Erikka Askeland: Oil spill to fuel poor BP results but big chill heats gas profits

Rival Royal Dutch Shell's results on Thursday should be far less eventful, with analysts expecting a 25 per cent increase in underlying profits to around $4 billion (2.6bn) for the second quarter.

The firm - left in the slow lane by BP until the Gulf of Mexico spill - is looking to dispose around 15 per cent of its refining capacity as well as developing new production sources, with 13 projects due to come onstream over the next year.

Transport group National Express expects to show "good progress" in boosting half-year profits on Thursday thanks to a major cost-cutting drive under former Tube Lines boss Dean Finch. He is getting to grips with the tough task of reviving the business following a disastrous year for its rail arm, which returned its loss-making East Coast franchise back to the government in November.

At this stage last year, the East Coast deal sent the firm plunging into the red with a 48.1 million pre-tax loss. But a cost crackdown by the new chief executive is helping shore up results, while the firm says revenue trends are "resilient".

In the group's bus business - which operates in the West Midlands and Dundee - Finch is meanwhile cutting driver wage costs and running routes more efficiently to save fuel costs.

BoA/Merrill Lynch analyst Mark Manduca forecasts pre-tax profits of 155.6m for the full year, 34 per cent ahead of 2009.

British Gas parent Centrica will see profits from its residential business almost double in results for the first half of the year as shivering households cranked up the heating in a bitterly cold winter.

Citigroup analyst Peter Atherton is expecting operating profits of 583m from British Gas for the first six months of 2010 - up from 299m - its business division is also forecast to double profits to 132m.

Operating profits at the UK's biggest domestic energy firm will also be helped by an extra 200,000 customer accounts, taking its customer base to near 16m. The firm cut 7 per cent from gas prices at the beginning of February.

British Sky Broadcasting is set to report bumper profits on Thursday, which is sure to increase pressure on News Corporation to increase its 7.8bn offer for the firm. Sky, which is 39 per cent owned by Rupert Murdoch's News Corp, has rebuffed a bid for 700p but has indicated it would recommend one at 800p. BSkyB is expected to report underlying operating profits up 9 per cent to 851m.

Telecoms giant BT also reports first quarter figures on Thursday. Analysts expect the group to have held first quarter underlying earnings flat year-on-year at 1.37bn - an improvement seen on the 3 per cent fall a year earlier. But BT is still battling to revive its fortunes as it also faces the burden of a mammoth pension deficit.

Friday's update from British Airways will reveal the impact of a nightmare first quarter for the airline. ,

The opening three months of BA's financial year saw it hit by Iceland's volcanic eruption and crippling strike action, with the group widely thought to be facing a total bill from the disputes of 150m.

It has forecast revenue growth of around 6 per cent this year and break even at the profit before tax level.