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Applegreen losses, Davy boss Byrne to step down and the smart way to spend child benefits

The best news, analysis and comment from The Irish Times business desk

Applegreen racked up close to €130 million in pretax losses in the first 22 months after it went private.

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Peter Flanagan
Wed Nov 29 2023 - 06:45

The company behind Applegreen racked up €128.5 million of pretax losses in the first 22 months after it was taken private by US private-equity giant Blackstone and the forecourt retailer’s top managers in early 2021, driven by an increase in group funding costs following a debt refinancing. Joe Brennan reports.

Joe also reports on Davy chief executive Bernard Byrne, who will leave the broker next year after five years at the firm, including being CEO since 2021.

Revenues at the golf royalty earnings firm owned by golfing superstar Rory McIlroy almost doubled to $37.66 million (€34.38 million) last year. Gordon Deegan has read the accounts.

In Money Matters, Brianna Parkins looks at the smartest way to spend child benefit, with the annual double payment due next month.

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Amazon Web Services increased its focus on generative artificial intelligence (AI), announcing new chips and a deeper partnership with chipmaker Nvidia to support demand for generative AI applications. As Ciara O’Brien reports, the company also unveiled a preview of its new generative AI assistant, Amazon Q, tailored to businesses that is designed to be used at work.

The company that operates the Bord Gáis Energy Theatre in Dublin swung into profit with its revenue soaring in 2022 as it put the Covid-related closures and capacity restrictions of the previous two years behind it. Laura Slattery has the details.

Global tech company Intel has announced the promotion of two Irish men to vice-president roles, both of whom served as factory managers for Intel’s €17 billion Fab 34 facility in Kildare. Ellen O’Regan reports that the chip giant has announced that both Joe Bolger and Joe English have been appointed as vice-presidents of manufacturing, supply chain and operations.

In his column, Martin Wolf argues that for all their problems, the US and its allies retain significant economic advantages over China.

Only one in three Irish people are confident that their pensions will maintain their expected standard of living in retirement, according to an international survey. But as Dominic Coyle reports, separate findings in the study show that Irish people are reluctant to take the investment risk required to improve their position.

An insurance consultant and a retired bank official claim a High Court damages case brought against them by one of the largest developers in the State is designed to intimidate. Ellen O’Regan was in court.

Aon Ireland chief executive Rachael Ingle has been appointed as the next chairwoman of the National Treasury Management Agency. Minister for Finance Michael McGrath has announced that Ms Ingle will succeed current NTMA chairwoman Susan Webb, whose term ends on 22nd December 2023. Ellen O’Regan reports.

At least 50,000 nursing home beds will be required between now and 2051 to meet the needs of the State’s ageing population, according to Sherry Fitzgerald, with the supply of nursing home beds now close to capacity. Laura Slattery reports.

Dublin-headquartered convenience food group Greencore increased its revenues and profits last year as it managed to largely pass through price inflation, its full-year results show. Group revenue rose by 10 per cent to £1.9 billion (€2.2 billion) while its pretax profit increased by 13.6 per cent to £45.2 million for the year to the end of September 29th. Ciaran Hancock has the story.

In Commercial Property, Ronald Quinlan reports that the Slieve Russell hotel in Co Cavan is being prepared for sale, while Hibernia Real Estate subsidiaries is to pay €122 million for apartments in Dundrum.

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