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02/07/2010
800 Firms Went Bust This Year
Figures released today have revealed that some 800 companies have gone out of business since the beginning of this year across the Irish Republic.
The data from business website Insolvencyjournal.ie showed the number of companies that had gone insolvent was 27% higher between January and June, compared to the same period last year, and that almost four companies were closing each day on average.
The number of companies going into receivership also increased and is already 174% higher than in the first six months of last year.
Despite the depressing figures, the Irish Small and Medium Enterprises (ISME) has said in its most recent quarterly survey that business optimism continues to improve and is at its highest level in three years.
The business group said the results outlined there have been improvements in employment, sales and exports, albeit from a "very weak base" and that the level of investment has reduced slightly in the last three months.
ISME Head of Research, Jim Curran said: “The survey results confirm that the SME sector is showing signs of improvement but is still faced with significant challenges over the coming months and years. Business optimism is at its highest level since Spring ‘07, with improvements in the last quarter in sales and employment. While the level of investment is down on the previous quarter, the indications are that companies will increase investment over the next 12 months. Exports are starting to increase, with values up on the previous quarter, primarily due to the weakness of the Euro."
Mr Curran added that there is still a significant level of uncertainty, with companies still faced with increasing business costs, a lack of accessible credit and ever increasing late payments. "Consequently, revenues and profits are continuing to decline for many companies, with a further deterioration anticipated," he said.
(DW/GK)
The data from business website Insolvencyjournal.ie showed the number of companies that had gone insolvent was 27% higher between January and June, compared to the same period last year, and that almost four companies were closing each day on average.
The number of companies going into receivership also increased and is already 174% higher than in the first six months of last year.
Despite the depressing figures, the Irish Small and Medium Enterprises (ISME) has said in its most recent quarterly survey that business optimism continues to improve and is at its highest level in three years.
The business group said the results outlined there have been improvements in employment, sales and exports, albeit from a "very weak base" and that the level of investment has reduced slightly in the last three months.
ISME Head of Research, Jim Curran said: “The survey results confirm that the SME sector is showing signs of improvement but is still faced with significant challenges over the coming months and years. Business optimism is at its highest level since Spring ‘07, with improvements in the last quarter in sales and employment. While the level of investment is down on the previous quarter, the indications are that companies will increase investment over the next 12 months. Exports are starting to increase, with values up on the previous quarter, primarily due to the weakness of the Euro."
Mr Curran added that there is still a significant level of uncertainty, with companies still faced with increasing business costs, a lack of accessible credit and ever increasing late payments. "Consequently, revenues and profits are continuing to decline for many companies, with a further deterioration anticipated," he said.
(DW/GK)
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Irish Companies Achieve €14bn Of Exports
Enterprise Ireland’s Annual Report and Accounts for 2010 shows that Irish companies achieved €14bn export sales in 2010. Within that, Irish companies achieved a record €1.95bn of new export sales. This represents a strong rebound and recovery of 70% of the exports lost in 2009.
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Fifty new jobs are to be created in Cork by Irish-owned IT project specialist, Aspira. The new 'high-level' jobs were announced at the official opening of the company's new Cork headquarters, where the majority of the jobs will be based. The rest will be at Aspira's Dublin office.
New Jobs Announced By Irish-Owned IT Specialist
Fifty new jobs are to be created in Cork by Irish-owned IT project specialist, Aspira. The new 'high-level' jobs were announced at the official opening of the company's new Cork headquarters, where the majority of the jobs will be based. The rest will be at Aspira's Dublin office.
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€2.5bn To Be Taken Out Of Economy
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300 Companies Gone Bust Since New Year
The economic turmoil has hit Ireland's private sector hard as the number of companies going bust has gone up by 76% for the first half of this year. More than 300 companies have been wound up, a 76% increase on last year's figures with most of the failing companies being in the construction and engineering sector.
300 Companies Gone Bust Since New Year
The economic turmoil has hit Ireland's private sector hard as the number of companies going bust has gone up by 76% for the first half of this year. More than 300 companies have been wound up, a 76% increase on last year's figures with most of the failing companies being in the construction and engineering sector.
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Ireland WeatherToday:Very windy with persistent and occasionally heavy rain at first, becoming drier with the wind easing towards midday. Mainly dry with bright spells increasing during the afternoon. Milder than of late. Maximum temperature 14 °C.Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
