A round-up of today's other stories in brief

Ryanair tips flat yields in third quarter

Ryanair said yesterday that it expected yields, or average fares per passenger, to be flat in the third quarter of its fiscal year and to fall about 10 per cent in the fourth quarter.

"We see the early signs that there is going to be considerable competition," Ryanair's chief financial officer, Howard Millar, told a transport conference in London. "As we move through the winter period, they are going to have to cut fares."

He said fourth-quarter yields would also be affected by the timing of Easter compared with the year before. He forecasted that ancillary revenues would grow up to 20 per cent over the next couple of years. Shares in the low-cost airline closed eight cent lower at €6.80 last night.

Profits soar at Burren Energy

Oil explorer Burren Energy reported a near sevenfold rise in first-half net profit yesterday, on the back of higher production and soaring oil prices.

London-based Burren said in a statement that net profit for the first six months of the year was $82.9 million (€68.2 million) against $12.3 million a year earlier.

UBS, one of the few brokers to issue forecasts for Burren, had predicted adjusted net income of $89.9 million, but Richard Slape, oil analyst at Seymour Pierce, said the result was positive considering it included losses on oil price hedging contracts. Burren shares traded up 4.75 per cent at 783 pence early yesterday. - (Reuters)

Kennedy takes up Paddy Power role

Patrick Kennedy yesterday joined Paddy Power as chief-executive designate. He will takeover the full role of chief executive on January 1st following John O'Reilly's retirement at the end of December.

Mr Kennedy was yesterday granted 70,000 ordinary shares in the betting group. These will be awarded to him in 2008 subject to the company achieving certain performance criteria. He will be awarded a further 80,000 shares next year, which will become available in 2009, subject to the same criteria. Mr Kennedy currently holds 3,000 shares, or 0.01 per cent, in Paddy Power.

Fitzwilliam Capital changes name

Fitzwilliam Capital, an investment firm controlled by the Irish entrepreneur Pierce Casey, has changed its name to Getmobile Europe.

Fitzwilliam announced the official name change yesterday in a statement to the stock exchange. The London-based company in July bought Getmobile, a direct seller of mobile phone services in Germany, for about €65 million.

IFG takes option to buy back shares

Financial services group IFG said yesterday that it will exercise an option to buy back its own shares from the sellers of Berkeley Jacobs, the pensions release business it acquired in 2000.

As part of the sale, the owners of Berkeley Jacobs were issued with IFG shares which were subject to a buyback option. The repurchase of the shares, which represent 1.4 per cent of the company, follows the settlement of litigation between the parties.

Nike profits jump 32% to $432m

Nike, the world's largest sports shoe maker reported a 32 per cent jump in quarterly profit yesterday. Boosted by strong US sales the company earned $432.3 million, or $1.61 per share, in the fiscal first quarter ended August 31st, compared with $326.8 million a year earlier. - (Reuters)