Companies reporting next week

CONFIDENCE on the London market faces a major test next week as a host of blue-chip companies prepare to deliver figures.

Airports operator BAA will provide a further update on passenger demand since the US atrocities when it issues interim results on Monday. BAA has already reported a 6% fall in traffic during September. Figures for the six months to September 30 are still expected to hit £333m against £326m last time.

Some of the fizz behind Allied Domecq's recent acquisition of champagne houses Mumm and Perrier-Jouet may have disappeared following September 11. The pair did well for Allied in the first-half but that picture could have changed when the drinks giant reports its final results on Tuesday.

Analysts are expecting pre-tax profits to rise from £417m to £460m, although this does not include a tax rebate in Mexico that could add up to £50m to the figure.

Retailer Matalan's presence in the discount sector should serve it well if fears of a High Street slowdown come true. The company issues half-year figures on Wednesday, but most interest will be on current trading, with fund manager Gerrard estimating a 10% rise in like-for-like sales during the second-half.

Gerrard expects a similar figure for the first half, although that will be slightly down on the 11.6% recorded at the 19-week stage. Pre-tax profits are likely to rise from £40.5m to £50m following a number of new store openings.

ICI could report a fall of up to 19% in third-quarter profits on Thursday as the paints-to-chemicals group faces up to tough economic conditions. Around 30% of sales come from the US.

Debt of £3bn are also of concern to analysts, who expect the group's final dividend payment to be reduced early next year. Third-quarter profits are forecast to reach £102m, compared with £122m.

Shell's recent habit of posting upbeat figures should come to an end on Thursday as it becomes the latest oil company to show negative earnings growth. However, upstream operations involving exploration and production are unlikely to have suffered to the same extent as some of its rivals.

Shell does not have high exposure to US natural gas prices which have fallen by around 30% on an annual basis. But refining margins have fallen significantly in all regions outside the US as Shell is expected to show a third-quarter profit of $2.82bn (£1.97bn), against 3.53bn (£2.47bn) last time.

Forecasts of annual revenue growth of 22% should help reduce BSkyB's first-quarter pre-tax loss on Friday to £25m from £31.7m previously. Healthy subscriber numbers and an increase in the average amount paid by each user are benefiting the pay-TV operation.

Consumer giant Unilever disappointed the City with a trading statement that indicated sales growth in the third quarter was likely to slow to 4%.

If that is proved correct on Friday, earnings will have grown by less than 2% in the nine months so far - leaving Unilever with a mountain to climb to meet its target of 'low double digit' earnings growth for this year.

Pre-tax profits for the third-quarter are expected to fall to £968m from £986m.