eirmoney | ISEQ and Company Update, 08-Jan-2010

ISEQ and Company Update, 08-Jan-2010

Posted by Senan Coleman | 08 January 2010

ISEQ Week Open: 2974.93, Week Close: 3080.75

CRH, Full Year 2009 Trading Update Statement

Group sales, on a like-for-like basis, declined by 18% in the second half of 2009, a modest improvement on the 21% first half fall, while benefits from cost reduction measures combined with more moderate energy-related input costs than in second half 2008, resulted in an easing in the rate of profit decline experienced in the first half. Against this backdrop CRH expects to deliver full-year 2009 EBITDA close to €1.8 billion (2008: €2.665 billion) with profit before tax of approximately €0.75 billion (2008: €1.628 billion) prior to asset impairment charges, in line with the guidance provided in CRH’s Interim Management Statement of 10 November. This would represent a decline of approximately one-third in EBITDA and of approximately 55% in PBT. Profit is stated after once-off charges of €0.2 billion associated with cost reduction action taken in 2009.
News flow surrounding economic developments and financial markets over recent months has been more positive than in the first half of 2009, with low interest rate policies continuing to be adopted across CRH’s main regions. Nevertheless, trading conditions remain difficult and the timing of any sustained pick-up in developed world construction demand is unclear.
Source: http://www.crh.ie/crhcorp/media/press/2010/2010-01-05a/

Aer Lingus

Formalized its code-share agreement with United Airlines to jointly operate scheduled service between Washington Dulles and Madrid, Spain. The service will launch March 28th and it is anticipated that additional routes may be made available for sale during 2010 to commence operation in Summer 2011.
As a result of cost and capacity management actions implemented during 2009, the Group expects to report a small operating profit (before exceptional items) for the second half of 2009. This performance primarily reflects better than expected yields in the second half of 2009, which have been driven by removal of a long haul aircraft in September and tactical route cancellations in November.
Source: http://www.aerlingus.com

Glanbia, 2009 Full Year Pre-Close Trading Statement

The Group expects to report adjusted earnings per share of 30 to 31 cents for 2009, in line with revised adjusted earnings per share guidance for the full year which was announced on 30 April 2009.
Trading conditions improved somewhat in the later stages of 2009 with an uplift in global dairy and US cheese markets. However, markets remain volatile and consumer sentiment is fragile. Glanbia Board and Management remain cautious at this early stage of the year but based on current economic and dairy market forecasts expect a return to earnings growth in 2010 in the order of 6% to 8%.
Source: http://www.glanbia.ie/news-item&item=323125422083551

Irish Life & Permanent

Raises US $1.75 billion in first Irish bond issue under new Government Guarantee Scheme.
The issue was significantly oversubscribed, attracting strong international support from investors.
Source: http://www.irishlifepermanent.ie/ipm/media/pressreleases/ilpgroup/group2010/2010-01-08/