DCC BOARD TO EXPLAIN FYFFES STANCE - DCC, which is involved in businesses ranging from healthcare to energy, saw its revenue for the year to the end of March up 36.7% at €5.5 billion. The company's profit before tax was €181m, up 12% and its operating profit was 19% higher at €167m.
Jim Flavin, DCC's executive chairman, said revenue was boosted by organic growth and acquisitions. Mr Flavin said a big part of DCC's profits were in sterling, and this was affecting the figures. He also said pessimism about the Irish economy was overdone, and DCC had seen no evidence of a slowdown in Ireland.
Asked about the outcome of the Fyffes case, Mr Flavin said the issue was complex, and had 'not always been covered accurately'. He said the board had confidence in him as executive chairman, but was anxious to tell shareholders why it had reached that decision, and would issue a comprehensive announcement on the issue to the stock exchange later this week.
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HOLIDAYS SAFE AS CONSUMERS FEEL SQUEEZE - Irish consumers are preparing for major lifestyle cutbacks as they begin to feel financially squeezed, according to new research. A survey carried out by consumer research firm Mintel says 67% of people are now more conscious of their finances than they used to be.
The report follows publication by the Central Statistics Office last week, of figures confirming a slowdown in consumer spending. The volume of retail sales in March fell by 1.8% compared with February, the second monthly fall in a row. February saw the first annual drop in sales for four years.
Mintel business development manager Briege McGinty says areas such as entertainment and eating out would be most affected by belt-tightening, with restaurants, pubs and clubs being hit.
She said 42% of consumers were preparing to cut back on grocery bills and other household items. 55% will also cut back on home improvement, but consumers in the survey indicated that they would still find the money for holidays.
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NEWS IN BRIEF - Financial services group IFG says that in Ireland its business is reacting rapidly to a difficult property market and that it can capitalise on its position as the country's biggest intermediary. In an interim management statement issued today IFG says trading is strong in the year to date, but the group is affected by exchange rates as up to 80% of its profit is sterling-related.
Providence Resources saw its turnover go up by 217 per cent to 4.3 million euro in 2007. It's results out today show a profit of half a million euro, compared to a loss of 1.6 million last year. The company's chief executive, Tony O'Reilly, said 2007 was successful both operationally and financially, and that 2008 has started off even better.
