The major business events happening this week
Four third-level institutions to announce partnership aimed at channelling €130 million in funding the commercialisation of research
Davy expects C&C group net sales of €555.2 million, down 16 per cent year-on-year. Photograph: Bryan O’Brien
Vodafone results are due on Monday. Photograph: Justin Tallis/AFP/Getty Images
THIS WEEK MAY 15th
Indicators: US housing market index (May)
Meetings: The Institute of Electrical and Electronics Engineers Standards Association (IEEE) lecture on Why Standards Matter in Data Protection (DCU, Dublin)
Indicators: Irish construction PMI (Apr), balance of trade (Mar); Euro zone GDP growth (Q1), economic sentiment index (May); UK inflation (Apr), PPI input and output (Apr), retail price index (Apr); German economic sentiment index (May); US housing starts (Apr), industrial and manufacturing production (Apr)
Meetings: Launch of The Bridge Network technology transfer consortium (University College Cork); ESRI Seminar – Oil prices, the Paris Agreement and the endgame for fossil fuels (ESRI, Sir John Rogerson’s Quay, Dublin 2)
On Tuesday, four third-level institutions will announce a partnership aimed at effectively channelling €130 million in funding the commercialisation of research, ultimately creating jobs.
The Bridge Network, a technology transfer consortium, will see the pooling of both financial and research resources at University College Cork (UCC), the Cork Institute of Technology, Teagasc and the Institute of Technology Tralee.
The new body will be funded by Enterprise Ireland under the Technology Transfer Strengthening Initiative and led by the Technology Transfer Office at UCC.
It is the first time such a team effort will have been made in the field but its potential success is already evident among numerous companies whose products have stemmed from institutional research – notably the Cork-based Solvotrin Therapeutics whose work in the oral iron supplement market was developed with scientific expertise from Trinity College Dublin and University College Dublin. It later based itself at Gateway UCC, the home of its technology transfer office.
At this week’s launch, director of Knowledge Transfer Ireland, Dr Alison Campbell, will speak about how the Bridge Network seeks to drive and develop Ireland’s knowledge transfer system, “supporting innovators and entrepreneurs and ultimately creating jobs for the economy”.
This project will bring together the “largest research income in Ireland”, enabling its partners to work more closely and combine expertise to commercialise research.
Indicators: Euro zone construction output (Mar), inflation (Apr); UK unemployment (Mar), average earnings (Mar)
Meetings: ECB non-monetary policy meeting; Premier Oil trading update; Cairn Homes trading update
C&C will release full-year 2017 results on Wednesday with sterling expected to remain an impediment to earnings growth.
Ahead of the numbers, Davy has forecast earnings before interest and taxes (EBIT) of €94.1 million, down almost 9 per cent on the year.
Its Irish operation should see revenues of €244.1m (down 6.7 per cent) with earning of €51.4 million (up 5 per cent).
The first half of 2018 is “set to be a busy period for C&C’s Irish operations with the launch of a new cider brand (Outcider by Bulmers) and a refresh of Bulmers’ marketing [and] advertising campaign,” it said in a note.
“As previously flagged, C&C’s pillar brands of Magners, Bulmers and Tennent’s delivered a resilient performance in volumetric terms in FY2017.
“The FY results will provide an opportunity for management to update the market on product innovation, its expanded manufacturing and distribution agreement with AB InBev and the carrying value of its US assets.”
Davy expects group net sales of €555.2 million, down 16 per cent year-on-year.
“Currency translation remained a material headwind to reported EBIT growth throughout FY2017 (estimated at €5-6m).”
This includes the Magners, Chaplin & Cork’s and Blackthorn brands. It expects the agreement to be positive for the brand equity in C&C’s cider portfolio, particularly Magners, as it leverages the distribution, trade-marketing and sales capability of AB InBev.
Indicators: UK retail sales (Apr)
Indicators: Euro zone consumer confidence (May); UK industrial trends orders (May); German PPI (Apr)
Meetings: Momentum Summit 2017 – Dublin Chambers business conference (Aviva Stadium, Dublin)