News

Our team has summarised the key developments for NI businesses in the news this week.

Business

Tennent's saw its profits bounce back significantly as the hospitality industry recovered from the pandemic - The beer firm recorded a £7 million swing (540 per cent) from last year's pre-tax loss of £1.8m, to record a profit before tax of £5.3m for the 12 months to February 28 2022. It followed a resurgence in sales post-lockdown, with turnover rising by almost 60 per cent on last year to £52.6m. (Source - The Irish News) 

Belfast-based IT services company Nimbus is creating 20 additional jobs after a period of significant growth - Founded just 10 years ago, Nimbus has enjoyed a number of new contract wins recently which, added to its 100 per cent customer retention over the last three years, now sees it supporting customers in both local and international markets. (Source - The Irish News)

Canadian software company Optiva has also announced plans to expand its operation in Belfast by creating around 20 highly paid tech jobs. (Source - The Irish News)

Dowds directors play down hefty losses in sales and profit - Established in 1978 and renowned for delivering exceptional tier one mechanical and electrical engineering projects throughout Britain and Ireland, its parent Dowds Electrical (Holdings) Ltd saw turnover plunge by a third from £60.5 million in 2021 to just £41.2 million. (Source - The Irish News)

 

Insolvency

Derry building contractor Active Maintenance Solutions Ltd (AMS ) has gone into administration with the potential loss of all 24 jobs at the company -  AMS, which undertakes construction projects in both the public and private sector, has appointed Michael Drumm of CavanaghKelly to look after its financial affairs, and staff have been advised of the situation. The company is based at Springtown industrial estate. (Source - The Irish News) 

CRH puts Farrans up for sale as construction work dries up  - Farrans is part of the Northstone Group, which is in turn a subsidiary of CRH plc. The civils division of Farrans, which sits under the umbrella of Northstone (NI), has remained successful but the construction side of the business has been declining in profits and turnover - a malaise running right across the wider building sector in the north right now. (Source - The Irish News)

 

Deals

IRN-BRU manufacturer AG Barr has announced an initial £20 million acquisition of energy drinks company Boost, with an additional sum of up to £12m dependent on future revenue and profitability performance of the business. (Source - The Irish News)

 

Legal

KPMG spins out standalone law firm with aim to grow to 160 staff by end of 2025 - KPMG Law Ireland, the second Irish law firm to be set up with links to one of the Big Four accounting groups, aims to grow its workforce from 60 to 160 within the next three years, according to its managing partner, John Given. “KPMG has had legal services for years – and indeed company secretarial services going back to the 1990s. What’s changed now is that there is now a new law firm regulated by the Law Society that is part of an international network of KPMG law firms in 84 jurisdictions that have well over 3,000 lawyers,” said Mr Given. (Source - The Irish News ) 

 

Economy

House price increases slow -  House prices in Northern Ireland continued to rise over the past three months, albeit at the slowest rate since June 2020, according to a new report.  The latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey found a net balance of 26 per cent of respondents had stated that house prices rose over the past three months. This is down from 71 per cent the month previous. (Source - The Times)