The state-backed banks, Royal Bank of Scotland (LSE: RBS.L - news) and Lloyds Banking Group (LSE: LLOY.L - news) , both report full-year results this week, and the Bank of England publishes the minutes of its latest MPC (KOSDAQ: 050540.KQ - news) meeting.
Economic week ahead
Minutes of the February meeting of the Bank of England's Monetary Policy Committee will be published on Wednesday.
They will reveal whether or not the MPC's decision to expand quantitative easing by £50bn was unanimous, or whether committee members were divided. Some economists believe the decision may have been contentious, with some members voting for no extra stimulus.
The Office for National Statistics will publish its first revision of fourth-quarter gross domestic product on Friday, after estimating last month that the British economy shrank by 0.2pc in the final three months of the year.
It is not expected to change its estimate in either direction, while better-than-expected survey data for January has fuelled hopes that Britain will avoid a double-dip recession in the first quarter of 2012.
Banks' balance: RBS and Lloyds in the spotlight this week
Royal Bank of Scotland will become the second major UK lender to report its full-year result on Thursday, followed by Lloyds Banking Group on Friday.
RBS will confirm another annual loss, however City opinion on the scale of the loss shows a wide range of views from a modest £250m to more than £1bn.
Investors will be looking closely at what the 83pc state-owned bank says about the restructuring of its investment banking arm.
Stephen Hester, chief executive of RBS, is expected to give an update on the shutdown or disposal of large parts of the global banking and markets division.
At Lloyds, which is 41pc owned by the taxpayer, the focus will be on the health of chief executive, Antonio Horta-Osorio, after a prolonged period of leave last year due to a stress-related illness.
Lloyds is expected to produce a loss of up to £3.5bn for last year, largely due to a big hit from the mis-selling of payment protection insurance. However the result will be overshadowed by questions over Mr Horta-Osorio's health.
= Monday February 20 =
Full-year results: AFC Energy (Berlin: QC8.BE - news) , Animalcare Group, Bank of Ireland (Irish: BIR.IR - news) , CSR (LSE: CSR.L - news) , XP Power (LSE: XPP.L - news)
Interim results: International Ferro Metals, TR European Growth Trust
Trading update: None scheduled
Economics: None scheduled
Meetings: None scheduled
= Tuesday February 21 =
• Drax reports its full-year results and will update investors on its plans to transform its huge coal-fired power station to produce an increasing proportion of biomass. Analysts expect EBITDA to fall to £322m but are optimistic about its potential for growth.
Full-year results: Amec (LSE: AMEC.L - news) , Croda, Dragon Oil (Xetra: 877789 - news) , Drax Group (Frankfurt: A0MK9W - news) , Devro (LSE: DVO.L - news) , Kerry Group. Morgan Sindall (Other OTC: MGSDF.PK - news) , Primary Halth Properties, Rathbone Brothers (LSE: RAT.L - news) , Segro (Munich: A0N9B0 - news)
Interim results: Albermarle & Bond, Dechra Pharmaceuticals, Genus (Xetra: 762548 - news)
Trading update: Safestore (Q1)
Economics: Public finances data, speech by Charlie Bean, deputy governor of the Bank of England
Meetings: Zytronic (LSE: ZYT.L - news)
= Wednesday February 22 =
• Questions about capacity will dominate full-year results from BAA after the Spanish-owned airports operator warned that it was losing out to European rivals such as Paris and Frankfurt when it came to capturing a slice of the lucrative Chinese air travel market. Traffic from Heathrow to China grew 3pc last year but this was muted when compared to Frankfurt's 9pc increase. BAA blamed this on a "capacity crunch" at Heathrow which is "harming UK growth".
• Housebuilder Barratt Developments is expected to report robust trading in its interim results. Analysts at Panmure Gordon expect completions to be up 8pc year on year. The company is forecast to report pre-tax profits of £15m, against a £4.6m loss a year earlier. The housebuilding sector has adapted to the UK's new normal of stagnant. However analysts at Investec (Frankfurt: A0J32R - news) caution that Barratt, the UK's largest housebuilder, is not among those furthest down the road to recovery.
Full-year results: Anglo Pacific Group (Other OTC: AGPIF.PK - news) , BAA Airports, Filtrona (Xetra: A0ET3D - news) , London Capital Group, Logica (Amsterdam: LC.AS - news) , Law Debenture Corp (LSE: LWDB.L - news) , Millennium (Sao Paolo: TIBR3.SA - news) & Copthorne Hotels, Rexam (Dusseldorf: 948922.DU - news) , St James's Place (LSE: STJ.L - news) , Temble Bar Investment Trust, Travis Perkins (Other OTC: TVPKF.PK - news)
Interim results: Barratt Developments, Galliford Try (LSE: GFRD.L - news) , MJ Gleeson, Hays (LSE: HAS.L - news) , A&J Mucklow, Pan African resources
Trading update: Micro Focus (LSE: MCRO.L - news) (Q3)
Economics: MPC minutes
Meetings: None scheduled
= Thursday February 23 =
• Centrica (LSE: CNA.L - news) reports full-year results amid a climate of criticism of energy supplier profits. The parent company of British Gas is expected to report a 4pc rise in group profits, to £2.48bn, aided by "upstream" exploration and production profits jumping 38pc to break through the £1bn barrier for the first time.
Full-year results: Avocet, British American Tobacco, Bodycote (LSE: BOY.L - news) , Blackrock World Mining Trust, Centrica, Colt Group (Frankfurt: A0J3UU - news) , Capita, Capital Shopping Centres, Ensco, Informa (Dusseldorf: 10163162.DU - news) , Lancashire Holdings (Other OTC: LCSHF.PK - news) , Mondi (Stuttgart: A0MUKP - news) , Nyrstar (Xetra: A0M58B - news) , Royal Bank of Scotland, RSA Insurance (Other OTC: RSANF.PK - news) , STV Group
Interim results: Ashmore (LSE: ASHM.L - news) , Centaur Media (LSE: CAU.L - news) , Genesis Emerging Markets Fund, Go Ahead Group, Kier, redrow, Sinclair Pharma (Euronext: SPH.NX - news)
Trading update: MAM Funds (LSE: MDS.L - news)
Economics: BBA mortgage approvals data, CBI industrial trends survey, European Commission interim economic forecasts
Meetings: Alternative Investment Strategies, Bankers Investment Trust, Electra Private Equity (Other OTC: ETIVF.PK - news) , Easyjet (Other OTC: EJETF.PK - news) ,
= Friday February 24 =
• Analysts will be keen to compare the performance of William Hill 's online business to that of rival Ladbrokes (Other OTC: LDBKF.PK - news) when the bookmaker reports full-year results. Ladbrokes boss, Richard Glynn, received a grilling last week when a £50m strategy to close the digital gap with William Hill (Other OTC: WIMHF.PK - news) had so far failed to translate into profits growth and it is expected that results this week from its rival will confirm that it is still lagging behind. With the Budget just weeks away, chief executive Ralph Topping will be probed about the impact of expected changes to the gambling tax regime.
Full-year results: Berendsen, Global Health Partner, Hammerson (Paris: GB0004065016 - news) , Lloyds Banking Group, William Hill
Interim results: Stagecoach Theatre Arts.
Economics: First (OTC BB: FSTC.OB - news) revision of Q4 GDP, business investment data
Meetings: Brewin Dolphin (Other OTC: BDNHF.PK - news) , Invista European Real Estate Trust
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