After a difficult six months, Irish Life will bring a smile to shareholders with a projected rise in interim profits of 35% to £65 million from £48 million when the State's largest life assurer reports its half-year figures on Thursday. The major part of the improvement will come from buoyant investment markets with a first-time boost from US acquisition Guaranteed Reserve.
The figures will also take account of a number of exceptional provisions including the costs associated with settling the protracted strike at the group's Irish operation and the planned closure of its loss-making French subsidiary, XAAR.
First National Building Society: Interim results from Ireland's largest remaining building society on Wednesday are likely to be overshadowed by news of its impending demutualisation. Sources say the board has finally decided to make the jump to a public listing, valuing the group at up to £400 million. Members will be asked to vote on the proposal, with a recommendation from the board that it be approved.
The interim figures themselves should make upbeat reading, with continuing strong growth in the mortgage market here, albeit with tight margins, and a welcome contribution from its British interests where the housing market is picking up once more.
Tesco: Tomorrow's half-time figures from British supermarket star Tesco, which recently bought the Quinnsworth/Stewarts/Crazy Prices chain in Ireland, should put further pressure on its sector rivals.
With last week's announcement of a speed-up in the store opening programme and its first step in rationalising its Irish business with the sale of its Lifestyle subsidiary, the group is expected to show further evidence that its market share is consolidating.
Consensus estimates put the pre-tax profits in the £350 million sterling area, compared with £326 million at the same stage last year. The impact of the group's Irish investment should begin to show through in the next half.
Monday
Results: City Technology, Dalgety, European Leisure, Inchcape (H1).
A.G.M.: Dunloe House (also e.g.m.), Pan Andean Resources.
Others: An Bord Bia annual report; CERT presents new marketing programme for hotels.
Tuesday
Results: Acorn Group (H1), WM Baird (H1), Britannia (H1), Delta (H1), Dorling Kindersley Holdings, DRS Data & Research (H1), Hays, John Mowlem (H1), Premier Oil (H1), Rexam (H1), Taylor Woodrow (H1), Tesco (H1).
A.G.M.: IWP International, Worthington Group.
Meetings: Don Tidey addresses Dublin Chamber of Commerce lunch.
Indicators: Irish non-EU trade (Jul); British PSBR (Aug); US consumer prices (Aug) and industrial production (Jul); German repo rate; Italian producer prices (Jul).
Others: Bank of England releases minutes on last monetary meeting; Shannon Development annual report; SFA announces details of Enterprise Ireland.
Wednesday
Results: BG (Q2), Bowthorpe (H1), Britannic Assurance (H1), First National Building Society, Gallaher Group (H1), Hardy Oil & Gas (H1), Kingfisher (H1), John Laing (H1), Bernard Matthews (H1), Next (H1), Savoy Hotel (H1), Trinity Interna- tional (H1).
A.G.M.: ASDA Group, Courts, ITG, Somerfield.
Meetings: German Irish Chamber lunch (Shelbourne Hotel, Dublin).
Indicators: British retail sales (Aug), unemployment (Aug) and average earnings (Jul); US housing starts (Aug) and import/export prices (Aug).
Others: Rhone Poulenc Agriculture Ireland launch.
Thursday
Results: Albright & Wilson (H1), Irish Life (H1), Kwik-Fit (H1), Alfred McAlpine (H1), WM Morrison (H1), P&O (H1), RMC Group (H1), Servisair (H1), SunLife & Provincial (H1), Wickes (H1).
A.G.M.: African Gold, Christie Group, Shield Diagnostics.
Meetings: Bundesbank policy committee; IALPA conference on Irish aviation policy (Gresham Hotel, Dublin).
Indicators: British building society net mortgage applications (Aug), M4 data (Aug) and CBI trends survey (Sep); US international trade (Jul) and Philadelphia Federal Survey (Sep); German IFO survey (Sep); Italian industrial production (Jul).
Others:
Friday
Results: Allied Leisure, Liberty (H1), Jardine Matheson (H1), Jardine Strategic (H1).
A.G.M.: Aim Group, Kala mazoo Computer.
Meetings: G7 meeting.
Indicators: German M3 data (Aug).
