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ISEQ slips in to red but Glanbia helps

Wednesday, March 12 12:57:54

The ISEQ slipped further in to the red this morning but with the decline held back by a rise in Glanbia stocks.

By 12:45, the index was down 37.43 points to 5,012.47.

Shares in food group, Glanbia, rose 21c to E11.20 after it reported results ahead of expectations this morning with total group revenue rising by 8pc to E3.28 billion. Earnings for the year to the end of December - before the deduction of interest, taxes and other expenses - climbed 5.5pc higher to E226.7m. The growth was mainly driven by performance in two areas - global performance nutrition and global ingredients. The group is guiding 8-10pc EPS growth on a constant currency basis this year with similar growth predicted up to 2018. Glanbia said it was recommending a final dividend of 5.97 cents per share. This brings the total dividend for the year to 10 cent per share, up 10pc on 2012. "Glanbia had another year of double digit earnings growth in 2013 as the group delivered a 12pc increase in adjusted earnings per share," commented the company's new group managing director Siobhan Talbot.

Financial services group, IFG, today said it has agreed to sell its UK-based IFG Financial Services for an initial consideration of 3.5 million. The agreement to sell represents the final step of the company's strategy of selling off its non-core businesses. The Irish firm has signed an agreement for the sale of its UK traditional IFA business (IFG Financial Services) to Ascot Lloyd, where it will be merged with their existing IFA business. The businesses are IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited. Shares in the group fell 2c to E1.65.

Ryanair has announced a new partnership with Travelport, a leading distribution services and e-commerce provider for the global travel industry, allowing Travelport-connected agents worldwide access to Ryanair's route network. "The combination of Ryanair's low fares, extensive route network at primary and secondary airports and number-one or number-two market share in most of Europe's major travel markets will enable Ryanair and Travelport to deliver a significant business travel platform. This significant partnership follows recent technology developments from Travelport, making it the ideal partner for Ryanair to target the travel industry channel," said Davy. Ryanair stocks fell 6c to E7.29.