A round-up of today's other stories in brief.
Avocent records 20% rise in profits
Shannon-based IT company Avocent International recorded a 20 per cent increase in profits last year to $35 million (€26.6 million), according to its latest returns to the Companies Office. However, the US firm repatriated $92 million by way of dividends to avail of a tax amnesty put in place by the Bush administration.
The $6 million increase in profits came on the back of an 8.3 per cent rise in turnover to $150 million.
The accounts show the company paid a dividend of $92 million from accumulated profits in 2005, leaving retained profits at $29 million.
A further dividend of $4.9 million for 2005 was paid last September.
AIB wins customer satisfaction vote
AIB has been voted the number one business bank in Britain in terms of customer satisfaction, beating off competition from the "Big Four" UK banks. According to a recent survey of the business sector, almost 79 per cent of AIB customers are "delighted" with the service provided.
Forfás chief urges firms to innovate
Forfás chairman Eoin O'Driscoll has urged Irish companies to innovate or risk losing out on business to overseas rivals.
Speaking at a Chambers Ireland seminar in Dublin yesterday, Mr O'Driscoll said that as globalisation increased competition for goods and services around the world, Irish companies needed to find new ways of differentiating themselves from their rivals.
"Companies are going to have to go that extra step to show that they are better," he said, adding that competition was no longer a national phenomenon, but rather an international one.
Chambers Ireland yesterday launched a programme aimed at helping companies innovate.
Compass Group misses forecasts
Britain's Compass Group, the world's largest caterer, missed analysts' average forecast with a 5.5 per cent rise in annual profit, but said trading in its new financial year was matching its expectations. Compass said profit before tax, goodwill amortisation and exceptional items for the year ended September 30th was £363 million (€537 million) on a 7.4 per cent rise in revenue from continuing operations to £10.8 billion.
However, its Irish operations experienced strong performance, adding new business of more than €10.6 million. Total turnover in Ireland, through its Eurest workplace catering operation, reached €88 million, a rise of 13 per cent over the previous year.
187 Budget DIY staff to lose jobs
All 187 workers in Budget DIY's Northern Ireland stores are to lose their jobs, after the decision of the administrators of the company to close its stores.
Budget DIY, which has five stores in greater Belfast and one in Derry, has "run out of time", according to joint administrator Garth Calow of PricewaterhouseCoopers.
Budget DIY has been in administration since November 24th. PwC said the administrators had relied since last Friday on day-to-day income from the stores to pay staff wages, but this "cannot continue".
Merrion raises €8m in funding round
Merrion Pharmaceuticals has raised €8 million in a recent funding round, which it said was oversubscribed.
The main investors included Ryanair founder Dr Tony Ryan and Declan Ryan, chairman of Merrion Pharmaceuticals.
