Results from Greencore due and Kenmare egm on dividend payment

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

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).