Today's other stories in brief

Trinity unveils 10 spin-out companies

Trinity College has unveiled details of 10 new spin-out companies set up in the university last year.

Solvotrin, a firm which adapted aspirin to avoid side-effects, and Share Navigator, which produces products to help stock investors maximise returns, were among companies unveiled yesterday. A number also focused on e-learning, science and technology.

Dr James Callaghan said 2009 saw the highest number of spin-out companies at the university to date.

Kingspan director sells bulk of shares

Kingspan director Brendan Murtagh has sold the bulk of his remaining shares in the building materials group.

Mr Murtagh, a brother of founder Eugene Murtagh, yesterday sold just under 4.5 million shares at €5.50 each, realising €24.7 million.

Mr Murtagh now holds just 132,879 shares – less than a tenth of 1 per cent. His stake once stood at more than 20 per cent. The Commercial Court heard last week that Mr Murtagh was insolvent.

He has judgments against him for more than €60 million over failed developments.

Profit fall at drinks giant’s Irish arm

The Irish arm of US drinks giant Brown Forman Corporation, which produces Jack Daniels and Southern Comfort whiskies, suffered a 31 per cent drop in pre-tax profits to $21.5 million (€15.8 million) last year.

Accounts just filed with the Companies Office by Longnorth Ltd show company revenues dropped by 25 per cent from $62.4 million to $46.7 million to the end of April last year. Pre-tax profits dropped from $31.3 million to $21.5 million.

The directors’ report said “the weak pound sterling versus US dollar was the primary contribution to the fall in the level of turnover”.