Two of Ireland's largest and most aggressive agribusiness groups - Avonmore Waterford and Kerry - hold their annual meetings tomorrow. For Avonmore Waterford, it will be the first a.g.m. since the complicated merger the two companies after results which were dominated by exceptional charges associated with the merger and a subsequent and ongoing restructuring. Shareholders will be looking for indications that the group is indeed on the path to substantial profits in the relatively short term.
For Kerry shareholders, the story of recent years has been one of almost unremitting success in absorbing sizeable acquisitions, particularly in the food ingredients sector. Following the recent takeover of Dalgety and the subsequent sale of the Spillers end of the business, the group's latest move to acquire the food ingredients business of Burns Philips will further cheer shareholders. There should be little in the way of surprises at the meeting, following the e.g.m. on the Dalgety deal in mid-March.
Monday
Results: Irish Film Board.
A.G.M.: Bula Resources (Holdings) (e.g.m.), Navan (plus e.g.m.), Siemens-ATD.
Meetings: EU foreign ministers meet (Brussels to Tues); EU farm ministers meet (Brussels to Tues); Ms Moya Doherty addresses the Irish Permanent Women in Business seminar; Citibank chief financial economist conducts seminar on "USA and the Euro" (Herbert Park Hotel, Dublin).
Indicators: Irish agricultural price indices (Mar) and non-EU trade (Mar); German producer prices (Apr) and export/import prices (Apr).
Others: British and US markets closed for public holidays; Irish Tourist Industry Confederation study on "Strategy for Growth Beyond 2000" published (Great Southern Hotel, Dublin Airport).
Tuesday
Results: BAA, Belhaven Brewery Group, City of London PR, Coillte, Eldridge Pope & Co (H1), Hill Hire, Julius Tallberg (Q1), McLeod Russel Holdings (H1), CA Sperati (H1), Thyssen AG (H1), Unidare (H1).
A.G.M.: Avonmore Waterford, Guinness Peat Group, Kerry Group, Lafarge, MacFarlane, Stagecoach (e.g.m.).
Indicators: Irish quarterly national household survey (Sep-Nov 1997); US consumer confidence (May) and existing homes sales (Apr); French consumer price index (Apr) and housing starts (Apr).
Wednesday
Results: Aer Rianta, Airtours (H1), Allders (H1), Anglian Water, British Airways, EMI Group, Energis, Fortis (Q1), Shares Income, Thorn.
A.G.M.: Clinton Cards, Daimler-Benz, Fortis, Gallaher Group, Hall Engineering, Independent Newspapers, Kingfisher, Sanyo Electric.
Meetings: Institute of Certified Public Accountants in Ireland national conference (Citywest Hotel and Country Club, Dublin).
Indicators: Japanese industrial production (Apr) and retail sales (Apr); French trade balance (Mar); German CPI (May).
Thursday
Results: ING (Q1), Lazard Select It, Mid Kent Holdings, Pillar Property, PWS Holdings (H1), J Smart Contractors (H1), South West Water, Stakis (H1), United Utilities (H1), Wyndeham Press Group.
A.G.M.: Arnotts, Christies International, Kingspan, Moss Bros Group, Nestle, Rolls-Royce.
Meetings: Conference on the operational impact of European economic and monetary union (Davenport Hotel, Dublin to Fri); Bundesbank council meeting; Bank of France monetary policy council meeting; Seminar on "Challenges for the Irish Food Sector in the 21st Century (Alexander Hotel, Dublin); Institute of Internal Auditors annual meeting discusses fraud examination (Mespil Hotel, Dublin).
Indicators: Irish balance of international payments (Q4 and 1997); US price index (Q1), GDP (Q1), implicit deflation (Q1), durable goods orders (Apr); Japanese leading indicators (Mar).
Others: Denmark holds referendum on revisions to the Amsterdam Treaty.
Friday
Results: Bristol Water Holdings, Fuller Smith & Tuner, Kelsey Industries (H1), RCO Holdings (H1), VA Stahl, Yorkshire Water.
A.G.M.: Commerzbank, Grosvenor Inns (e.g.m.), Hepworth, HSBC Holdings, Ivernia West, McInerney Holdings, Seafield, Trafford Park Estates (e.g.m.), Ulster TV.
Meetings: Institute of European Affairs conference on the euro and the dollar.
Indicators: Irish retail sales index (Mar); British trade data (Mar and Apr); US personal income/ spending (Apr), Chicago purchasing managers' index (May) and Michigan Sentiment Survey (May); Japanese consumer prices (Apr and May) and unemployment (Apr).
Others: Marks & Spencer Young Enterprise Company of the Year awards
