“Davy boasts of €70m in profits as potential buyers circle,” is the splash on the cover of this week’s Business Post. Barry J Whyte and Lorcan Allen report that the embattled stockbroking firm is telling potential bidders it made nearly €70m in profits last year driven by a boom in its corporate financing business. The story notes Davy is known to pay around 40% of its profits in staff bonuses, meaning employees at the firm shared more than €25m last year.
Turning to Covid and in another front page story it’s reported we will be able to enjoy outdoor drinks and dining from June with indoor dining and inter-county travel possible in July. It comes as Mícheál Martin is expected to address the nation on Thursday to reveal the path out of lockdown.
Turning to page four and Barry J Whyte reports that Kingspan, the Irish building materials group, enjoyed a spike in sales, despite the bad press the company has received over the Grenfell Tower fire. He writes that Kingspan “unexpectedly announced” that sales had jumped 24% in the three months to March 31 to €1.28bn.
There is lots of comment and analysis on last week’s disastrous launch of the breakaway European Super League involving Europe’s top 15 clubs. Vincent Boland writes that the “cartel style” league would have destroyed the structure, finances and traditions of European football and was “yet another instance of how the world’s favourite sport has become enslaved by its own popularity.”
On page 10 Rosanna Cooney has an interesting report about an Irish company that has developed a “wearable social distancing” device to help offices, factories and retailers get employees back into workplace. Telecoms firm Hubbcat has developed a clip-on device which alerts employees if they are not social distancing and also keeps a record of close contacts if there is a confirmed case of Covid in the workplace.
· 87% of people believe repercussions for corporate wrongdoing are not severe enough
· Ireland paid €605m in interest on the bilateral bailout loan it received from the UK in 2011