Child wizard Harry Potter will have the chance to work his magic on the London market next week as Bloomsbury - publisher of the JK Rowling novels - is one of just a handful of high-profile companies due to publish results.

It has put investors on standby for profits of at least £20 million so the debate in the City is focused on whether it can beat that benchmark and by how much.

A consensus of six analysts suggests that Bloomsbury will report pretax profits of £20.2 million tomorrow compared with £16.4 million a year earlier.

The past year was dominated by Harry Potter & The Half-Blood Prince which beat sales expectations and heightened interest in the earlier novels.

But don't expect much wizardry from Midlandsbased BMI.

BMI will have to defend its recent performance tomorrow as annual results are expected to show a sharp drop in passenger numbers at Britain's second largest full-service airline.

New chief executive Nigel Turner is expected to put the fall down to a different strategy, which has seen BMI run smaller planes, cut out uneconomic services and concentrate on more business traffic.

The plan is designed to boost profitability, although there will be concerns that the impact of stiff competition from rival low-cost airlines, train operators and European flag carriers has hit BMI - chairman Sir Michael Bishop has a controlling stake of just over 50 per cent.

A report last week said routes between London and Scotland suffered the most dramatic slump in usage with passenger numbers on Glasgow flights down by 24 per cent to 37,352 while travellers on Edinburgh flights fell by 17 per cent to 44,760.

Jewellery retailer Signet guided the market to pretax profits of between £193 million and £199 million when the busy Christmas season finished, revealing a contrasting picture of trading at its operations in the United States and its H Samuel and Ernest Jones brands in the UK.

Signet, which made profits of £203.9 million a year earlier, has suffered due to the downturn in domestic consumer confidence.

But continued growth in the US should ensure the company makes progress.

Signet will release its annual results on Wednesday.

Housebuilder Bellway focused on its forward sales position when the property market began to slow down and analysts believe this has stood it in good stead.

The company is also strong in the provision of housing association land which provided a cushion against a dip in demand from private buyers. Bellway has seen its shares rise 13 per cent since the turn of the year, although question marks remain over whether this is a temporary uplift in sentiment or a long-term trend.

Some recent surveys have suggested the resurgent housing market has now gone off the boil.

Shore Capital analyst Jon Bell predicted that Bellway would report half-year profits of £91.2 million tomorrow -broadly flat on the £91.7 million that it banked a year earlier. ..SUPL: