Dell reports best ever quarter - Dell, the computer company which employs around 4,000 people in Ireland, has recorded an 18% increase in sales in the third quarter to $12.5 billion. Net income for the period ended October 31 was $846m up around 25% on the same period last year. The company is describing the quarter as the best in its history.
Dell's European president Paul Bell says the company gained a 'solid' amount of market share in almost all of the countries in which it operates and increased sales of all its products. He said the computer industry experienced solid growth during the three year period, with European markets outperforming the American and Asian markets.
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Clearstream Technologies lists on AIM - The Alternative Investment Market in London, or the AIM, will today see the debut of another Irish company. Medical device manufacturer Clearstream Technologies expects to raise around €7m when it floats on the exchange this morning. The company employs around 100 people in Enniscorthy, manufacturing catheters and stents which are used in the treatment of heart disease.
Clearstream's Chief Executive Andy Jones says the main reason for the flotation is to inject further capital into the company. This will be used for the dual strategy of increasing research and development and improving channels of distribution. Mr Jones acknowledges that Clearstream operates in a very competitive environment but says it serves niches of that market and hopes to eventually take on the big market players.
Mr Jones says the company chose to list on the AIM because it is ideally suited for small cap companies and is also one of the fastest growing indices in Europe. He adds that AIM investors would also be familiar with technology companies such as Clearstream and would be more interested in investing in them.
On the issue of employees, he says the key benefit of today's floatation is increased job security for Clearstream workers. He adds that a stock option scheme for workers will also be expanded.
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News in brief - Paper and packaging group, Jefferson Smurfit, may return to the stockmarket in the next 18 months according to an interview with its chief executive Gary McGann in the Irish Times this morning. The company was taken private two years ago when it was bought out by investors Madison Dearbon.
*** Elan is to raise an additional $300m following a bond issue which attracted more interest than the company had anticipated. It now hopes to raise $1.15 billion in total.
*** Esat BT grew its revenue in Ireland by 25% in the first six months of its financial year to September. But despite revenues of €173m, the company made a net loss over the period of €27m.
*** Last night the Dow Jones closed up 84 points at 10,469 while the NASDAQ was up 26 points at 2,061. This morning the Nikkei closed up 173 points at 11,020, despite GDP figures showing the economy grew by a mere 0.1% in the third quarter. A strong performance by shares on European exchanges yesterday pushed the FTSE Eurofirst 300 index to its highest level since July 2002.
