Business World

Friday 23 March 2018

M&S to expand as profits rise 17pc


BRITISH retailer Marks & Spencer will step up investment in its core UK business, online and overseas, it said yesterday, as new boss Marc Bolland set out his stall alongside a 17pc rise in first-half profit.

The Dutchman, enticed from grocer Morrison's in May on a £15m (€17.4m) pay deal, said he would spend an extra £850m to £900m over three years to lift revenue to between £11.5bn and £12.5bn by 2013/14, from £9.3bn last year.

Carlsberg falls as it fails to hit targets


CARLSBERG fell the most in six months yesterday after third-quarter profit missed estimates and the company said it will raise prices because of rising costs. Net income was DKK1.95bn (€261m), the Danish brewer said. Analysts had been expecting income of DKK2.15bn. Rising expenses for malt and barley may lead to higher prices and "significantly lower" earnings in eastern Europe.

Bord Gais takes Wavebob stake


BORD Gais has acquired a 20pc stake in the Irish wave farm development business, Tonn Energy. The firm was set up in 2008 as a joint venture between the Swedish power utility company, Vatenfall AB and Wavebob Ltd, the Irish wave technology company. Wavebob was established by physicist, William Dick in 1999.

Churches disclose BoI holdings


The Rector of St Brendan's Parish Church, Birr Co Offaly, holds 73,496 Bank of Ireland shares that at their highest value in 2007 were worth €1.4m but at today's price are worth €36,748. The size of its shareholding was incorrectly stated in Saturday's Irish Independent and we are happy to correct this. St Patrick's College in Carlow has asked us to point out that it purchased a substantial number of Bank of Ireland shares in the recent rights issue at the price of 50c each that it says substantially reduces its total losses as a result of the collapse in the bank's share price. The Right Reverend Walton Newcombe Empey has asked us to clarify that the Bank of Ireland shares registered in his name were held on behalf of the Diocese of Limerick.

Irish Independent

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