Companies reporting next week

A CLUTCH of financial results from major UK companies is likely to be overshadowed by the Bank of England's quarterly inflation report on Wednesday.

Retailers are again in the spotlight with analysts looking for further signs of economic slowdown dampening consumer spending. Figures from the British Retail Consortium are likely to confirm that retail sales are well down on 2002 but spending on the high street is expected to have shown a slight improvement in April.

Investors will be focused on financial results when digital television giant BSkyB reports third quarter figures on Tuesday. This period is traditionally slower for Sky because fewer new subscribers choose to join up after the strong Christmas period. However, Sky remains on track to meet its target of sevenm subscribers by the end of the year.

Additionally, average revenue per user - a key industry measure - is expected to continue to grow steadily, as the benefit of recent price increases and the number of subscribers leaving Sky remain under control.

High street fashion chain Next Group is expected to report sluggish like-for-like sales when it updates the market on trading, also on Tuesday. Next has suffered from problems with its products which depressed winter trading and hit early spring sales.

Since then improvements have been made and investors are hoping the changes will filter through to Next's sales later in the season. For the first 13 weeks of the new financial year, analysts are predicting like-for-like sales growth of less than 1%. However, total sales growth may reach double figures after being boosted by the company's home shopping Directory business and new stores.

Energy group BG releases first quarter results on Tuesday. It is expected to benefit from higher prices with analysts looking for a figure of between £156m and £178m.

International Power's first quarter figures are expected to have been hit by weak wholesale electricity prices in the US - specifically in Texas and New England, when it reports on Tuesday. Recent rises in the share price have reflected confidence that it will meet full-year profit forecasts of around £173m compared with £255m in 2002.

Rail operator FirstGroup was sorely disappointed last month when the Strategic Rail Authority left if off a shortlist to run the new Greater Anglia franchise which will incorporate its current Great Eastern area when it comes into force from April next year. Underlying profits are likely to be in line with expectations which analysts at Merrill Lynch put at between £155m and £160m.

Investors hoping for news on the takeover of Safeway are likely to be disappointed when the supermarket reports full year results on Thursday.

With the potential five-way bidding battle for Safeway ongoing and a Competition Commission report into the proposed mergers not due until August, news of the takeover is unlikely to feature.

Analysts at stockbroker Gerrard are predicting pre-tax profits at £335m, down from £355m last year.