Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

The Week Ahead: RSA to report first-quarter results

 

Jamie Dunkley
Tuesday 05 May 2015 00:07 BST
Comments
Stephen Hester is facing a shareholder revolt at the annual meeting on Friday over a long-term share award worth three times his £950,000 basic salary
Stephen Hester is facing a shareholder revolt at the annual meeting on Friday over a long-term share award worth three times his £950,000 basic salary

The head of RSA Insurance, Stephen Hester, must be one of the few people in the City who dreads the arrival of bonus season.

Having had to turn down lucrative pay-outs while at the state-owned Royal Bank of Scotland, he is facing a shareholder revolt at the annual meeting on Friday over a long-term share award worth three times his £950,000 basic salary.

Before that, RSA will report first-quarter results which are expected to have been boosted by benign winter weather in the UK and Scandinavia.

According to Panmure Gordon, net written premiums are expected to have fallen 15 per cent to £1.68bn because of disposals.

The life insurer Legal & General is set to report first-quarter numbers tomorrow, with analysts expecting the company to have generated about £333m of cash.

Experts will be watching closely to see how far its annuity sales have fallen, following the introduction of pension reforms in April.

Away from the insurance sector, Sainsbury’s – the UK’s third biggest supermarket – follows in the footsteps of Tesco with its full-year results tomorrow. Most in the sector agree that this has been one of the toughest years for the supermarket industry and Sainsbury’s is expected to reveal a fall in sales for the first time in a decade. HSBC reckons pre-tax profits will fall 21 per cent, with margins also hit.

On the same day, the online fast fashion business and Asos wannabe Boohoo unveils its maiden full-year results since listing last year. Management will want to paint a bright future for the business after suffering a profit warning in January which has seen the shares trading at nearly half their listing value.

Thursday sees Morrison’s new chief executive, David Potts, give his first formal assessment of the task at hand when he unveils the supermarket’s first-quarter results. Less than two months since starting, the City does not expect any major strategy updates from him, although analysts will be keen to hear his initial thoughts on the struggling supermarket.

On Friday, telecoms giant BT will report full-year results, having had its £12.5bn takeover of EE rubber-stamped last week.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in