Business Irish

Saturday 22 October 2016

What it says in the papers: business pages

Published 19/10/2016 | 06:56

Here are the main business stories from this morning's papers:

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Irish Independent

* Sterling's plunge since the UK's June Brexit vote has finally forced Ryanair to cut its full-year profit guidance, after months of warning that such a move could be on the cards.

The recent accelerated decline in the value of sterling prompted Ryanair to concede that its profit in the 12-month period that ends next March will now rise by 7pc compared to the 12pc increase it had previously pencilled in.

* UK retailer Asda - owned bay US giant Wal-Mart - funnelled £228.2m (€253.4m) of online grocery sales through its Irish unit last year.

The Irish subsidiary is used to process revenue from the sale of its groceries through all its online channels, including the website, as well as phone and tablet applications.

* It was home to hit movies and film series including 'The Tudors' and 'Braveheart' - but now Ardmore Studios has been put up for sale.

Located on 18 acres in Bray, Co Wicklow, Ardmore has played host to a string of big-budget productions.

The Irish Times

* San Diego-based Brandes Investment Partners has doubled its stake in Bulmers-maker C&C to 6pc, making it the fourth largest investor in the company.

The investment firm is owned by US billionaire Charles Brande who increased his stake in C&C from 5.1pc.

* Britain's decision to leave the European Union has prompted Irish PR firm Hume Brophy to open an office in Germany and is now eyeing up a move for an acquisition in Berlin.

The financial services-focused firm said the referendum result quickened a shift in business towards Germany.

* Wicklow-based Ardmore Studios has been put on the market as a going concern after three successful financial years for the company.

The firm said it had a healthy number of potential productions on the horizon, insisting the sale of the major Irish studio would have no effect on its day to day running.

Irish Examiner

* Irish agri-tech business BHSL has appointed former Kerry Group chief executive Denis Brosnan as its new chairman.

The firm, which has developed a system that turns poultry manure into fuel for energy generation, is also looking to raise at least €7m in new equity through a capital raise. Corporate finance firm Focus Consulting is to lead the round.

* The main Irish arm of breakfast cereal giant Kellogg last year paid zero corporation tax for the second year running as revenues topped €1.28bn.

New accounts filed by Kellogg European Trading (KET) Ltd with the Companies Office show that it recorded a 27pc jump in operating profits, from €38.7m to €49.36m, in the 12 months to the end of January 2 last.

* Shares in Ryanair rose by 2.5pc yesterday even though the airline cut its guidance off the back of the weak sterling.

The Michael O'Leary-led aviation giant said its net income for the year was due to come in at between €1.3bn and €1.35bn rather than €1.375bn and €1.425bn.

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