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Tesco AGM set for Brexit day. Fracking approved in Yorkshire and Manu makes a mint

Picture of fracking protester
Third Energy faces a fight in Yorkshire

Tesco PLC’s (LON:TSCO) boss Dave Lewis has been lauded so far for stabilising what was a dangerously listing supermarket giant.

And twenty months into the job he is getting well paid for his efforts.

The supermarket’s annual report today showed Lewis earned £4.6mln last year including a bonus of £3mln.

His base salary rose by £500,000 to £1.25mln and his pension contribution £170,000 to £313,000.

After huge write-downs in his first year and a massive loss, Tesco has moved back into the black.

The supermarket even managed to post higher sales in the three months to February, its first quarterly rise since 2013.

Tesco’s board are pleased. Sales and operating profit targets were met almost fully it said, but on one score Lewis still has some work to do.

Tesco’s share price is still around a third lower than when he joined the company.

Institutional shareholders are becoming increasingly critical of management paying themselves well for mediocre performance.

BP, Anglo American and Smith and Nephew all had major revolts over their chief executive’s pay this year.

Curiously, and perhaps in anticipation of a similar event, the Tesco AGM is on 23 June or Brexit referendum day when presumably most people’s attention will be elsewhere.

It’s been a while since fracking was high on the list of social media comments but it was back with a bang today as approval was granted for a well in the North York Moors National Park.

Third Energy, a UK oil firm majority owned by a Barclays (LON:BARC) private equity fund, had applied for permission to conduct a fracking programme on an existing well at its Kirby Misperton field, a mature operation in Ryedale, in the Vale of Pickering, which has a long history of conventional production.

Rasik Valand, Third Energy chief executive, highlighted that the company has been producing gas “safely and discreetly” from the site for over 20 years, and it expects to maintain the same standards in the future.

Friends of the Earth, though, issued a statement following the planner’s recommendation warning Third Energy not to ‘pop’ champagne corks yet.

"The council must now listen to the thousands of residents who have objected to fracking, and the strong evidence put before them, and reject Third Energy's proposal to frack.”

Even though the football currently is strangely lacklustre, the financial performance at Manchester United (NYSE:MANU)  remains sParkling.

The Premier League giant told investors it expects to generate between £500-510mln of revenue for the full year, and forecasts earning of £178-188mln.

Third quarter results for the three months ended March 31 2016 reveal £44.9mln of earnings (adjusted EBITDA), up 76.8%, and a 29.9% rise in revenue to £123.4mln.

Manchester United were third in the list of the World’s richest clubs in a list just compiled by Forbes.

Also on the Yorkshire/football theme, Leeds United’s controversial owner Massamo Cellino may get through managers quicker than a knife goes through butter but that hasn’t stopped online casino firm 32RED (LON:TTR) backing the Yorkshire club in a hefty sponsorship deal.

32RED’s chief executive Ed War said: "We are delighted to be working with Leeds United football club, a true giant of English football with an amazing and passionate fan-base. 

Alas, it seems Cellino does not share the sentiment. Just a couple of hours after the deal was announced the controversial Italian said he would like to leave the club and wished he had never come to Elland Road.

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