Profit announcements fail to raise ISEQ

The ISEQ index of shares ended the day down 10.75 points to 5450.52 despite profit announcements from Thirdforce, CRH and Kerry Group today.

CRH profits are up 71% to €275m for the first half of this year. Overall, sales were up 22% to €5.67bn. However, the building materials group's share price slumped 24c to €18.66 by the end of the day's trading.

Again, Kerry Group's share price had shed 20c to €17.10 in spite of a 10.2% increase in operating profits to €147 before goodwill and exceptionals for the first half of this year being announced today.

Adjusted profit after tax increased by 10.7% to €94.8m. Overall sales increased by 8.5% to €1,955m.

Dublin based e-learning coursewear and testing company ThirdForce announced revenues today of €5.862m for the first half of 2004, up 114% from the same period last year.

There was also a significant rise in operating profit before goodwill and non-recurring items to €623,00.

The firm's shares fared slightly better than CRH and Kerry, remaining at €0.25.

Business support services group, DCC plc, announced today that, following clearance from the Competition Authority in Ireland, its Food & Beverage division has completed the acquisition of 100% of Allied Foods Limited.

DCC first invested in Allied Foods in 1989 and has owned 50% of the voting share capital and 51.5% of the total share capital of Allied Foods’ holding company, Millais Investments Limited, since 1998. Shares in the group fell slightly by 5c to €14.45.

Ryanair, whose share prices decreased 6c to €4.26 today, was today confirmed as Scotland’s number one international airline for 2003.

The official CAA statistics confirmed Ryanair carried 1.12 million international passengers to and from Scotland during the year - 50% more passengers than the No.2 international airline KLM - BA was a poor fourth, with Easyjet in ninth place.

Other fallers in Dublin were pharmaceutical giant Elan who saw their stocks go down 18c to €18.20 and house builders Abbey who collapsed by 15c to €8.65.

Financials were generally positive for the day with AIB the only blot on their performance, as the group's shares fell 1c to €12.98. Anglo Irish Bank recorded the biggest rise for the sector of 18c to €13.68 with Irish Life and Permanent close behind on a 12c rise to end at €12.52, while Bank of Ireland showed a 5c increase to stand at €11.03.

The biggest climber of the day was Trinity Biotech PLC who saw their stock climb 44c to €2.65.

Hotel Group Jury's also saw their shares go up by a more modest 15c to €10.40 with Donegal Creameries going up by 10c to stand at €4.10.