Top stories in the papers this week 20 – 27 February 2011
Profits down at Topaz despite 19% rise in turnover; Inflation figures show retailers 'are offering great value'; Minister McGinley announces grant for Largo
Print27 February 2012
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1. Profits down at Topaz despite 19% rise in turnover
Profits at Topaz declined last year, in spite of a rise in turnover of 19% stemming from rising global oil prices. Topaz Energy Group Ltd reported earnings before interest, tax, depreciation and amortisation of €35.9 million in the year to the end of March 2011, down 7% on the previous 12 months. The Irish Times reports this result occurred against a backdrop of a 9% fall in fuel volumes in the sector during the recession-struck period.
2. Inflation figures show retailers ‘are offering great value’
Retail Ireland has said that the new inflation figures show retailers are keeping prices low and offering consumers great value. The Evening Echo reports the figures show falls in the price of food and non-alcoholic beverages, clothing and footwear and furnishings and household items during the January sales period. Retail Ireland Director Stephen Lynam, said that “compared with the same month last year, goods price inflation is very low at 0.7%”.
3. Minister McGinley announces grant for Largo
The government has committed grant assistance worth €579,564 to Gaoth Dobhair based Largo Food Exports Ltd. The Donegal Democrat reports funds will be used to update equipment and R&D into new products to be produced in Gaoth Dobhair for the Irish and British markets. Largo will also invest over €2.3 million into the Gaoth Dobhair operation this year for the same initiatives, bringing the total investment to more than €2.9 million.
4. Buoyant Kerry posts sparkling results as investors rewarded
The Kerry Group has reported pre-tax profits for 2011 of €449.1m, up nearly 11% on 2010 and ahead of market forecasts. Revenue, at €5.3bn, was 6.4% better than the previous year. The Irish Independent reports the vast majority of Kerry’s profits came from its ingredients and flavours arm, where trading profit surged nearly 10% to €439m. In contrast, the consumer foods sector saw trading profit only increasing 1% to €130m.
Also:
City centre rates set to double (Irish Times)
Fairtrade sales increase by 12% (Newsletter)
Work experience scheme in disarray as Tesco and other retailers change tack (Guardian)
New trends reflected in CSO basket of goods (Irish Times)
Merchants and retailers urged to address low price of potatoes (Irish Examiner)
Tesco may be among bidders for Hi-Mart stake (Irish Times)
Wal-Mart profit falls amid US price wars (RTE News)
Alcohol and the Irish – Why can we not drink responsibly? (Irish Examiner)
Associated British Foods drops nearly 2% on signs of Primark slowdown, as FTSE falters (Guardian)
Former M&S boss defends work experience scheme (Guardian)
Unilever and Reckitt fall on growth worries, while FTSE ends week with a whimper (Guardian)
Supermarkets have been blighting our land and lives for too long (Guardian)
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