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Wednesday preview: Brewin Dolphin, Aveva, UK GDP

LONDON (ShareCast) - Stockbroker and investment manager Brewin Dolphin (Other OTC: BDNHF.PK - news) had a good first quarter so unless something went dramatically wrong in the first three months of 2011, Wednesday's interim results should be a relatively cheery affair. Broker Peel Hunt is forecasting adjusted profits of £23.0m, up 26% on the previous year. The Financial Services Compensation Scheme (FSCS) should take a £6m bite out of those profits, however, the broker notes. Peel Hunt is not expecting assets under management to have climbed much in the first quarter of 2001; its forecast is for an increase to £25.2bn from £24.8bn at the end of 2010. "We have assumed that the group records net fund inflows of £0.4bn in Q2 [second quarter], building on the £0.5bn reported in Q1. This would be a strong performance and would comfortably exceed the 5% organic growth figure target. We note that Rathbones recently reported strong growth in the quarter to March, organic growth running at over 8% (although this benefited to some extent from one particularly large client win)," Peel Hunt said. Engineering (Milan: ENG.MI - news) software firm Aveva has already tipped the wink that full year figures will be in line with expectations, so Wednesday's numbers should see profit before tax advance to £55.2m from £49.6m last year, on sales of £167.4m, up from £148.3m the year before. "We expect Aveva NET to remain a focal point (and a high-growth segment within the business), but at under 10% of revenue, believe its significance to the group's valuation is overstated," opines Matrix Group, which has a "reduce" recommendation on the shares. Aveva NET is the group's web-based solution for collating, contextualising, cross-referencing and visualising data and documents of all types, whatever their locations or original source programs. "More broadly, we expect strength in Oil & Gas (Euronext: IXSOG.NX - news) to offset weakness in Marine and expect the FY12 [fiscal year 2012] outlook to remain stable given macro conditions in Aveva's target markets," Matrix added. The broker is forecasting full-year revenue of £165.9m, adjusted operating income of £56.2m and adjusted earnings per share of 57.5p, versus consensus forecasts of 56.4p. "We expect management to face the usual questions about possible M&A [mergers & acquisitions], particularly given the group's net cash position and the recent increase in M&A activity in the sector, but don't expect any structural M&A within the business in the short term," Matrix said. On the economic front, first quarter UK gross domestic product is expected to have grown 0.5%. INTERIMS Brewin Dolphin Holdings, Britvic (Stuttgart: A0HMX9 - news) , Innovation Group (Munich: 939154 - news) , Shaftesbury INTERIM DIVIDEND PAYMENT DATE JD Wetherspoon INTERIM EX-DIVIDEND DATE British Empire Securities & General Trust, Diploma (LSE: DPLM.L - news) , Euromoney Institutional Investor, Lowland Investment Co, Starvest (Berlin: OX2.BE - news) INTERNATIONAL ECONOMIC ANNOUNCEMENTS GfK Consumer Confidence Survey (7:00) MBA Mortgage Applications (US) (12:00) Durable Goods Orders (US) (13:30) House Price Index (US) (15:00) Crude Oil Inventories (US) (15:30) Jobseekers Net Change (FRA) (17:00) FINALS Aveva Group (Berlin: 4A9.BE - news) , BTG (LSE: BGC.L - news) , Cable & Wireless Communications, First Derivatives (LSE: FDP.L - news) , Hogg Robinson Group, Quintain Estates & Development, Telecom Plus (Berlin: T8T.BE - news) ANNUAL REPORT Homeserve (Dusseldorf: XHSA.DU - news) SPECIAL EX-DIVIDEND PAYMENT DATE Rotork (LSE: ROR.L - news) AGMS Aurelian Oil & Gas (LSE: AUL.L - news) , Avis Europe (Berlin: AE8N.BE - news) , Banque Marocaine Du Comm Exterieur GDR (Reg S), Billington Holdings, Cape (LSE: CIU.L - news) , China Food Co (Berlin: BVRA.BE - news) , DRS Data & Research Services, Edinburgh US Tracker Trust, EnQuest (LSE: ENQ.L - news) , Hilton Food Group, International Public Partnerships Ltd., Kakuzi Ltd (LSE: KAKU.L - news) ., Legal & General Group, Oak Holdings (Berlin: RNB1.BE - news) , Playtech Ltd (Other OTC: PYTCF.PK - news) ., Robert Walters (LSE: RWA.L - news) , Specialist Energy Group, Tasty (Berlin: T9V.BE - news) UK ECONOMIC ANNOUNCEMENTS Total Business Investment (9:30) Private Consumption (9:30) Government Spending (9:30) Trade Figures (9:30) BBA Mortgage Lending Figures (09:30) GDP (output, income & expenditure) (09:30) Index of Services (09:30) FINAL DIVIDEND PAYMENT DATE CPP Group (LSE: CPP.L - news) , Dunedin Income Growth Inv Trust, Just Car Clinics Group, Portmeirion Group, StatPro Group (LSE: SOG.L - news) FINAL EX-DIVIDEND DATE Ambrian Capital (LSE: AMBR.L - news) , Amec (LSE: AMEC.L - news) , Anglo-Eastern Plantations, Argo Group Ltd., British American Inv Trust, C&C Group (Irish: GCC.IR - news) , Cayenne Trust, Chime Communications, Clarkson (LSE: CKN.L - news) , Dignity (Stuttgart: DN8A.SG - news) , Fairpoint Group, Huntsworth (LSE: HNT.L - news) , Hygea VCT (LSE: HYG.L - news) , International Power (EUREX: IPRF.EX - news) , John Menzies, Kings Arms Yard VCT, Kings Arms Yard VCT 2, Maven Income & Growth 2 VCT, Next (Xetra: 779551 - news) , Premier Farnell (Other OTC: PIFLF.PK - news) , Robert Walters, Rotala (LSE: ROL.L - news) , Tarsus Group (LSE: TRS.L - news) , TT Electronics (LSE: TTG.L - news) , UTV Media (Irish: MDY.IR - news) , Witan Pacific Inv Trust Q1 Frontline Ltd. --- jh