CPL expected to exceed analyst profit goals
Your business this week: Also, economists and politicians descend on Wexford; residential property price results
The Republic’s housing crisis will be one topic discussed at the upcoming Dublin Economics Workshop. Photograph: Niall Carson/PA Wire
Indicators: Irish vehicles licensed for the first time (Aug); UK GDP figures (Jul); UK construction and manufacturing output (Jul)
Results: CPL Resources, JD Sports
Indicators: Irish residential property prices (Jul); Irish aviation Statistics (Jul); France non-farm payrolls (Q2); UK unemployment (Jul)
CPL to exceed expectations
Recruitment company CPL Resources is expected to exceed expectations on Tuesday, with Goodbody estimating a profit before tax for the full year of €18.4 million.
However, the company recently came under pressure after a documentary on Channel 4 highlighted issues at one of its client companies, Facebook. Footage from the documentary showed staff being trained at the company’s Dublin centre being instructed not to remove extreme, abusive or graphic content from Facebook, despite the fact that it violated the community standards laid down by the platform.
Nonetheless, Ireland’s positive employment outlook is a good thing for CPL, “clearly relevant given that CPL derived 71 per cent” of net fee income from the first half of the year from the Republic.
“Valuation relative to an admittedly more diversified peer group remains undemanding,” Goodbody analyst Gerry Hennigan said.
“Bridging that gap, however, may well require greater market confidence in the CPL risk appetite for dealflow or evidence of a turnaround in the outlook for healthcare in the UK,” he added.
That data, he said, points to ongoing difficulties in terms of placing nurses – “a likely factor in the note of caution in the recent trading update, which references ‘the impact of political events’.”
Results: Galliford Try
Indicators: Irish trade statistics (Jun); Irish tourism and travel statistics (Q2); Irish agricultural price indices (Jul); Euro area industrial production (Jul); US PPI (Aug); Italy industrial production (Jul)
Meetings: NERI Seminar, “Healthcare - Time for a new deal” with Dr Tom Healy, director of NERI and Paul Goldrick-Kelly, an economist with NERI. Venue: INTO Learning Centre, 38 Parnell Square, Dublin 1
Other: Apple launches new iPhones; Aer Lingus publishes report from EY entitled, “economic impact of the development of Dublin Airport as a hub” and two new transatlantic routes. Venue: Conrad Hotel; Central Bank of Ireland director general of financial conduct, Derville Rowland, speaks at a panel discussion at an Institute of Directors event. Ms Rowland speaks at 5:45pm at the National Gallery of Ireland on Merrion Square.
Indicators: Irish consumer price index (Aug); Irish quarterly national accounts (Q2); Irish balance of international payments (Q2); Germany inflation (Aug); France inflation (Aug)
Meetings: European Central Bank interest rate decision; Bank of England interest rate decision.
Results: JD Wetherspoon, John Lewis, The Co-operative Bank
Indicators: Irish goods exports and imports (Jul); Irish planning permissions (Q2); Italy inflation (Aug); Euro area balance of trade (Jul); Euro area wage growth (Q2); US retail sales (Aug); US industrial production (Aug)
Meetings: Dublin Economic Workshop 2018, White’s Hotel, Wexford.
Economic conference to deliberate on everything from budget to housing crisis
Some of the country’s leading economists and policy wonks will descend on Whites Hotel in Co Wexford next weekend for the annual policy conference of the Dublin Economics Workshop (DEW).
The group’s annual pre-budget think-in, now in its 41st year, will deliberate on a range of topics from the upcoming budget to the housing crisis and the all-island economy in light of Brexit, and will include keynote addresses from finance minster Paschal Donohoe and John FitzGerald, Irish Times columnist and the former head of the Economic and Social Research Institute (ESRI).
The two-day event, which takes place on September 14th-15th, is expected to draw more than 150 attendees.
On the Friday evening, it will hear from Ann Nolan, former second secretary in the Department of Finance, and the Central Bank’s Sharon Donnery. They will join John Fell of the European Central Bank to reflect on the 10 years since the banking crisis.
Other speakers confirmed for the event include Fianna Fáil deputy leader Dara Calleary; Aoife O’Grady from the Department of Transport, Tourism and Sport, and Brigid McManus, former secretary general in the Department of Education.
Last year Fianna Fáil’s Stephen Donnelly called for a grand plan, along the lines of the one drawn up by former taoiseach Seán Lemass and civil servant TK Whitaker, to cope with Brexit.