Enterprise Ireland Reports Record Exports Of €32.1bn In 2022

Enterprise Ireland has reported that it saw exports by companies that it supports increase by 19% to a record €32.1 billion in 2022. This is the highest ever level of growth for Enterprise Ireland-backed companies in export value. Growth occurred across all overseas regions and in individual industry sectors. Commenting, Leo Clancy, Enterprise Ireland, CEO, said, “These are significant exports results and reflect the incredible innovation and ambition of the Irish enterprise sector. While the record 19% year-on-year increase in exports is influenced by inflation in certain sectors, most notably in the dairy industry, the results released today demonstrate the continued strength of Irish products and services in international markets.This is due to Ireland’s hard-won reputation for quality, service and innovation."

Heineken maintained its forecast for 2023 profit growth with the risk of slower economic expansion in the Asia-Pacific region offset by greater resilience among beer drinkers in Europe. The world's second-largest brewer expects its operating profit this year to increase by a mid-to-high-single-digit percentage. "We see signals of a relatively resilient Europe and risks of slower economic growth in Asia Pacific, thus performance across markets may be different than anticipated," Heineken noted. The Dutch brewer reported a steeper than expected decline in first-quarter beer sales on Wednesday, with a sharp decline in major markets Nigeria and Vietnam, but price hikes and some consumer shift to more expensive beers meant revenue expanded in line with the market consensus.

Penneys owner Associated British Foods does not expect to have to push through many more price increases to its food customers in the second half of the year, as input costs including wheat, vegetable oils, freight and energy-start to fall. Chief executive George Weston told Reuters that the group, which has a grocery business including the Twinings tea, Jordans cereals and Ovaltine drinks brands, had managed to increase prices to cover its higher cost of raw materials. "We've had 18 months of trying to keep up with these cost increases," he told Reuters as the group reported first half results.We've achieved cost recovery in most areas now, so the second half will see much less," he said of the price rises.

Coca-Cola Co on Monday topped Wall Street estimates for first-quarter revenue and profit, benefiting from resilient demand for its sodas as well as multiple price increases undertaken to combat higher commodity and shipping costs. The company said in February it would raise soda prices further in 2023 'across the world' but at a moderating pace, even as rival PepsiCo hit a pause on price hikes. Average selling prices increased 11% in the first quarter, the maker of Fanta and Sprite said, while global unit case volumes rose 3%. "The strength in case volume growth gives us confidence that sales momentum can continue as Coca-Cola's sales strategies are resonating with consumers," Edward Jones analyst Brittany Quatrochi said.

In a quarter that saw Nestlé's overall sales volumes dip, the KitKat maker's candy business was a sweet spot as consumers celebrated Valentine's Day and an early Easter with largely reduced concerns over the spread of COVID-19. Confectionary sales volumes - which Nestlé calls real internal growth - grew about 6% even as most other units' sales declined. Nestle, which also sells Smarties and Quality Street chocolates, hiked prices sharply by 7.6% to drive organic confectionary sales up by 13.5%. "Omicron last year probably weighed on seasonal sales of confectionary around Valentine's Day," Bernstein analyst Bruno Monteyne said, adding that Easter was one week earlier this year, pulling more sales of Nestlé's candy eggs into the first quarter.

Britvic Ireland and Flogas Enterprise have announced a new Customer Corporate Power Purchase Agreement (CPPA) to the value of €2.5 million.This will ensure that Ballygowan, is produced using 100% renewable electricity harnessed from wind energy, the drinks company noted. Britvic is the first soft drinks brand in Ireland to sign a CPPA. It will allow the company to purchase renewable electricity from the Sonnagh Old Wind Farm in Moneylea Co. Galway, producing enough electricity on an annual basis to power their production facility in Newcastle West Co. Limerick and 75% of the company’s total electricity requirements.

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