Your Business Week: the major events coming up
Irish inflation, Aryzta’s agm, One51 egm and Brexit and the Border
Irish inflation figures are due on Friday
Indicators: Euro zone PPI (Oct); UK construction PMI (Nov).
Meetings: Agri-food conference: “Food Wise: Challenge, Ambition, Opportunity” (Croke Park, Dublin 3).
Indicators: Irish services PMI (Nov), industrial production (Sep), unemployment (Nov), Nevin Institute quarterly economic outlook; Euro zone services and composite PMI (Nov), retail sales (Oct); UK car sales (Nov), services PMI (Nov); German services and composite PMI (Nov); US exports and imports (Oct), composite and services PMI (Nov).
Meetings: GDPR Summit (Croke Park, Dublin 3); InterTradeIreland event on Practical Steps to Navigate Brexit (Croke Park, Dublin 3).
Brexit and the Border
Whatever decision is ultimately arrived at for the future of the Northern Ireland border, what is already certain is that businesses are going to have to be fully prepared for every eventuality.
These are worrying times for cross border and Anglo-Irish trade. Diplomatic proceedings are now in place with Dublin, London and Brussels eager to find a path on the fate of the border with a summit on the issue later this month. Securing the free movement of goods is considered a major challenge.
On Tuesday, InterTradeIreland, the cross-border trade body, is hosting a major event focused on exactly such issues and what businesses may be in for.
It is pitched to SMEs in particular, across all sectors; the professional advisory community and industry stakeholder and representative groups.
Up for discussion, and guidance, are practical advice on Brexit-related rules of origin, tariffs and non-tariff barriers, and movement of people.
There will be information on the Brexit Advisory Service and tailored workshops from experts.
Indicators: Irish consumer confidence (Nov); Euro zone retail PMI (Nov); German factory orders (Oct), construction PMI (Nov); US employment change (Nov).
Meetings: One51 EGM (Westbury, Grafton Street, Dublin 2); ECB non monetary-policy meeting; Food Science and Technology Conference (Teagasc Research Centre, Scribblestown, Dublin 15); Medtech Rising 2017 (Radisson Blu, Galway).
Results: DS Smith, Dell Technologies
Indicators: Euro zone GDP (Q3); UK house price index (Nov); German industrial production (Oct).
Aryzta’s ongoing issues
Aryzta’s annual general meeting on Thursday is a highlight of the weekly business schedule given the company’s ongoing problems.
The Swiss-Irish baked goods firm has undergone numerous profit warnings and negative earnings reports centred on its US business and the storm has seen off chief executive Owen Killian and chief financial officer Patrick McEniff.
Last month there was another reported drop in quarterly revenue although like-for-like sales, excluding the Cloverhill plant in the US, rose for the first time in over three years. On that note, shares climbed by over 4 per cent.
Trouble hit the company’s Cloverhill plant following a decision to begin shipping pastry products directly to retailers, putting Aryzta in direct competition with customers and prompting the termination of a number of contracts.
In a note, Goodbody said Aryzta’s “best current estimate” is for FY18 EBITDA (earnings before interest, tax, depreciation, and amortisation) to be broadly in line with FY17.
Goodbody has forecast €410 million for FY18 compared to €420m achieved the previous year.
“While there are some early signs of encouragement, we are unlikely to change our FY18 forecasts at this early juncture,” it said.
Davy, meanwhile, said it could envisage no material change to its FY2018 EBITDA forecast of €397 million.
Results: Berkeley Group
Indicators: Irish inflation (Nov), GDP (Q3), construction output (Q3), current account (Q3), new cars (Nov); UK industrial and manufacturing production (Oct), construction output (Oct); German exports and imports (Oct); US unemployment (Nov).
Meetings: Associated British Foods AGM (London).