Not a bad week for Dermot Desmond, who continues to display the golden touch in reaping rich returns from transmuting underachieving base metals into strong investment gains. Desmond's money-making machine International Investment and Under- writing this week realised a profit of over £5 million by offloading its entire 8 per cent shareholding in Golden Vale. The equity has been moving briskly ahead, up from 81p at the end of last year to a pre-results 110p, at which price IIU decided to take its profits. The sale came just prior to Golden Vale's annual results, showing better-than-expected pre-tax profits of £616 million, debt halved to £32 million and a strong asset base on which to expand its consumer food interests.

Celtic Football Club is also finding the investment net for our Dermot, pre-tax profits for the six months to end December last rocketing from £62.1 million sterling to £67.6 million. Turnover, helped by buoyant ticket sales, merchandising and broadcast fees, jumped 24 per cent to £615.5 million. Desmond has a 14 per cent in the business and while no dividend is payable, the entrepreneurial buccaneer will doubtless be happy with the asset growth. Dipping into the money bags to fund expensive new signings, intended to wrest league glory from arch rival Rangers, are a drain on finances but Celtic intends to "remain financially prudent '. Dermot, who seeks 110 per cent effort from his players while simultaneously keeping an eye on the moving ball of investment opportunity, would doubtless approve.