THE LONDON REPORT

THE JUNE gauntlet of retail company statements is set to continue this week, with two UK electronics giants due to issue full-year 2009 results.

DSG, Kesa and Inchcape are lining up to report, following last week’s announcements from Tesco, J Sainsbury, Whitbread and Morrison.

Kesa Electricals, which runs electronics store Comet among its Europe-wide retail network, issues full-year results on Wednesday and is expected to halve its full-year dividend to around 7.2p from 14.4p last year.

Numis analysts said: “Following recent positive newsflow from John Lewis and Home Retail on the sales trend rate in consumer electronics, we would not be surprised to hear a more upbeat message in regard to UK trading.”

UBS analysts are expecting Kesa arm Comet to book a small profit in the current year on sales of £1.6bn.

DSG International, which owns Dixons, Curry’s and PC World, is Thursday expected to unveil a pre-tax profit of £30m following its rights issue earlier in June. The retailer will update markets on efforts to reduce losses in weaker business areas and on whether its store refit programme has managed to entice customers to shop. Numis analysts were preparing over the weekend to retain their “hold” rating until current trading improves more dramatically.

Defence group Chemring is expected to issue “pleasing” interims for the six months to April on Tuesday, according to Numis, while housebuilder Berkeley will issue “solid” full-year finals on Friday albeit with a more modest sales uplift than its rebounding rivals. Transport giant Stagecoach is expected to issue results in-line with recent market expectations on Wednesday.

On Tuesday the CBI Distributive Trades Survey will provide an update on short-term trends in the UK retail and wholesale distribution sector and Friday will see an update of the Land Registry House Price Index.

A Public Accounts Committee report on Northern Rock will make interesting reading on Thursday.