A round-up of today's business news stories in brief
Irish firm secures €427m contract
SIAC, one of Ireland’s largest construction firms, is part of a group that has won a 1.75 billion zloty (€427 million) road-building project in southern Poland.
The Polish infrastructure ministry said yesterday that the group also included PBG, Poland’s biggest building company. SIAC, owned by the Feighery family, made €5 million in profits last year.
Chief executive Finn Lyden said last week the company’s board had been focusing more of its efforts on overseas markets, in light of the slowdown in Ireland. He said the SIAC board was “very pleased” with the 2009 performance, despite a drop in profits of more than 30 per cent.
SIAC was the lead contractor on the 60km M3 motorway in Co Meath.
M&S cautious despite rise in sales
British retailer Marks & Spencer posted a third consecutive rise in underlying quarterly sales, though its rate of improvement slowed a little and it joined rivals in sounding cautious about the consumer outlook. Chairman Stuart Rose also played down the prospect of a shareholder rebellion at its annual meeting next week over the £15 million (€18 million) pay package awarded new chief executive Marc Bolland, telling reporters he had confidence all resolutions would be passed “adequately”.
The retailer, which also has stores in Ireland, said sales at British stores open at least a year, rose 3.6 per cent in the 13 weeks to July 3rd, its first quarter. That was toward the top end of forecasts and boosted by a strong performance in clothing. – Reuters
'Frustrations' for SMEs criticised
There are “huge opportunities” to create lasting jobs in small and medium enterprises according to former IDA Ireland chief executive Padraic White.
Speaking at the launch by Louth Economic Forum of a “blueprint” for indigenous companies on accessing funding and other supports, he said owners of start-up and early stage businesses experience “real frustrations” knowing they have “a viable business idea but struggle to navigate the channels to bring their idea or product to market”.
