Top stories in the papers this week 29 October – 5 November 2010

Adobestock

Ireland near top on Tesco profit list; Sales of eggs and poultry up 5% and 6%; Iceland moves to the new-look Ilac centre

News

4 November 2010

Share this post:

1. Ireland near top on Tesco profit list

Tesco makes greater profits in Ireland than in any other part of its global empire apart from South Korea, a new report by stockbroker Shore Capital claims. The Irish Times reports Tesco Ireland’s Ebit (earnings before interest and taxes) profit margin will rise in the current financial year to over 7.2%, with Shore Capital’s forecasts also predicting Tesco Ireland will achieve profits of almost €200 million for the financial year up to February 2011. Only South Korea with a forecast margin of 7.4% will outperform Ireland.

2. Sales of eggs and poultry up 5% and 6% with sector growth likely

Sales of eggs and poultry have risen 5% and 6% over the past year, according to new figures from Bord Bia. The Irish Examiner reports further growth next year seems likely as Ireland’s 850 egg and poultry farms are expected to adapt new technologies. A Bord Bia conference in Monaghan this week also revealed the Irish retail egg market is worth €79 million annually, while chicken sales are valued at €175m.

3. Iceland moves to the new-look Ilac centre

Frozen food retailer Iceland is to open its first store in Dublin city centre. The Irish Times reports the company is currently fitting out the former Dunnes Stores outlet on the Moore Mall in the Ilac centre. Iceland is likely to be paying around €322 per sq m (€30 per sq ft) as well as 10% of turnover for the premises which extend to 3,251sq m (35,000sq ft). The Iceland franchise in Ireland is held by the AIM Group which operates stores in Finglas, Ballyfermot and Navan Road in Dublin, and the company has said it is looking for further stores in the Republic.

4. Fear of more cuts as drinks trade sheds 25,000 jobs

A new report by the Drinks Industry Group of Ireland (DIGI) has revealed a quarter of jobs were lost in the industry in the last two years. The Irish Independent reports 100,000 people worked in the sector in 2008, but this has plummeted to 75,000 as the market declines in a weakened economy. The DIGI report has proposed a package of measures to restore confidence to the industry.

5. Sweeney’s service stations ordered to buy from Tedcastles

The High Court has ordered John Sweeney’s service stations to continue buying their wholesale supplies from Tedcastle Oil Products, in line with an agreement made last year. Tedcastle Oil Products had bought Fate Park Ltd, an oil distribution business in Sweeney’s Blackshore group, out of examinership for €11.5 million; with the proviso that Sweeney’s stations continued buying from Fate Park. However, The Irish Times reports Sweeney Retail stopped doing so earlier this year as it believed the supplies cost too much.