Results from Greencore due and Kenmare egm on dividend payment

Your business this week: ECB meeting, Irish unemployment figures, consumer confidence

Patrick Coveney, CEO, Greencore. The company’s results are due on  Tuesday.

Patrick Coveney, CEO, Greencore. The company’s results are due on Tuesday.

a
 

Monday

Indicators: Irish manufacturing PMI (Nov); Euro zone manufacturing PMI (Nov); UK manufacturing PMI (Nov); German manufacturing PMI (Nov); US manufacturing PMI (Nov), construction spending (Oct).

Tuesday

Results: Greencore, Hewlett Packard Enterprise.

Indicators: Irish unemployment (Nov); Euro zone PPI (Oct); UK construction PMI (Nov).

Meetings: Investment & Pensions Europe Conference and Awards (Convention Centre Dublin); XAI: Can Artificial Intelligence be Made Intelligible talk by David Gunning of the US Dept of Defence (Institute for International and European Affairs (North Great Georges Street, Dublin 1).

Greencore results

On Tuesday, Greencore reveals its full year results, not long after it emerged chief executive Patrick Coveney was set to receive almost €3 million following the sale of the company’s US business.

The food producer last month completed the disposal of its entire American operation to rival Hearthside for €863 million.

Shareholders who approved the deal were to receive a 72 pence sterling special dividend, amounting to €509 million, from the proceeds.

Given that he owns just over 3.61 million shares of his own, Mr Coveney stood to reap a £2.6 million (€2.94 million) dividend payment.

In a note to investors last October, Davy described Greencore’s exit from the US business as “surprising” and that reverting to a simpler UK-centric business would bring lower growth but higher returns on capital.

At that time, Greencore had reiterated its guidance of adjusted EPS of 14.7 to 15.7p for FY 2018.

Although producing brands such as Sutherland Deli sandwiches, the company’s primary focus is on chilled and frozen food ultimately sold under supermarkets’ own-brand labels.

Meanwhile, Associated British Foods (ABF) is to hold its AGM in London on Friday. It warned early last month that the global price of sugar was set to have an adverse effect on profits.

Wednesday

Indicators: Irish services PMI (Nov), industrial production (Oct); Euro zone composite and services PMI (Nov), retail sales (Oct); German composite and services PMI (Nov); UK services PMI (Nov), new car sales (Nov); US composite and services PMI (Nov).

Meetings: Kenmare Resources egm (Conrad Dublin, Earlsfort Terrace, Dublin 2); ECB non-monetary policy meeting; Medtech Rising conference (Rochestown Park Hotel, Cork); Irish Construction Law Conference (Royal Marine Hotel, Dun Laoghaire, Dublin).

Dividend at Kenmare

In what has been described as a watershed moment for the Dublin and London listed mining company, Kenmare Resources will hope to clear the way for its first dividend payment at an egm on Wednesday.

The operator of the Moma Titanium Minerals Mine in northern Mozambique said dividends would be based on a minimum of 20 per cent of profits after tax.

In an October trading update, it said ore mined in the third quarter increased by 8 per cent to 8.4 million tonnes, benefitting from increased supplementary dry mining. Total shipments of finished products decreased by 5 per cent in line with previous guidance.

In order to be in a position to pay the dividend, Kenmare shareholders have been told they must first approve the elimination of historic losses by reduction of its capital, in line with company law.

The group carries an accumulated deficit on its balance sheet of $185.2 million as of last June. A reduction of capital to eliminate historic losses requires the approval of shareholders at the EGM.

Thursday

Results: DS Smith.

Indicators: German factory orders (Oct), construction PMI (Nov); US exports and imports (Oct), factory orders (Oct).

Meetings: ECB general council meeting.

Friday

Results: Berkeley Group.

Indicators: Irish consumer confidence (Nov), construction output (Q3); Euro zone employment change (Q3), GDP (Q3); UK house price index (Nov), consumer inflation expectations (Q4); German industrial production (Oct); US non-farm payrolls and unemployment (Nov).

Meetings: Green REIT AGM (Merrion Hotel, Upper Merrion Street, Dublin 2); Associated British Foods AGM (London).

a
The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.