Tuesday preview: Ladbrokes Coral and Wolseley results due

Tuesday's financial calendar sees Ladbrokes Coral and Wolseley among the larger of those reporting results, while headlines may be grabbed by the Scottish Parliament as it votes on whether to support a second independence referendum the day before Theresa May's planned announcement about kicking off the Brexit negotiation process.

In the US, the Conference Board index of consumer confidence is the biggest data point, while several Federal Reserve rate setters speak, along with Chair Janet Yellen, albeit at a conference which does not suggest a focus on the economy or monetary policy.

Results from Ladbrokes Coral will be the group's first as a merged company and follow January's trading statement where the bookmaker said pro forma full year operating profits were expected to be within the range of £275-285m.

However, following the publication of pro-forma divisional numbers, UBS said it expected the company to report on a post-360 shop disposal basis, which would therefore make the equivalent guidance range to be £256-266m.

UBS forecast adjusted earnings per share of 6.75p, a full year dividend of 3.0p per share and good news from the Cheltenham Festival boosting post-year-end trading.

Deutsche Bank analysts said it expected to hear about further cost synergies from the Ladbrokes Coral merger, deleveraging and a margin rebound from a weak December, but said the good news might be deferred given the current negative backdrop of the government's Triennial Review, to which Ladbrokes Coral is felt to be the most exposed of the UK listed companies.

"The merger with Coral initially created a retail-focused, UK business. Given the relatively lower growth expectations for retail versus online we see a re-rating over time as the business mix moves towards online by end FY18E."

Wolseley will deliver first-half results for the period to the end of January.

First quarter numbers from the heating and plumbing specialist showed revenue up 5.2% to £4.36bn at constant exchange rates and 1.8% higher on a like-for-like basis, including a 1.3% commodity price deflation. Trading profit rose 1.4% to £303m at constant exchange rates, this included an extra day of trading which generated £6m of additional trading profit.

For the half year, UBS predicted sales of £8.3bn, EBITA of £507m, pre-exceptional pre-tax profit of £488m and adjusted
EPS of 138.2p.

Analysts said the performance of the US, which accounts for 85% of EBITA, will be key, with LFL sales growth expected to accelerate to +5.0% in Q2 from +4.2% in Q1, mainly as commodity deflation eases.

"We expect an outlook for an acceleration in LFL sales growth as deflation eases further and turns into inflation by the year end."

Numis expected a continuation of Q1 trends in terms of LFLs and said investors will hope that price deflation of -2.4% will start to have a lesser impact.

"We expect that the recent trend - where US has surpassed expectations but this has been offset by weaker conditions in UK and Nordic - could be repeated."

Tuesday March 28

FINALS
AA , Bank of Cyprus Holdings Public Limited Company, Barr (A.G.), Card Factory, Churchill China, Clarke (T.), Cloudcall Group, Ebiquity, Ergomed , Gresham House, Gulf Marine Services, Hostelworld Group , Instem, Ladbrokes Coral Group, LiDCO Group, Mortgage Advice Bureau (Holdings) , Moss Bros Group, Personal Group Holdings, Premier Technical Services Group , Proteome Sciences, Quarto Group Inc., S&U, Silence Therapeutics, Time Out Group, Yu Group

INTERIMS
Artilium, BowLeven, Inland Homes, Wolseley

TRADING ANNOUNCEMENTS
Thomas Cook Group, United Utilities Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (14:00)

INTERIM DIVIDEND PAYMENT DATE
BHP Billiton

GMS
Edita Food Industries S.A.E. GDR (REGS)

ANNUAL REPORT
Cloudcall Group, Premier Technical Services Group

AGMS
Chenavari Capital Solutions Limited Red