In Short

A round-up of other business news in brief

80 new jobs from bio-plant in Mayo

At least 80 jobs will be created after the construction of a new bio-processing research and manufacturing centre at Claremorris, Co Mayo.

The BioSpark facility will take up to two years to build and comes as a result of a €40 million venture between Imperative Energy Ltd and Sustainable BioPolymers Ltd.

In total 120 jobs are expected during the building phase, while 80 full-time engineering and research and development positions will be filled post-construction.

US firm builds up stake in Kingspan

Generation Investment Management, a private investment company co-founded by former US presidential candidate Al Gore, has doubled its stake in building materials group Kingspan to 10 per cent.

Kingspan, which is quoted on Dublin’s Iseq index, rose 7.3 per cent in trading yesterday.

Gavagan goes to Cryptologic

Hibernia Capital founder David Gavagan is set to take over as chairman of gaming software group Cryptologic, the company announced yesterday.

Dublin-based Cryptologic develops software for internet casino games.

Cryptologic has developed crossover deals with the likes of Marvel Comics and Paramount Studios to use characters such as Spiderman and Superman in its games. Cryptologic’s customers include betting exchange Betfair.

AGI slips 68% after poor drug results

AGI Therapeutics, the drug development group listed on the Irish Stock Exchange’s IEX index for small companies, fell 68 per cent in trading yesterday after disappointing clinical trials results meant it had to stop development work on Rezular, its treatment for irritable bowel syndrome.

The decision follows the completion of phase III trials of the product which found no “statistically significant differences” between it and existing treatments with regard to pain relief or the severity of pain. The finding is a severe blow to AGI.

Spring in H&M’s step after good April

Fashion retail giant Hennes Mauritz (H&M) has reported a slightly bigger than expected 8 per cent year-on-year rise in sales at established stores in April as spring purchases finally took off.

Analysts had expected H&M, the world’s third-biggest clothing retailer by sales after Gap and Zara owner Inditex, to post a quick rebound in April after a cool March held back spring sales.

The Swedish company said total sales for the month were up 19 per cent from a year ago.