Ryanair holds its agm on Thursday but journalists are banned from attending

Your Business This Week: all the results, indicators and meetings

Ryanair Holdings’s agm will be held at CityNorth Hotel, Gormanston, Co Meath, on Thursday. If there is one sure-fire way to create media interest in an agm, it is to ban journalists. Photograph: Andrew Yates/Reuters

Ryanair Holdings’s agm will be held at CityNorth Hotel, Gormanston, Co Meath, on Thursday. If there is one sure-fire way to create media interest in an agm, it is to ban journalists. Photograph: Andrew Yates/Reuters

 

MONDAY

Results: FedEx.

Indicators: Euro zone inflation (Aug).

Meetings: We Are Cork business event on promoting the city (Nano Nagle Centre, Douglas Street, Cork).

TUESDAY

Results: Green Reit, Keywords Studios, VR Education Holdings.

Indicators: US housing market index (Sep).

Meetings: ISO Ireland event (International Organisation for Standardisation) looking at qualifications for businesses (Croke Park Conference Centre, Dublin 3).

Other: Adare Human Resource Management publishes its 2018 HR Barometer; National Ploughing Championships, Screggan, Tullamore, Co Offaly.

WEDNESDAY

Results: Kingfisher, Naturex, Greencoat Renewables.

Indicators: Euro zone construction output (Jul); UK inflation (Aug), PPI output and input (Aug), retail price index (Aug).

Meetings: Retail Excellence eCommerce Conference (Crowne Plaza Hotel, Blanchardstown, Dublin 15); Bridge Network Invention of the Year Awards (University College Cork).

Other: National Ploughing Championships, Screggan, Tullamore, Co Offaly.

Greencoat interims

Greencoat Renewables releases interim results on Wednesday not long after securing its largest transaction to date with the acquisition of four onshore wind farms from Irish forestry company Coillte.

Davy noted the move could translate into the type of tangible growth promised at the time of its 2017 IPO. The Dublin-listed energy company now has nine assets totalling 299 megawatts.

“Enlarged cash flows should underpin this pay-out further and also lead to an increase in the fund’s net asset value over time,” Davy said.

Goodbody, assuming steady electricity generation and average load factors of 32 per cent, forecasts first half income and gains of €16.9 million.

“Looking ahead, we maintain the view that a strong balance sheet, local knowledge of the asset base and established relationships across the Irish wind farm sector position Greencoat favourably to originate and execute on further deal flow,” it said.

Greencoat’s bid for the Coilte wind farms topped the €125 million target the State body set when it put its stake on the market last March.

The company will buy Coillte’s 50 per cent stakes in wind farms at Raheenleagh, Co Wicklow; Cloosh Valley, Co Galway; Castlepool, Co Cork; and 25 per cent of Sliabh Bawn wind farm in Co Roscommon.

THURSDAY

Results: Providence Resources

Indicators: Euro-zone consumer confidence flash (Sep); UK retail sales (Aug).

Meetings: Ryanair Holdings agm (CityNorth Hotel, Gormanston, Co Meath); PwC/Irish Times Tax Summit (Intercontinental Hotel, Ballsbridge, Dublin 4); Secure Computing Forum on cyber security (Aviva Stadium, Dublin 4); Ireland 2030: The Future of our Energy Economy (Westbury Hotel, Dublin 2); European pensions conference (NUI Galway); Ibec president’s dinner (RDS, Dublin 4); IAPF conference on the future of DC pensions (IAA Conference Centre).

Other: National Ploughing Championships, Screggan,Tullamore, Co Offaly.

Ryanair bans media

If there is one sure-fire way to create media interest in an agm, it is to ban journalists from attending. That is the approach of Ryanair, which has excluded press coverage of its meeting on Thursday following a particularly troublesome year involving a roster fiasco that led to a slew of cancelled flights and a period of learning to work with trade unions.

The decision to block media access is surprising. Aside from being a wholly unorthodox move for any publicly listed company, the airline has arguably built its brand partly on the back of opportunistic media exploitation.

But the sands have shifted in recent times and there is a sense of stress at the airline that may come to the fore on Thursday. Its recent acceptance of trade union representation has led in recent weeks to a number of pilot strikes (most recently in Germany).

Ryanair has said the move to ban media was taken so shareholders could discuss matters freely “without these discussions being distorted for PR purposes”.

But there are other irritations for the company too. Investor adviser Pension & Investment Research Consultancy (Pirc) has recommended shareholders vote against re-electing Michael O’Leary while it joins others, such as ISS and Glass Lewis, in opposing the re-elections of chairman David Bonderman and non-executive director Kyran McLaughlin.

FRIDAY

Results: Mainstay Medical.

Indicators: Irish wholesale prices (Aug); Euro-zone composite, manufacturing and services PMI flash (Sep); UK public sector net borrowing (Aug), industrial trends orders (Sep); German composite, manufacturing and services PMI flash (Sep); US composite, manufacturing and services PMI flash (Sep).

Meetings: Mainstay Medical agm (McCann FitzGerald, Sir John Rogerson’s Quay, Dublin 2); Fusion Antibodies agm (Wellington Park Hotel, Belfast); Ricoh Ireland seminar to launch report on how organisations can increase workplace productivity (Gibson Hotel, Point Square, Dublin 1).

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