Glanbia falls on ISEQ

Food group Glanbia fell 9c to €2.66 on today's ISEQ despite their announcement that group profits of €61.1m for 2005, up 2% from €60.2m in 2004.

The company said EU reforms and market competition hit Irish profits, but that international operations performed well.

"A difficult year in Ireland impacted the group's results, as Irish operations continue to be affected by a combination of ongoing EU reform, inflationary pressures and a competitive market environment," the company said today, but added that joint ventures in New Mexico and Nigeria, which are "central to the strategic development of the group", are progressing well.

That contributed to a sluggish dau on the Dublin Stock Exchange, the ISEQ finishing down 12.36 points to 7915.94 by the end of day's trading.

Ireland’s largest betting and gaming company Paddy Power fell 25c to €13.00 following their annoucement today of a 1.8% after-tax profits dip to €27m last year.

"A run of sporting results can favour one side or the other of the betting equation - last year certainly did not advantage bookmakers. That is not a moan. It’s just a fact of life in this business," a spokesman for Paddy Power said today.

Earnings per share fell 4.4% to 54.08c on the back of the profits downturn.

Elsewhere the financial sector enjoyed mixed fortunes. AIB plunged 37c to€19.66, while Irish Life and Permanent fell 8c to €18.41.

Anglo Irish Banki rose 7c to €13.82 and Bank of Ireland rose 9c to €15.04.