Tuesday 17 October 2017

Zamano won't panic after assets plunge

THE chairman of Irish mobile services provider Zamano has told shareholders that it doesn't need to take any fresh measures to bolster its finances after its net assets fell to less than half that of its share capital.

Chairman Mike Watson said the company's directors remain confident that a "degree of stability" has been achieved. Sales at the company fell 37pc last year to €15.8m racking up €13.4m in losses, compared to a €1.05m profit a year earlier.

Lynch steps down as Merrion CEO

MERRION Pharmaceuticals chief executive John Lynch has told the board of the company that he intends to resign his position to pursue other business interests. The board of Merrion said that it has appointed Jonathan O'Connell as chief executive to replace Mr Lynch. Mr O'Connell has served as chief financial officer at the company since 2005 and will continue to serve that role alongside his new responsibilities.

Trading ripe for rise in supplier earnings

TOTAL Produce is on target to record adjusted earnings per share in the range of 6.5c to 7.5c this year. In a trading statement, the group said that it is in a "strong financial position and continues to pursue attractive acquisition opportunities." In March, the fruit and vegetable distributor reported a 7pc increase in revenues for the year ending December 2010; with pre-tax profits rising to €33.6m for the year, from €28.4m the same time last year.

IFG pleased with good start to 2011

FINANCIAL services group IFG said that it has seen a good start to the year and is pleased with trading for the first four months of 2011. In an interim management statement, the company said that general market conditions remain challenging as the fallout from the global economic and financial crisis continues. In Ireland, its corporate pensions and individual advisory business performed well but it added that the general brokering business continues to operate in a difficult environment due to a lack of capital and deals. Its international business segment, which provides trust and corporate services, performed well in the first four months of April.

Irish Independent

Also in Business