Sunday 15 December 2019

What it says in the papers: business pages

Michael Cogley

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

Irish Independent

* Ministers Michael Noonan and Brendan Howlin have credited part of the country's economic recovery to their good working and personal relationship.

As they unveiled what Mr Howlin described as "truly remarkable" tax figures for 2015, the two ministers in the Department of Finance and the Department of Public Expenditure and Reform made a political pitch - praising each other for their five years working in partnership.

The State collected €3.3bn more than expected in tax last year, leading to expectations of a balanced Budget in 2017 - a year earlier than predicted.

* NAMA and the Central Bank are to co-fund the development of a commercial property statistical system to provide a comprehensive database on what's going on in the sector.

The initiative will be developed and maintained by the Central Statistics Office (CSO), but won't be up and running until 2018.

It will include prices and give a database of sales and lease transactions.

* Ryanair, Paddy Power Betfair, and hotel group Dalata are among the top stock picks for 2016 at Davy Stockbrokers.

It said that CRH and Independent News & Media (INM) are also among its favourites for the year.

Davy said that it believes European equity markets should deliver returns in line with the current 8pc earnings growth forecast for the region.

The Irish Times

* Budgetary gains made over the last year will pave the way for early state capital investment by the next government.

Last year's budget showed an enormous change in fortunes with a deficit of just €62m, down significantly on 2014's deficit of €8.2bn.

Exchequer returns for 2015 displayed the significant gains through a big rise in tax receipts as well as one-off returns from AIB and Permanent TSB.

* Enterprise Ireland is considering revising its target for the end of this year. The state body had previously set out to create 40,000 jobs between 2014 and 2016.

However the body's chief executive, Julie Sinnamon, has said that the board is in the process of revising this year's annual target of 14,300 jobs based on strong economic recovery.

Ms Sinnamon said that every single sector in the country is growing jobs as well as each region across the country.

* Dunnes Stores has streamlined its corporate structure by centralising its previously different owners through a single company.

A report in The Irish Times says that the move could make it easier for Dunnes to separate its business along geographic lines in future if the family behind it were ever to sell.

Last month the firm merged at  least 16 different parts of its corporate structure into a single entity, Dunnes Stores Ireland (DSIC). DSIC had been previously tipped as an important part of the business but had never held all 115 stores.

Irish Examiner

* Dublin-headquartered DIY firm, Grafton Group, has completed its fifth acquisition in 12 months.

The company acquired London-based timber company, T Brewer, in what is seen as a bolt-on deal that adds to its £100m spent on investments over the last year.

The deal follows on from Grafton's €94m acquisition of Dutch company, Isero, in October.

* M&J Gleeson, the Tipperary drinks group, announced a return to profit in 2014 after revenues in the firm grew to €234m.

In 2013, M&J Gleeson, was bought over by C&C Group, the company that makes Bulmers, for €12.4m.

Annual pre-tax profits at M&J at the end of February 2014 were €3.26m.

* Cork's Custom House is set to be put on the market after The Port of Cork continues to relocate its operations to Ringsaskiddy.

The guide price for the property is believed to be set in the region of €6m however, with the demand of its surrounding docklands area, it is likely to go for more.

According to a report in the Examiner, sources say that the eventual price the property could go for could be in the region of €10m.

Online Editors

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