London Report: Under pressure Tesco to reveal crunch results

TESCO’S quarterly results on Wednesday form the centrepiece of a full calendar of corporate results dominated by high street names.

The supermarket, which recently saw its market share fall under 30 per cent for the first time over the last 18 months, is set to deliver disappointing numbers, according to analysts, who predict a like-for-like sales decline of one to two per cent for the three months ending November.

Shareholders will be nervous about chief executive Philip Clarke’s long standing plans to turnaround the business if the results turn out to be much worse.

“It seems unlikely that Tesco’s third quarter trading statement will be the turning point that the market is looking for,” analyst James Anstead said last week.

Elsewhere on Wednesday, business software group Sage Group reports full year results while a trio of financial services firms – Brewin Dolphin, Numis and Ashcourt Rowan – also reveal full year numbers.

Tomorrow we get results from Betfair and potentially an indication from Breon Corcoran about what he intends to do with a £200m cash pile the firm has amassed.

Alongside Betfair, pub operator Greene King reports half-year numbers with analysts expecting an upbeat update from the publicans, while Daisy Group and Northgate also report numbers.

On Thursday DS Smith, AG Barr, EasyJet and Mulberry Group all report trading updates while Friday sees a slower reporting day with Berkeley Group the only major firm to reveal numbers.

The markets will be glued to Thursday’s Autumn Statement when chancellor George Osborne lays out an update on the government’s economic policy, but before then there’s a host of other economic releases.

Today sees the release of Markit manufacturing PMI’s for the UK and the Hometrack Housing Survey is also due.

Tomorrow sees the release of Markit’s Construction PMI as well as the Halifax House Prices and the BRC Retail Sales Monitor for November while Wednesday marks the Markit Services PMI release.

Thursday sees the Bank of England interest rate decision and Friday will bring UK trade balance data.