Philip Lynch was definitely on a winner yesterday. It wasn't just because he was the recipient of The Irish Times/ PA Management Award, or that it was his 52nd birthday. For the chief executive of IAWS had also had a successful day at the races.

Yesterday was IAWS day at Punchestown and Mr Lynch backed two winners, Risk Of Thunder and Zafarabad.

The genial chief executive arrived at the awards ceremony in Patrick Guilbaud's restaurant displaying mud on his shoes to prove where he'd been. "I don't know what Bertie Ahern did with his shoes," he quipped, as he received the award from his long-time friend.

Mr Ahern, it transpired, had also been at Punchestown, at a political meeting and in the Dail.

The award ceremony was attended by a wide cross-section of business people, including Mr Martin Wilson, chief executive, Ulster Bank; Mr Harry Lorton, chief executive, TSB; Mr Michael Duffy, chief executive Bord Bia, and Mr John Meagher, deputy chairman, Independent Newspapers. Also attending were the managing directors of Friends First and Hibernian Insurance, Mr Adrian Hegarty and Mr Adrian Daly and the ESB chairman, Mr Billy McCann. Representatives from The Irish Times included Mr Conor Brady, editor, and Mr Louis O'Neill, chief executive and group managing director.