Bitesize Business: economics, construction and Irish-Chinese trade

By Business & Finance
26 January 2017

Business & Finance brings you the day’s Irish business news in brief.

Continued growth in revenues and profits at Cpl Resources


Global provider of recruitment, staffing and outsourcing services Cpl Resources has announced increases in both revenue and gross profit for the six months ending December 2016.

During the six-month period, revenues increased by 6% to €228.7m, while gross profit also increased by 6% against the same period last year to €36.2m.

The Group delivered a 9% increase in earnings per share to 23 cent for the same period.

Read the full story here.

Group revenue on the rise at Paddy Power Betfair


Paddy Power Betfair has reported a rise in revenue, despite the company’s claims it lost £5m on the US presidential election.

During 2016, revenue increased 18% to almost €1.8bn at the bookies giant and recent recipient of the Business & Finance Company of the Month award.

In a trading update for the three months to the end of December, the company said it recorded positive sportsbook staking growth, even though betting results favoured its customers.

Read the full story here.

Report outlines importance of marketing for economic activity


Every euro invested in advertising in Ireland typically delivers a gross sales return of €8.26 and a net return on investment of €5.44 for brands operating here, according to a new report released today by Core Media and the Association of Advertisers in Ireland.

The report also highlights how creatively awarded campaigns are six times more efficient than non-awarded campaigns in growing market share, loyalty programmes have very little long-term effect, emotionally based campaigns outperform rationally based campaigns and marketers should spend 60% of their budget on long-term brand-building activity and 40% on short-term sales activation to achieve maximum efficiency and maximum effectiveness.

Almac Group secures new Irish premises in Co. Louth


Craigavon-based global contract pharmaceutical development and manufacturing organisation, Almac Group, has secured new premises in Dundalk, Co. Louth to support its ongoing global expansion plans in response to increased client demand.

Almac will make a multimillion investment in the new facility at IDA Business Park. The facility will be utilised by Almac Pharma Services and Almac Clinical Services, both of which are registered to operate in the Republic of Ireland.

The new premises increases the Group’s European footprint and provides continued presence within the European Union in the long term.

Trade between Ireland and China set to reach €14bn during 2017 


Bilateral trade between Ireland and China is likely to rise to €14bn this year, according to Asia Matters, the business membership organisation that promotes links between Ireland and Asia.

According to Asia Matters, there are particularly strong opportunities for trade between Ireland and China in the areas of agri-food, medical devices, aviation leasing, and high-tech industry.

In 2015, two-way trade between Ireland and China was valued at €11.1bn, up from €7bn in 2013.

€20m landmark development launched in the heart of Cork city

Camden Palace

A €20mn office development at Camden Place will provide 150 construction jobs with up to 500 jobs coming on-stream in Cork city centre on completion.

Demolition will commence in February, with work on floor space expected to take 12 months.

Award-winning Cork architecture firm Boyd Barrett Murphy-O’Connor has designed the statement building. The five floors of office space will be capable of hosting 500 employees and is available to let.

Government investment in R&D amounted to €761m during 2016

R and D

Latest figures on Government investment in research and development (R&D) published today by the Department of Jobs, Enterprise and Innovation show that the Government allocated €761m for research and development in 2016. This represents a 3.2% increase on the 2015 figure of €736m.

The report provides details of Government funded research programmes and highlights the extent and variety of R&D being carried out in the country.

In addition, the report brings together the latest data on business, higher education and government agencies’ spending on R&D in Ireland.

The highest expenditure on R&D continues to be within the business sector, which accounted for €2.1bn of total GERD.

Richland Group commence public consultation on Belfast development


The development of a major new office scheme at the Movie House cinema site in Belfast city centre will go to public consultation in February.

Subject to planning approval, ‘One Bankmore Square’ will become the largest single office building in Northern Ireland.

The Richland Group is proposing to develop the office scheme at Bankmore Square on the Dublin Road.

The development cost of the building and Bankmore Square is estimated to be approximately £65m, with the creation of over 570 construction jobs in the process. Upon completion, the building will have enough space to accommodate up to 3,000 office workers across its 12 floors.