The Week Ahead: Tesco's Clarke can expect tough questions from shareholders on Friday
Monday 23 June 2014
Tesco will hold its annual general meeting this week after what has been a difficult few months for the struggling grocer. Its shares are at a 10-year low, customers are deserting its stores and price cuts are hitting the bottom line.
The under fire chief executive Philip Clarke can expect some tough questions from shareholders on Friday about how he plans to turn the supermarket around and make them a decent return.
At last year’s meeting, the former boss Lord MacLaurin criticised Mr Clarke’s predecessor Sir Terry Leahy and, since then, Sir Terry has called Mr Clarke’s reign disappointing.
Some major shareholders have also been expressing concern to the chairman, Sir Richard Broadbent, and other non-executives.
Another company under the spotlight is Royal Bank of Scotland, the part-nationalised lender which ran into difficulties during the financial crisis. The bank hosts its annual general meeting in Edinburgh on Wednesday, which is unlikely to be as stormy as some in the past although the shareholder advisory firm Pensions and Investment Research Consultants has advised shareholders to vote against its long-term incentive plan.
The transport giant Stagecoach, whose Virgin Trains joint venture won an extension to its West Coast mainline franchise last week, is expected to report a 5 per cent rise in full-year profits to £180m on Wednesday, according to Investec.
Carphone Warehouse and Dixons Retail, the mobile phone and electronics retail giants, are expected to reveal more details of their £3.6bn merger to create Dixons Carphone when the pair post their full-year results on Thursday.
Analysts at Exane BNP Paribas expect Carphone to report earnings up from £137m a year ago to £150m, while Dixons has already said its underlying profits should be at the top of City expectations of £150m-£160m.
Strong sterling and supply chain problems are expected to weigh on the Airfix to model trains company Hornby once again when it posts full-year result on Friday. Hornby warned in April it was on course to post a £1m loss.
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Glasgow 'riots': 'Dishonest' social media users accused of fuelling panic with pictures from London riots
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...