Our team has summarised the key developments for NI businesses in the news this week.
New American investors will soon be coming to Northern Ireland "in their scores", according to US President Joe Biden - For despite the US being on the cusp of a possible recession later this year, he insists corporations there are still keen to invest in this region. And he confirmed that his special envoy Joe Kennedy will lead a major trade delegation to Northern Ireland later this year. (Source - Irish News)
Lakeland Dairies reveals uplift in revenues to £1.7billion – Ireland’s largest cross-border dairy processing co-operative Lakeland Dairies has announced increased revenues and operating profit for 2022 - achieved "while paying a very competitive milk price to milk producers". Farmer-owned Lakeland - which collects more than two billion litres of milk from 3,200 farm families across 16 counties in Northern Ireland and the Republic - increased revenues by 45 per cent to £1.7 billion. (Source - Irish News)
Concrete pioneers Creagh trade back into profit - Toombridge-based precast manufacturer Creagh Concrete has traded back into profit, despite experiencing what it admitted were "escalating raw material costs across all lines". In the year to September 30, it posted a bottom-line profit of £379,843, its latest accounts show. That compared to a £6,341,081 loss the year before, which it blamed largely on a hefty £4.2 million hit on a large UK contract. (Source - Irish News)
No deal yet to sell Farrans - The owners of Dunmurry-based construction firm Farrans have not yet found a buyer, it has emerged. Farrans - a subsidiary of Northstone Group and ultimately owned by Dublin listed building materials group CRH - was put on the market last December due to lack of long-term future orders. (Source - Irish News)
Award winning Co Tyrone restaurant Red Pepper to close (Source - Belfast Live)
Food processing giant Moy Park has installed a new state-of-the-art combined heat and power (CHP) unit at its Craigavon facility, bringing substantial efficiency and sustainability benefits and moving it closer to its net zero goal. (Source - Irish News)
Rising sales and demand in the Northern Ireland housing market outperformed the UK average last month, according to the latest Ulster Bank Residential Market Survey. (Source - Belfast Telegraph)
Workplace and Employment KPMG bolsters deal advisory practice with high profile appointments - James Neill has been announced as a partner and new head of the restructuring and forensics practice in Northern Ireland, which has reputation for handling some of the region’s largest and most complex turnaround and restructuring projects. (Source - Irish News)
ASM enhances international capability by joining GGI Global Alliance - Following a period of sustained growth, the award-winning ASM Chartered Accountants has joined GGI Global Alliance, one of the top multidisciplinary associations of accountants and lawyers worldwide. The strategic move will further enhance ASM’s international capability and will help it connect with a group of world-wide companies with the joint potential to help support their clients requiring financial, legal and tax issues in different jurisdictions. (Source - Irish News)
Three business leaders from the north are among the 24 finalists selected in this year's EY Entrepreneur of the Year programme - Douglas Adams (Connected Health), David Beggs (Pure Pharmacy) and Andrew Woods (Catagen) join a field of entrepreneurs spanning a range of sectors including technology, manufacturing, healthcare, hospitality, retail, consumer products and engineering. (Source - Irish News)
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.