Sing.Reg), Informa, Intu Properties, Just Eat , Lloyds Banking Group, Mandarin Oriental International (Singapore), Merlin Entertainments , Relx plc, Rentokil Initial, Rolls-Royce Holdings, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew, Telefonica SA, Torchmark Corp.

INTERIM EX-DIVIDEND DATE
Blackrock Throgmorton Trust, Entu (UK) , Nichols, Porvair, Sanderson Group

QUARTERLY PAYMENT DATE
Land Securities Group

QUARTERLY EX-DIVIDEND DATE
City of London Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (EU) (10:00)
Continuing Claims (US) (13:30)
Economic Sentiment Indicator (EU) (10:00)
Industrial Confidence (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Unemployment Rate (GER) (08:55)

Q2
AstraZeneca, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew, Torchmark Corp.

Q3
Thomas Cook Group

GMS
Nostra Terra Oil & Gas Co

FINALS
Diageo, Sky

SPECIAL EX-DIVIDEND PAYMENT DATE
Tristel

AGMS
Boussard & Gavaudan Holding Ltd. EUR Shares, Boussard & Gavaudan Holding Ltd. GBP Shares, DJI Holdings, Dods (Group) , Elektron Technology, EPE Special Opportunities, GoldStone Resources Ltd, Immunodiagnostic Systems Holdings, Montanaro European Smaller Companies Trust, PayPoint, Record, SKIL Ports & Logistics Ltd., Triple Point Income VCT

TRADING ANNOUNCEMENTS
Compass Group

FINAL DIVIDEND PAYMENT DATE
Big Yellow Group, Caffyns, Impellam Group, Mckay Securities, Norcros, Vianet Group

FINAL EX-DIVIDEND DATE
Aquatic Foods Group , Bilby, City of London Investment Trust 4.2% Non-Cum 2nd Prf Stk, Investec, SSE, UK Mail Group , Walker Crips Group