Companies reporting next week

ANALYSTS expect

Concerns over interest rates and the invasion of Iraq have played their part in holding back potential housebuyers

But Bovis is likely to show that the continued rise in house prices and a reduction in costs have been enough to boost profits, while its retirement homes business is also set to have improved its contribution. Stockbroker Fyshe is predicting pre-tax profits of £46.2m for the half, up from £41.5m last year.

Bookmaker William Hill has impressed investors with its form - delivering consistent annual profit growth and analysts are expecting this performance to continue on Monday.

Pre-tax profits are expected to race ahead to around £85m from £36.9m in 2002. The success of its new fixed odds betting terminals are also likely to be a factor.

On Tuesday, Logistics and personnel recruitment group Hays is expected to post a fall in annual pre-tax profits to £194.9m from £232m last time.

Analysts reckon that while the group's personnel division has been doing well and other businesses, including mail and logistics, have traded in line with expectations, a slowdown in call centre business should lead to a disappointing performance in that division.

The group is selling businesses to focus on its personnel activities and disposed of its Information Management Services business to US-based Iron Mountain and the UK's Mentmore. However, the sale of logistics and mail businesses is likely to be more problematic, broker Gerrard says.

BAE Systems is expected to report improved figures on Thursday with the ramped-up production of the Eurofighter aircraft and strong activity in Saudi Arabia set to give sales a lift.

Last year's interims shocked the City when profits fell short of expectations on the back of massive provisions. But since then, the outlook has improved, with the aerospace and defence giant benefiting from several big deals. Barclays Private Clients forecasts half-year profits of around £345m compared with £359m last year.

Also on Thursday ferry operator P&O is forecast to climb back into the black with interim pre-tax profits of £20m from losses of £25.7m previously.

Analysts are looking for an improvement in property profits after a 62% decline previously, but say this may be over-optimistic. Profits from ports and cargo should show some improvement from the 22% increase in container throughput already reported and container operator P&O Nedlloyd, in which P&O has a 50% stake, has already reported a turnaround in operating profits before restructuring costs.

Market watchers will want rail and bus operator National Express to update them on progress in negotiating new rail franchises when it unveils half-year results on Thursday.

The group reported a 39% fall in interim profits last year to £37m after increases in passenger fare income failed to offset reduced subsidies to its UK franchises.

This year the group is bidding for three new franchises and discussing extensions to two existing franchises. Broker Gerrard forecasts pre-tax profits of £37m.