Friday 17 November 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

* Shares in recently-merged betting giant Paddy Power Betfair fell by almost 4pc yesterday as punters took home a £20m (€25.25m) net profit from a disastrous Cheltenham racing festival for the firm.

In the company's maiden quarterly update since its merger in February, sportsbook stakes at Paddy Power Betfair increased by 21pc to £2.29bn (€2.89bn) in the first three months of the year.

* The collapse of the sale of the PwC Building on Dublin's north docks has resulted in anger and recrimination, with Nama said to have overreached for the sale.

The office block at One Spencer Dock - the biggest stand alone block in the city - went on the market last year for close to €240m. The sale was being carried out on the instructions of Nama.

* It's an uninhabited granite rock in the North Atlantic, but Rockall may be part of a new dispute over who governs it after the British Government handed out a grant to explore for oil around the islet.

Ireland, the UK, Denmark and Iceland all have claims over Rockall, which is about 270 miles off the Donegal coast.

The Irish Times

* Tax collection is close to €500m greater than its target this year as unemployment in the country fell from 8.6pc to 8.4pc in April.

However, according to a report in The Irish Time, a VAT shortfall may cause some concern form the incoming Government.

* An Australian investment firm has pulled out of running to purchase the Mater Private hospital group, which was advertised for sale last year with a guide price of €500m.

AMP Capital joins German healthcare firm Fresenius in pulling out of the race for the hospital group.

* Pretax profits at Lakeland Dairies increased by 10pc last year to €12.8m despite a downturn in its global marketplace.

Lakeland, which recently acquired Fane Valley's dairy business, reported a fall in its revenues. The co-op posted revenue for the year of €588.5m, down from the €625m the company posted in 2015.

Irish Examiner

* Revenue commissions have forgone €1.3bn in taxes over the last five years according to new figures.

According to a report in the Irish Examiner the revenue deemed the vast majority of the 700,000 cases as uneconomic to pursue as they sums involved were up to €100.

* Profits at Zandoo Productions, the company owned b model-turned-food writer Rosanna Davison saw a marginal decline last year.

The company posted accumlated profits of €65,785 in the 12 months to the end of March. Down from €75,464 in 2014.

* Shares in recently-merged Paddy Power Betfair fell by nearly as much as 4pc on Wednesday after the company posted its first quarterly results since it merged.

Adverse sports results affected the company's results, including a €20m hit from the Cheltenham racing festival.

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