Sharp fall in profits for services firms

Profits across Irish services companies declined sharply in January, as business activity fell for the second consecutive month.

However, while new business orders dropped again, January saw an easing in the monthly rate of contraction in this regard.

The latest purchasing managers’ index (PMI) for the services sector, published yesterday by NCB Stockbrokers, said last month’s decline in new orders was “marginal” and was symptomatic of the uncertain economic conditions.