THIS week sees a further collection of company results covering the full scope of former technology darlings across to perceived defensive plays.

Firstly, we can test the inflationary waters with October's year-on-year figure published today expected to come in at about 2.3 per cent. Average earnings are still expected to show growth of four per cent on Wednesday, accompanied by a small rise in the overall level of unemployment.

Energis is first off the blocks today, with first-half earnings expected at around £75m. The company was spun off from National Grid and is still part-owned. Its share price is only a fraction of that seen at the height of the technology boom.

Slowing revenue growth will be countered by reduced capital spending, and eyes will be on its ability to remain cash generative.

Today will also see flat first half figures from Emap, at around £70m. The company has quit its disastrous foray into the US, although this has strengthened the balance sheet.

A quiet six months is anticipated, given the company's exposure to advertising spending through its radio stations and magazines.

Marconi will receive considerable attention and an update on its debt reduction plan will be eagerly digested. Vodafone should not spring any surprises, with first-half profits expected to be just short of £3bn.

Wednesday should also see no surprises from Cable & Wireless. Focus will be on the company's cash flow and £5bn cash pile. Whilst the latter is some degree of comfort, the company continues to burn cash and appears to have no clear strategy for how to spend its cash wisely.

In contrast, BOC will demonstrate its defensive qualities with a six per cent rise in first-half profits to £475m. Its exposure to the semi-conductor market is the only area of uncertainty.

John Pearson - divisional director

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