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Royal Mail to deliver maiden half-year figures

Royal Mail's first-half results will be revealed as coalition ministers who helped privatise it are in Commons hotseat.  Picture: PA

Royal Mail's first-half results will be revealed as coalition ministers who helped privatise it are in Commons hotseat. Picture: PA

  • by PETER RANSCOMBE
 

ROYAL Mail will deliver its maiden half-year results as a listed company on Wednesday as Business Secretary Vince Cable and business minister Michael Fallon face MPs on the Business Select Committee at Westminster.

The committee will quiz the pair on the price at which the postal service’s shares were floated. Following the appearance last week of the investment bankers who advised ministers on the sale price, MPs are likely to probe Cable over discretionary bonus payments to the advisers.

Meanwhile, UBS analysts expect weakness at Royal Mail’s parcels unit.

Today

• United States – Markit launches its “flash” United States services purchasing managers’ index (PMI), which aims to give the earliest indication of business trends in the private service sector of the world’s largest economy.

Tomorrow

• Scottish Government – First Minister Alex Salmond publishes its white paper, outlining plans to take Scotland out of the UK if he wins September’s referendum.

• Severn Trent – Half–year results from the water company come a week after it named BT Openreach boss Liv Garfield as its next chief executive, which, at 38, will make her the youngest leader in the FTSE 100.

• Topps Tiles – The retailer is tipped to return to profits growth with its full–year figures as it benefits from the pick–up in the housing market.

• Crowdfunding – Alba Innovation Centre and Edinburgh Science Triangle in Livingston holds an event asking if crowdfunding is suitable for start-ups.

Wednesday

• GDP – Economists expect confirmation that the UK’s output grew by 0.8 per cent year–on–year during the third quarter when the second reading is issued.

Thursday

• Bank of England – The Old Lady of Threadneedle Street issues her bi–annual financial stability report.

• Kingfisher – B&Q’s owner is poised to report a boost to its third–quarter results after the hot summer and unseasonably mild autumn spurred on sales of home improvement and garden products.

• Entrepreneurial Exchange – Finance Secretary John Swinney will be among those presenting prizes at the business organisation’s dinner and awards ceremony in Glasgow.

• Thanksgiving – Stock markets in the US will be closed as Americans tuck into turkey and pumpkin pie.

Friday

• Eurozone – Unemployment and inflation figures will be published, giving European Central Bank policy makers guidance for interest rates.

• Black Friday – The US gears up for its busiest shopping day of the year and a half–day for its stock markets.

 

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