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MARKET COMMENT
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It's quite a busy week in terms of results and there's also a Bank of England interest rate meeting with the announcement of any change in rates scheduled for noon on Thursday. Aberdeen Asset Management (LSE: ADN) reports full-year figures on Monday. The company is a major player in split capital investment trusts. This type of fund was touted a safer form of investment, which could provide investors with either income or capital growth. However, excessive debt levels and funds cross-investing in other funds has caused a downward spiral in their value. This has led to claims for compensation by investors although it is unclear as to the level of compensation that companies like Aberdeen will have to pay. Aberdeen has also outlined a strategy to beef up its balance sheet and proposed the flotation of its property unit, which could raise as much as £70m. It is quite extraordinary that a company with a share price of just 3p and a market value of £6m could create such a stir. But the battle for the control of the high street cappuccino bars will hit the headlines again when Coffee Republic (LSE: CFE) reports interims on Tuesday. The company has rebuffed an offer from Caffe Nero (LSE: CFN) but it will need to deliver a much-improved set of numbers if it is to keep Caffe Nero and other predators at bay. Compass Group (LSE: CPG) also has results on Tuesday. Shares in the contract caterer have moved sharply higher in the last two weeks following some good results from rival sandwich maker Sodexho. In September Compass Group said it was on track for 6% growth in turnover and also to increase its profit margins. Compass will also provide an update on the disposal of its Little Chef and Travelodge businesses. Sage (LSE: SGE), the accountancy software provider, reports full-year results on Tuesday. Sage appears to have weathered the IT downturn remarkably well. The company's main products are perceived as being less expensive and, by that reckoning, less prone to cutbacks in IT spending. Sage also made a strategic acquisition last year when it bought Interact, a specialist in customer relationship management (CRM) software. In October Sage said its performance was in line with expectations and it was encouraged by the progress made by Interact. Marconi (LSE: MONI) delayed its interim results by a week to give it time to continue discussions with banker and bondholders. Marconi will now report half-time figures on Thursday. The financial restructuring may be reassuring for Marconi's existing customers but there is still considerable uncertainty as to when orders for telecom equipment will return. Marconi's much larger peers have consistently warned of tough market conditions. Notable results
Monday: Aberdeen Asset Management, Goldshield Group & Holidaybreak
Tuesday: BTG, Character Group, Coffee Republic, Compass Group, Halma, Sage, Christian Salvesen, Scottish & Newcastle & Ultraframe
Wednesday: De Vere Group, Merant, Signet & Stagecoach Group
Thursday: Kelda Group, John David Group, Marconi, Phytopharm, Seymour Pierce, Six Continents, United Utilities & Xansa
Friday: Henlys Group & Protherics