Dollar dive hits Irish firms

DOLLAR weakness is beginning to impact on the profit outlook for Irish businesses as two leading food companies face a cut in earnings for the year.

Kerry Group and Glanbia have high exposure to the dollar and Goodbody Stockbrokers yesterday revised downwards its forecasts for both groups.

Goodbody’s food analyst Liam Igoe said he was downgrading the forecasts based on a dollar average of $1.25 for this year. That implies a growth of 9% for the Kilkenny-based group against the 12.5% presently assumed.