Second-tier reporters move into spotlight

COMPANIES from outside the FTSE 100 Index will be hogging the spotlight this week, as investors return from the Easter holiday with updates from the likes of JJB Sports and printing company St Ives.

The new chief executive of Glasgow-based Scottish Media Group, Rob Woodward, is expected to outline his initial thoughts about the company on Thursday.

SMG, which owns Virgin Radio, was thrown into turmoil in February when its chairman Chris Masters and five non-executive directors quit following a shareholder revolt over their plans to merge the business with TalkSport owner Ulster TV.

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Woodward looks set to unveil a heavy fall in full-year profits. Consensus forecasts predict pre-tax profits of 10.8 million during 2006, down from 20m the previous year.

Like other media businesses, SMG is dealing with a depressed TV and radio advertising market, and the merger distractions and ensuing chaos at the top of the business are unlikely to have helped matters.

Attention in the sportswear sector has been focused on Sports World's recent flotation, so rival sports clothing chain JJB Sports will be keen to reclaim centre stage with healthy profits on Thursday.

Consensus forecasts are looking for a near 20 per cent rise in pre-tax profits to 40.4m for the year to 28 January - up from 32.7m last time - on sales up 8 per cent at 811m.

UBS analyst Matthew Taylor said the firm's balance sheet was in "good order" to continue the investment programme.

Accuma, one of many debt management companies facing trading troubles, will serve a disappointing set of interim results on Wednesday.

On 1 February, the company posted a second trading update to reassure investors that trading was perhaps not as bad as the City made it out to be. However, a switch in marketing strategy, a change in management and a tighter control on its creditors will not change numbers for the six months to 31 January.

The impact of the revised strategy will only be felt in the next financial year. For the year to July 2007, Accuma is expected to deliver profits of 3.53m.

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Recent takeover developments involving tapas chain La Tasca should mean full-year results from Italian restaurant business Prezzo attract extra attention on Thursday.

The restaurant sub-sector is enjoying excellent trading, according to analysts, which is borne out by the 104m price fetched by La Tasca.

La Tasca's fortune is predicted to rub off on sector bedfellows such as pizza/pasta chain Prezzo, as the worth of these chains is brought to the fore.

Analysts are expecting a 40 per cent rise in Prezzo's full-year pre-tax profits to 8.5m, which will only add to its attractiveness to a potential suitor.

The chain has been busy opening new restaurants and now operates more than 80 sites.

Online polling and market research company YouGov is expected to post healthy improvements in revenues and profits in interim figures tomorrow.

In a busy period of growth for the company, YouGov moved into the US market in December with the acquisition of a 32 per cent stake in political and social research firm Polimetrix for 3.8m. In March, YouGov announced a joint venture with publishing firm Centaur Media to develop specialist research panels and products for Centaur's key markets, which include law, financial services, engineering and marketing.

Numis Securities has YouGov posting pre-tax profits 37 per cent higher at 2m in the six months to 31 January, with revenues up 28 per cent to 4.9m.

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Less positive news is expected from printing group St Ives on Wednesday after the company warned in January that profits would be lower than last year in the face of "extremely challenging" market conditions.

House broker ABN Amro said it expected pre-tax profits of about 9.4m for the half-year to 2 February - down from 10.4m in the year-earlier period.

The company has been hit by losses of 2m from its financial printing business, which it sold in December, and weak Christmas books sales.

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