The State-owned energy group, ESB, relayed that its Co Derry power plant in the UK saw its profits soar by 20% to an approximate amount of €14 million last year. The plant, located at Coolkeeragh and powered by natural gas, supplies electricity to all of Ireland. The profit margin, which was reported for Coolkeeragh ESB Ltd, increased by 20% from the previous year’s £10 million to £12.1 million (€14 million). This news comes courtesy of an inspection of the books by Barry O’Halloran.
In other news, iNua Hospitality’s directors have deemed 2023 a highly prosperous year for the business. The Irish hotel group, amidst recovering from the Covid-19 blow to its revenue, managed to secure a vital deal that allowed it to refinance its debts, as reported by Ian Curran.
In addition, Laura Slattery, in her column, probes into Spotify’s anticipated conflict with major record companies intending to suppress the music streamer’s complimentary service.
Moreover, it has been documented by Ian that an unprecedented number of AIB patrons employed their debit and credit cards in France the previous month. This was due to Irish sports enthusiasts journeying to Paris to support Team Ireland in the Olympic Games, as divulged by the bank.
On a somber note, trailblazing retailer, Paul McGlade, succumbed to a brief illness at 69. His impressive business career extended over five decades, during which he founded Champion Sports, Optilase, Thérapie Clinic and also owned the Pygmalion nightclub in Dublin.
Ascend, a pharmaceutical establishment focused on slow release medication, has successfully concluded a substantial expansion of its Mullingar campus. Reported by Dominic Coyle, the €15 million investment has quintupled the campus size that specializes in Bioresorbable polymers for injectable medication, accommodating new laboratories, clean rooms, and an expanded manufacturing capacity.
In the previous year, nearly €1.5 million was dispensed by Nama, the infamous banking institution of the state, for gardening leave and severance payments while the bank carried on the process of winding down its activities. Sixteen individuals received redundancy packages from the National Asset Management Agency (Nama), totalling to €1.1 million, with each payment varying between just under €25,000 to a substantial €150,000. This story is reported by Ken Foxe.
Cantillon presents an analysis of the current slump observed in the spirits sector and examines the moves made by C&C and Starbucks in cooperating with activist investors.
The finance section, ‘Your Money’, features advice from Dominic Coyle dealing with the financial aspects of purchasing your parents’ house at a reduced rate, and how the procedure of separation impacts one’s taxes. Alongside this, Laura provides strategies on overseeing and conducting an evaluation of your televisual and streaming services.