eirmoney | ISEQ and Company Update, 20-Nov-2009

ISEQ and Company Update, 20-Nov-2009

Posted by Senan Coleman | 20 November 2009

ISEQ Week Open: 2982.52, Week Close: 2875.92

Kingspan, Interim Management Statement

Kingspan says overall trading has been more steady over recent months and it is expected that operating profit for the year as a whole will be in the region of €60m (after amoritisation).
The Group's cost reduction programme, which commenced late 2007, has yielded annualised fixed cost savings of approximately €60m.
In general it is anticipated that the building environment will remain challenging during 2010. High rise is expected to weaken, and low rise commercial is expected to remain weak but stable, whilst residential is showing some signs of recovery.
Source: www.kingspan.ie/kingspangroup/media/releases/pr2009/2009-11-16/

Greencore

Agrees to sell its bottled water business to Highland Spring Limited. Greencore will receive up to £17.5m.
The board confirms that it has, in the recent past, received a number of unsolicited approaches in respect of its Malt business from international ingredients companies with large-scale malting businesses. These approaches are being explored.
Source: www.greencore.ie/content.asp

Independent News & Media

Announced the complete reorganisation of its print and production assets on the island of Ireland. The group’s three leading print and production facilities, at Citywest in Dublin, Newry and Belfast are to be managed as a single, combined entity.
Source: www.inmplc.com/investor-relations/news/island-of-ireland-print-strategy-announced/

AIB

Dan O’Connor, currently Non-Executive Chairman of AIB, is to take on the role of Executive Chairman on a temporary basis in order to oversee the Group’s work on the completion of the key tasks of capital raising, the implementation of NAMA and the EU restructuring plan.
Colm Doherty, formerly Managing Director, AIB Capital Markets, has been appointed AIB Group Managing Director. Mr. Doherty will take up his new role as Group Managing Director with immediate effect. Mr Doherty will be responsible for the day to day running of the Group. He has agreed to take up his new role for a salary of €500k. His contractual remuneration package will therefore be considerably lower than applied in the past to the Chief Executive Officer role, or indeed to Mr. Doherty's previous role in AIB, reflecting his personal commitment to the Bank and its future.
AIB Group Chief Executive, Eugene Sheehy, is to retire on 30 November.
Source: www.aib.ie/servlet/ContentServer

Aer Lingus

Board meets to review progress on its objective of delivering €97m of cost savings required as part of its Transformation Plan. Compulsory redundancies not ruled out.
Source: www.aerlingus.com/cgi-bin/obel01im1/Corporate/display_news.jsp

United Drug, Preliminary Announcement of Results Year ended 30 September 2009

Good revenue growth in a difficult trading environment. Revenue 2% ahead of 2008 and 5% ahead on a constant currency basis.
Operating profit growth of 5% in the year (before sterling adjustment).
Dividend maintained
Source: www.united-drug.ie/download/prelim_09.pdf

Glanbia, Interim Management Statement

Persistently weak consumer sentiment is driving an increasingly competitive retail market for consumer products. So earnings per share are forecast to be between 30 and 31 cents.
Debt expected to not exceed €470m in 2009 (was €452.1 in 2008)
Source: www.glanbia.com/static/cms/2/2/9/4/9/6/6/8/0/1/binary/5118510476/8073058.pdf

Kenmare Resources, Interim Management Statement

Production performance at the Company’s Moma Titanium Minerals Mine in Mozambique has continued to improve quarter on quarter.
Shipping volumes for the third quarter were 131,000 tonnes, a 38% increase in tonnages shipped in quarter two.
Source: www.kenmareresources.com/news/press/2009/18_11.asp

Kerry Group, Interim Management Statement

Revenues 6% below the same period of 2008 due to currency movements, lower pricing and elimination of non-core activities.
Group confident of increasing earnings for the full year in the range of 160 to 165 cent (2008: 153.9 cent).
Source: www.kerrygroup.com/news_index.asp

FBD, Interim Management Statement

Group confident of having operating earnings per share ahead of the current mean expectation of broker forecasts (between 63 cent and 104 cent per share).
FDB will focus on profitable growth, maintaining underwriting discipline. Will continue to implement its plans to increase penetration of key urban markets.
Source: www.fbdgroup.com/media/FBDGroup/files/InterimManagementStatement-dec09.pdf

Datalex, Interim Results

Transaction revenue in the first half of 2009 is up 40% on the same period last year.
EBITDA increased by 30% to $0.8m in the period.
Total revenue in H1 was $14.4m, down 11% on 2008 (3% when currency adjusted).
Cash reserves at 30 June were $11.1m, down from $14.8m at 31 December 2008.
Source: www.datalex.com/pdf/Datalex_Interim%20Report_2009.pdf