Market heavyweights will again be missing from the corporate spotlight next week as some of the stock market's lesser lights prepare to update the market on trading.

Plant hire group Ashtead is expected to pass a milestone in its recovery on Thursday when it announces pre-tax profits before exceptional items of about £1m for the year to April 30, compared with losses last year of £1.8m.

This improvement will have been achieved despite a likely fall in turnover during the past year to £500m from £539.5m.

Analysts at stockbrokers Investec said the group, which was driven close to bankruptcy by the size of its debts, can look forward to rapid growth over the next few years, especially as the US plant hire market becomes stronger.

An increase of only four per cent in utilisation rates has the potential to lift Ashtead's US profits by more than 50 per cent, while a similar rise in rental rates would lift earnings by another 30 per cent.

Discount clothing retailer Matalan is expected to announce that its trading revival has continued when it reports on its first-quarter performance on Thursday.

Speculation has been rife in the City recently that Matalan might be subject to a takeover bid and it is thought chairman John Hargreaves may be willing to sell his stake.

Car dealer Reg Vardy has benefited from a favourable market for new and used vehicles this year and is expected to announce a 14 per cent rise in annual profits of £40.8m on Wednesday, from £35.8m a year ago.

Although the market for used cars appears to have peaked, fund manager Dresdner Kleinwort Wasserstein said the company would continue to grow and remained on target for 100 dealerships by the end of the year.

Defence manufacturer Chemring is expected to turn in operating profits of £7.4m on revenues of £60m when it reports on Tuesday.

Investors are hoping to hear news on the progress of the United Airlines consortium, of which Chemring is a member, in the US Department of Homeland Security initiative for commercial aircraft.

The consortium is one of three bidders whose products are being considered and a narrowing-down to two is expected in the next few months.

Broker Evolution Beeson Gregory (EBG) said the group's countermeasures business, which makes equipment that protects military aircraft, ships and land vehicles against attack, is the main driver behind its current growth.

The broker said the group's commercial marine and pyrotechnics businesses were not as impressive in terms of growth as countermeasures, but continue to generate profits and cash.

* Companies reporting results next week include:

Monday

Finals: Anglesey Mining

Tuesday

Finals: Halladale, Heiton, Northgate, Vega Group

Interims: Alphameric

Wednesday

Finals: Bespak, Broker Network Holdings, DTZ Holdings, Kleeneze, Reg Vardy

Thursday

Finals: Debt Free Direct Group, Samuel Heath & Sons

Interims: Kensington Group

Friday

No companies reporting