Irish top five create 13% more wealth

Ireland's top five public companies created significantly more wealth in 2003 than in the previous 12 months.

In a survey published by the UK's Department of Trade and Industry, the companies were found to have added value of 13% more than in 2002.

This compares with a total increase in wealth creation of 1% across Europe's top 600 companies.

Wealth created by a company is measured as value added. It is calculated as sales less the cost of bought-in materials, components and services.

Of the five largest Irish companies, four saw significant increase in the wealth they created.

AIB had added value of £2.1bn (€3.19bn) last year, marking a 46% on their figures for 2002.

Wealth created at CRH rose by 2% to £2.5bn (€3.79bn) while Kerry Group created wealth of £690m (€1.05bn), up 17% on 2002.

Bank of Ireland's value added last year was up 6% to £1.6bn (€2.42bn).

Amongst the top five, only Elan were found to have created less wealth than last year.

The company's 8% drop in wealth creation came after a year in which radical restructuring was concluded.