Glenveagh Properties has acquired two land portfolios for a combined €106m which its says are capable of delivering over 2,200 residential units.
Justin Bickle, chief executive of Glenveagh, said the company is now active on seven sites and despite listing just five months ago, it is already selling and has signed more than 100 contracts since the start of January.
Mr Bickle said that Glenveagh is building very efficiently and it is actually buying land slightly cheaper than before its IPO. He said the company's job is to build houses and apartments and 60% of its core business is starter homes. Two-bed starter homes begin at €225,000 and the Glenveagh CEO said the company can deliver up to four bedroomed homes for €350,000.
Glenveagh announced the purchase of land portfolios at seven different sites this morning - Donabate and Tallaght in Co Dublin and in Dunboyne and Stamullen in Co Meath. It also bought land in Bray in Co Wicklow and in Galway.
Petrol forecourt retail group Applegreen saw full year pre-tax profits rise by almost 18% to €24.6m for the year to the end of December 2017.
Bob Etchingham, chief executive of Applegreen, said that the company operates in three markets - Ireland, the UK and the US. It also bought a half share in the Joint Fuels Terminal at Dublin Port during the year. The company's 42 new sites in Carolina included 19 stand alone Burger King outlets and the CEO said that Applegreen is always on the lookout for new acquisition opportunities. He said the company has a very strong balance sheet and is in a position to make further acquisitions in 2018.
As regards prices at the pumps, Mr Etchingham said that most people would suggest that crude prices are about the equilibrium level of about $60 a barrel and there may not be big movements this year. However, the Applegreen boss said that has "given up" on trying to estimate where oil prices are going.
MORNING BRIEFS - US President Donald Trump stepped in overnight to block a $142 billion bid by Singapore's Broadcom for the American chip maker Qualcomm. The mooted transaction was shot down on national security grounds. Broadcom had made a hostile bid for Qualcomm so it was nOt even certain a deal would take place. It Is unprecedented for the White House to step in at such an early stage of proceedings. The Washington-based Committee on Foreign Investment in the US had already signalled it would investigate any tie-up between the companies but President Trump said there was "credible evidence" Broadcom might "take action that threatens to impair the national security of the United States" after any deal. Broadcom said it strongly disagreed with that statement.
*** Shares in food group Greencore are down 20%, wiping €200m off the value of the Irish headquartered but London-listed company. The fall came after a trading update in which Greencore warned earnings for this year would be lower than previously anticipated. Greencore flagged the costs associated with restructuring efforts underway to improve capacity utilisation at some of its US plants. Expected profit growth in the states will be lower than expected. Chief executive Patrick Coveney is to take a direct role in the US business and will spend half his time in the US as part of a shake-up in Greencore management aimed at improving performance there.
*** Around one in four Irish consumers say they make purchases using their mobile phone at least once a month. The annual PwC Retail and Consumer survey - based on interviews with over 1,000 people here - indicates mobile commerce is on a rapid upward curve. But it still relatively underdeveloped compared to the UK where the equivalent figure for mobile shopping is 41%. The survey suggests Irish consumers still enjoy shopping in bricks and mortar outlets. Among those who do almost a third say paying by mobile is their preferred option. That rises to two thirds of those under the age of 34.