Friday 30 September 2016

Business week in 60 seconds: Slow start for UTV Ireland sees revenue forecast cut

Published 17/05/2015 | 02:30

KREMLIN: Russia’s economy contracted in the first three months of 2015 due to low oil prices, weak spending and sanctions from the West. It shrank by 1.9pc between January and March compared to the previous year, said the Russian statistics agency. That compares to annual growth of 0.4pc in the previous quarter. The European Bank for Reconstruction and Development expects the economy to contract by 4.5pc in 2015 and 1.8pc in 2016
KREMLIN: Russia’s economy contracted in the first three months of 2015 due to low oil prices, weak spending and sanctions from the West. It shrank by 1.9pc between January and March compared to the previous year, said the Russian statistics agency. That compares to annual growth of 0.4pc in the previous quarter. The European Bank for Reconstruction and Development expects the economy to contract by 4.5pc in 2015 and 1.8pc in 2016

UTV Media, the parent company of fledgling television station UTV Ireland, has trimmed its 2015 revenue forecast for the station by €3.5m.

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It now expects the station to lose €12m this year.

"It is still very early in the life of UTV Ireland and there is considerable volatility in its performance. Given that volatility we think it would be appropriate to reduce our revenue forecasts for 2015," the company said in an interim management statement.

UTV said the new station has been hurt in part by delayed negotiations with advertisers and slower than expected audience build.

KBC Ireland turns a profit in first three months of 2015

KBC Bank's Irish arm made a profit after tax of more than €16m for the first three months of the year - the first profits since 2010.

Wim Verbraeken, who took over as head of KBC Ireland in 2013, said he was "very happy with the result".

A sale of the bank's Irish arm has previously been mooted by KBC Group chief executive Johan Thijs.

A KBC spokesperson told the Sunday Independent that the bank's "primary focus is returning to profitability, building the brand with new and innovative products and growing into a strong retail player offering compelling value to customers in Ireland" - indicating that a sale could still be on the cards.

Tesco tops the charts again in supermarket battle

Tesco elbowed itself back into joint first place in the supermarket wars. The UK giant and Supervalu now hold 25pc each of the Irish grocery market, according to the latest Kantar Worldpanel figures.

Tesco slipped to second for the first time in over 10 years earlier this year.

But it was Dunnes Stores that posted the strongest sales growth among the big retailers.

Its market share rose from 21.5pc to 22pc in the 12 weeks to April 26, despite continuing controversy over industrial action by employees.

KBC Ireland turns a profit in first three months of 2015

KBC Bank’s Irish arm made a profit after tax of more than €16m for the first three months of the year — the first profits since 2010.

Wim Verbraeken, who took over as head of KBC Ireland in 2013, said he was “very happy with the result”.

A sale of the bank’s Irish arm has previously been mooted by KBC Group chief executive Johan Thijs.

A KBC spokesperson told the Sunday Independent that the bank’s “primary focus is returning to profitability, building the brand with new and innovative products and growing into a strong retail player offering compelling value to customers in Ireland” — indicating that a sale could still be on the cards.

Bumper payday for members of Glanbia co-operative

Members of the Glanbia co-op are in line for an average payout of more than €15,000 after voting in favour of a share sale and distribution package.

The Irish Independent reported that the sums received could vary from a couple of hundred euro to retired farmers to over €150,000 for larger shareholders.

On Tuesday, Glanbia reported a 10.5pc revenue increase for the three months to April 4 off the back of a strong dollar.

The company said it could see earnings grow by up to 20pc in this financial year if the dollar remains at its current level versus the euro.

Value of exports reaches highest level in 13 years

The value of Irish exports surged by more than a fifth in March to reach its highest level in 13 years — €9.1bn.

A rebound in medical and pharmaceutical exports helped drive the figures, along with the weaker euro.

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