Chemicals and paints giant ICI is set to report a fall in profits on Thursday with 2002 expected to have been a tough year for the group.
Gerrard is predicting pre-tax profits for the year will have fallen to £400m (€612m), from £401m (€613m) last time.
Operating costs at ICI have been rising due to higher raw material costs and the company is facing a pensions shortfall.
But lower interest costs and reduced losses in associate businesses should help offset the impact.