Some bright spots in ISEQ outlook

A bright spot appeared on the ISEQ horizon today in the form of €2.7m pre-tax profits for shipping, transport and leisure group ICG in the first half of 2006.

The figure is up €1m from €1.7m in the same period last year. Earnings per share were 10.6c compared with 6.4c in 2005.

The ISEQ, however, began a downward spiral dropping 57.20 points to 8029.11 with most financials finding themselves in negative territory. AIB fell 15c to €20.35, Anglo Irish Bank also dropped by 5c to €12.55.

Bank of Ireland inched up 5c to €14.65 but there was no cause for celebration as IL&P plunged 30c to €19.25 compounding the overall poor performance in the sector.

However other sectors gave investors good reason to put their money on the table. Fruit distribution company Fyffes and recruitment company Cpl Resources both experienced a boost with a 8c and 10c rise to €1.67 and €5 respectively.

Fyffes has made a before-tax profit of €35.2m for the first six months of the year, down from €74.7m in the same period last year.

Meanwhile Cpl Resources has announced an 83% surge in profits to €10.6m for the 12 months to June this year, up from €5.8m the year before.

CPL boss Anne Heraty said: "We are delighted with the performance of the group. Our growth in sales of 41% … follows a similar increase in sales in the previous year."