A round-up of today's other stories in brief...

Fitzwilton group posts €500,000 loss

Fitzwilton, the group of investment and manufacturing companies controlled by Sir Anthony O'Reilly and the Goulandris families, saw profits tumble last year, with the company posting a €500,000 loss last year, writes Suzanne Lynch.

This is compared to a profit of €4.2 million in 2008, recently filed accounts show.

Fitzwilton comprises a range of businesses including manufacturing subsidiaries, Rennicks Group and Mobile Traffic Solutions, and UK-regulated financial services company Portfolio Design Group, its 36 per cent-owned associate.

The reversal in the company’s performance was attributable in part to a £2.6 million loss posted by Portfolio Design Group.

The accounts show £2 million of PDGI’s £2.6 million loss was due to “exceptional charges” which the company said the directors of PDGI do not expect will recur in 2010.

Profits at Dublin-based Rennicks Group, which manufactures and distributes roadsigns, fell by 32 per cent in the year, while Mobile Traffic Solution, which sells and rents mobile traffic signs in the UK, performed well, according to the company.

Wood and Wood International Signs, which provides signs to retail groups such as AIB and the Aviva Stadium, saw operating profit drop by 37 per cent in the year.

Overall, group turnover at Fitzwilton, including associate companies, fell by 25 per cent from €61.1 million in 2008 to €45.7 million last year.

Mobile phone firm cuts pretax losses

Mobile phone company 3 reduced its pretax losses by almost a third last year, with the company posting pretax losses of €58.5 million in the 12-month period to 2009 compared to losses of just over €87 million the previous year, writes Suzanne Lynch.

Revenues at the company grew by 15 per cent to €80.8 million, compared to €70.3 million in 2008, as the firm expanded its presence in the mobile broadband sector. The accounts include a €25.5 million Government grant received in respect of the National Broadband Scheme.

A recent interim trading update from parent company Hutchison Whampoa showed revenue at 3 Ireland for the first six months of 2010 was €40.6 million, a 9 per cent increase on the same period in 2009.

Subsea link to boost connectivity

Ireland’s ability to attract foreign direct investment (FDI) will receive a boost next year when a newly announced subsea fibre optic cable linking Dublin and Wales goes live.

ESB Telecoms announced yesterday it is collaborating with UK company Geo Networks to build a new subsea connection. This will allow ESB Telecom’s customers to access Geo’s extensive fibre networks in the UK, and virtually unlimited bandwidth.

Tom Bambury, general manager of ESB Telecoms, said it will enable them to offer “end-to-end connectivity” from key locations in the UK to critical locations in Ireland.