Week ahead: Aggreko chief set to feel the heat

By PETER RANSCOMBE
Published on 30/07/2012 00:00

INVESTORS are likely to quiz Aggreko chief executive Rupert Soames on Thursday over trading at the Glasgow-based temporary power supplier’s North American business, which has reported a slowdown in sales in recent months.

But Alex Magni, an analyst at HSBC, thinks the “soft” second-quarter growth from the United States unit was an “aberration” and did not signal a slowdown.

Caroline de La Soujeole, an analyst at Seymour Pierce, expects Aggreko to post underlying interim pre-tax profits of £142.4 million, up 18 per cent.

Analysts at Peel Hunt believe Moodiesburn-based ­sausage skin maker Devro will report a 6 per cent rise in ­interim pre-tax profits to £20.3m tomorrow, helped by increased sales of its higher-­margin products.

Wolfson Microelectronics, the Edinburgh-based chip maker, will have to rely on strong sales of key devices, including Samsung’s SIII mobile phone, in order to offset “broader patchy consumer demand” when it reports its interim results tomorrow, according to Peel Hunt analyst Alex Jarvis.

An inquiry by the US Senate earlier this month found banking giant HSBC had inadvertently dealt with terrorist financiers, money launderers and drug cartels. The lender’s half-year results this morning may make a provision against some of the estimated $1 billion (£642m) costs of the scandal.

Energy giant BP will show the effect of falling oil prices and lower output when it reports interim figures tomorrow. City analysts forecast that the group will post an 18 per cent drop in underlying profits to $9.2bn.

BAE Systems is tipped to suffer a further fall in profits on Thursday. Jefferies analyst Sandy Morris predicts half-year revenues will fall 4 per cent.