Business

Friday 24 March 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* The company behind Energia will not be broken up after being bought by investor I Squared Capital for €1bn, its new owners have said.

I Squared Capital, which owns renewable energy and pollution control businesses in the US, India and China, is buying Viridian from Bahrain's Arcapita Group, following a lengthy auction process.

* Plastics and environmental firm One51 is eyeing an initial public offering (IPO) after its 2015 revenue beat analysts' expectations.

The company, which has Irish financier Dermot Desmond's International Investment and Underwriting among its investors, has appointed Davy and Numis as its financial advisors in the run-up to a potential IPO.

* Women are under-represented in US companies, are less likely to advance than men and face more barriers to reaching senior leadership roles, according to a new report from consultancy giant McKinsey.

The 'Women in the Workplace' study found that at the current speed, it will take more than 100 years for the upper reaches of US corporations to achieve gender parity.

The Irish Times

* The European Central Bank is analysing Irish banks for their readiness in the even of a British exit from the EU.

The analysis is being carried out as part of a cross-eurozone inspection of the health of lenders and their ability to cope with a Brexit scenario.

* Three Dalata executives were awarded €2m in their renumeration packages last year, almost double what they had received in the previous year.

The hotel firm's chief executive Pat McCann was paid €420,000 as his salary with another €420,000 being paid to him in the form of a bonus.

* Dublin food hall and wine bar Fallon and Byrne reported a 19.2pc increase in its turnover last year as the company swung to a profit in the twelve months ending June 2015.

The company recorded a pre-tax profit of €119,365 in the financial year, signally a significant change from the €166,432 of a loss it filed in 2014.

Irish Examiner

* The new owner-in-waiting of Energia, I Squared Capital, is to seek further acquisition opportunities for energy assets in Ireland.

The investment firm is in the process of completing a €1bn deal for Viridian, the company that owns both Energia and Power NI.

* Gourmet food business Fallon and Byrne, which is co-owned by former journalist Fiona McHugh, enjoyed a record year in 2015 as earnings more than doubled.

Group accounts filed by Sarzala show that revenues jumped by 19pc to €12.63m in the 12 months to the end of June 30 last.

* Investec Ireland has predicted we will see a second election in November with political stalemate posing a challenge to economic growth.

Chief economist Philip O'Sullivan believes the unemployment rate will take some time to fall due to returning emigrants that are re-joining the workforce.

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