Latest news with #EYIreland
RTÉ News
3 days ago
- Business
- RTÉ News
Cybersecurity remains the top investment priority - EY Tech Leaders Outlook
Cybersecurity remains the top investment priority for Irish tech leaders who are facing increasing budget constraints, geopolitical tensions and continued technological change. Nearly half of those surveyed (48%) for the EY Tech Leaders Outlook said its the most critical area for improvement due to rising threats. The findings show that AI adoption continues to accelerate, with one in ten leaders now saying AI is fundamental to their business, jumping from just one in 50 (2%) in 2024. While the number of organisations without an AI strategy has fallen to 56%, down from 62% last year. The reaseach also indicated that financial constraints are reshaping priorities with just 34% of tech leaders now expecting an increase in IT budgets over the next two years, down from 46% in 2024. After years of strong demand for IT professionals, a hiring-squeeze may be on the horizon with over three-quarters (76%) either planning to maintain current staffing levels or potentially reduce their workforce over the next two years. Ronan Walsh, Head of Technology Consulting at EY Ireland, said: "Technology leaders in Ireland are showing remarkable resilience in the face of on-going economic and geopolitical uncertainty. While budget constraints are clearly influencing decision making, our research shows that organisations are prioritising investments that deliver real value, particularly in cybersecurity, efficiency gains, cloud infrastructure and AI," said Mr Walsh. "The shift in AI adoption is especially striking and we're seeing a growing number of organisations move beyond experimentation and begin to embed AI into core business functions to great effect,"he said. "This research shows a strong sense of optimism amongst Irish technology leaders who are making really smart, strategic decisions to ensure that their organisations remain competitive in a world that is changing at breath taking pace. The continued focus on sustainability tools also signals a maturing approach, one that integrates long-term value creation with operational efficiency and risk management," added Mr Walsh. According to the reseach cloud infrastructure is also continuing to gain momentum among Irish technology leaders. It found 41% of organisations are now hosting all core systems in the cloud, nearly triple the figure from 2023, with this surge reflecting growing trust in cloud technology's ability to deliver enhanced security, scalability, and cost-efficiency. As budget pressures mount, tech leaders questioned for the report said they are increasingly viewing cloud as a strategic enabler and essential to long-term digital transformation.
Irish Examiner
09-05-2025
- Business
- Irish Examiner
Cork businesses getting ‘investment ready' with EY
The EY Private event, jointly hosted by the firm's Lead Advisory M&A and Tax teams, focused on how businesses can be 'investment ready' from both a financial and tax perspective, as well as the importance of professional advisors taking a sector-led approach to provide solutions to businesses. "Despite the ongoing geopolitical uncertainty, Ireland remains one of the world's most dynamic and competitive countries, with an innovative, technology-driven, service-focused and open trading economy.' explained Ronan Murray, Corporate Finance Partner and Cork Office Managing Partner at EY Ireland. 'Cork and the wider Munster region are at the heart of this ongoing success. Over recent years, it has developed into a fantastic location for indigenous private companies — from established family businesses to start-ups and scale-ups within the region's dynamic entrepreneurial community. For most private companies, however, there will come a time when external investment is required, whether to further scale the company and seize new opportunities, or for shareholders to seek an exit and return on their investment. "Being well prepared is essential to maximise value in a transaction,' continued Ronan. 'Appointing advisors can also significantly ease the transaction process and enhance value, ensuring management can continue to focus on delivering success in day-to-day operations.' Ronan Murray, Corporate Finance Partner and Cork Office Managing Partner, EY Ireland. The guest speaker at today's event was Denise Tormey, president and co-founder of PlanNet21 and a previous EY Entrepreneur of the Year finalist. At the event Denise outlined the growth story of PlanNet21 and how they prepared the organisation for a hugely successful sale in November 2024. 'This was a major milestone for the firm and one which the EY Lead Advisory M&A and tax teams were proud to support in achieving a successful market-leading transaction for Denise and the PlanNet21 shareholders,' added Ronan. Taking a sector focus to best support clients In addition to its core service lines of Assurance, Tax and Law, Consulting, and Strategy and Transactions, in recent months, EY Ireland has been providing a wider and deeper lens to support clients via an industry and sector model. 'The traditional model of the large professional services firms would be primarily based around core service lines, but here at EY we believe in an industry and sector model. This is focused on meeting our clients where they are, in areas including Consumer and Health, Industrials and Energy, Government and Infrastructure, Technology, and EY Private, which is led by Cork-based Tax Partner Frank O'Neill. The core expertise we provide will be far more than the traditional assurance, consulting, tax, and transactions — but a real sector-led expertise to everything.' According to Ronan, the key focus of EY Private, in particular, is assisting these indigenous Irish firms to scale and succeed. 'Instead of just having one or two staff underpin them on their journey, we look to make sure there is at least one from each of our core service line disciplines supporting these EY and Irish private enterprises.' Ireland's positive M&A outlook bucks the global trend Looking to the wider M&A landscape over recent years, Ireland has maintained a steady upward arc during a turbulent economic period, says Ronan. 'Between 2022 and '23, M&A globally had contracted; however, in Ireland over the same period, it retained a level of activity that, while still declining, was better in terms of both value and volume. The Irish economy is quite resilient with stable governance, access to talent through strong universities and a business-friendly environment — all of which play their part in building resilience in the Irish M&A landscape.' He points to a slight rebound globally in M&A from the back end of '24 until recently. 'There has probably been a hold-off on decision-making over the past six to eight weeks as companies assess the impact of potential tariffs and deal with uncertainty, but I would argue it is more on the Large Cap transactions rather than Mid Cap, which would account for much of the Irish market. Ireland has held its own with transactions still ongoing and given that the cost of debt is declining, we are still seeing a reasonable amount of activity and a good pipeline, despite the uncertainties of the geopolitical landscape.' EY Entrepreneurs confirming Ireland as a centre of business excellence As the only global programme of its kind for entrepreneurs, EY's Entrepreneur of the Year programme celebrates, connects, and supports entrepreneurs as they unlock their ambitions. 'Now in its 28th year here, it is a first-class market-leading programme helping us to identify and acclaim the best indigenous people in business on the island of Ireland,' notes Ronan. Ronan Murray, Corporate Finance Partner and Cork Office Managing Partner, EY Ireland, and Denise Tormey, President and Co-Founder of PlanNet21, engaging with business leaders at the EY 'Investment Ready' EY Private Event at EY Cork's offices on Lapps Quay. Amongst the 2025 finalists are Cork-based MSL Engineering, Otonomee and Granite Digital. Collectively this group of world-class business leaders are already generating annual revenues approaching €1 billion and employing over 4,000 people. Geopolitics moves up the boardroom agenda Last month, former Tánaiste and Government Minister Simon Coveney joined EY's Geopolitical Strategy Unit as a consultant. Co-led by EY Ireland Partners Simon MacAllister and Aidan Meagher, the Unit provides a unique offering to clients and organisations across the island of Ireland navigating this era of heightened geopolitical complexity and the careful integration of political risk management into business strategy and governance. 'With businesses increasingly focused on assessing the potential impact of global risk on their investments, supply chains, and strategy, Simon's long and distinguished career in public service will allow for deeper insights and value to clients in a time of changing global marketplaces,' Ronan added. To learn more about how EY can help your business get investment ready, contact Ronan Murray at EY Cork: Getting 'investment ready' — EY's top advice for businesses and shareholders
Irish Examiner
02-05-2025
- Business
- Irish Examiner
Irish consumers make permanent switch to own-brand labels
Consumers in Ireland have permanently shifted their mindset around supermarkets' own-brand products, saying they meet their needs just as well as branded products. A new consumer survey from EY found that 72% of Irish consumers say own-brand or generic products, once seen as the second choice on the shelves, now meets their needs. This is higher than global level of 67%. The survey found that sentiment varies by category and while private labels are making strides in fresh food, confectionery and processed cupboard staples, branded goods continue to dominate in beauty and alcohol – categories where image, experience and indulgence remain important. Colette Devey of EY Ireland said consumer behaviour has traditionally shifted during economic uncertainty and periods of acute price inflation. "But today's changes appear to be more fundamental," she said. "Unlike past cycles – where consumers returned to familiar brands post-crisis – prolonged inflation, supply chain disruptions and geopolitical instability would seem to be reshaping habits permanently." According to the survey, financial concerns continue to dominate the Irish consumer mindset, with 96% concerned with the cost of living and 92% with their own personal finances. Price was the primary driver of consumer purchasing in Ireland. This price sensitivity has prompted a shift in shopping habits to find better value. Almost half of Irish shoppers (47%) said they are heading to discount shops to make their budgets go further, and a similar number (45%) said they plan to hold out for sales or join loyalty programmes to secure better value. Consumers have also become more wary of 'shrinkflation', where products are reduced in size but prices stay the same, and sceptical of overly generous promotions. Almost half of the respondents (48%) believe that new product improvements are often the result of cost-cutting rather than genuine enhancements for the customer. Despite their concern over prices, there is optimism amongst Irish consumers. More than half (54%) believe they'll be better off in 12 months, compared to just 19% who think they'll be worse off. Across Ireland, physical retail continues to hold strong, not just in convenience or habit, but in real emotional and practical value. A large majority of Irish consumers still prefer in-person shopping for essentials: 83% favour physical stores for fresh food, while 74% prefer them for personal care items. Read More Caitríona Redmond: How to save big on your weekly shop in the long term
RTÉ News
02-05-2025
- Business
- RTÉ News
Majority of Irish consumers prefer physical stores
A large majority of Irish consumers (70%) still prefer in-person shopping for essentials. 83% favour physical stores for fresh food, while 74% prefer them for personal care items. These are some of the findings of the 15th edition of the EY Future Consumer Index, which surveyed more than 20,000 consumers across 26 countries, including more than 500 here in Ireland. It's absolutely fair to say that any talk of the demise of bricks and mortar is definitely not true, particularly here in Ireland, according to Colette Devvy, EY Ireland Consumer Sector Lead. "Physical retail remains particularly strong and it's not just out of habit and convenience. What we see here is a real emotional and practical value, local physical stores are very much seen as the cornerstone of of the community." This report is released twice a year and aims to take a pulse of consumer sentiment to track how its evolving and provide insights for retailers and consumer businesses. It found that the sustained rise in the cost of living over recent years has reshaped how Irish consumers shop, spend and seek value. "Our findings highlight very consistently with the results from this week's CSO results which showed that food inflation is running at about 3% year on year," said Ms Devvy. "Price is the number one purchase consideration, notably in fresh food but also in categories like clothing and footwear and what that is driving is a real shift in shopping habits to secure best value. "So that is either an indication that consumers are heading to the discounters, over 50% of Irish consumer, we're seeing them hold out for sales or join loyalty programs looking to get discounts and reduced pricing and we're also seeing a more persistent shift from branded product to own label." The research shows that budget sensitivity has shifted the perception of 'own brand' products in Ireland too. Almost eight in ten consumers say store's own labels are just as good as branded products. Once seen as the second choice on shelves Irish consumers are more likely than the average global shopper to say that own label goods meet their needs just as well as branded products. While close to half of shoppers are using discount shops to make budgets go further. Ms Devvy sees this approach to shopping and looking for best value continuing, even if the cost of living stabilises, but especially in the face of global uncertainty surrounding tariffs. "I think people are always looking for value and they're trying to balance that affordability and quality point. "I think what we have seen recently is, particularly with the shift to own brand, that's not just a perception, that's a reality and retailers are seeing that. "When I'm out speaking to my clients we're having extensive conversations around what this means for them and they've really upped the range and the quality of private products and the and the branding and packaging around that as a result."
RTÉ News
28-04-2025
- Business
- RTÉ News
Global IPOs climb despite uncertainty on financial markets
Despite challenging circumstances global IPO markets showed resilience in the first quarter of 2025, with an increase in both deal volume and value globally. The latest EY Global IPO Trends Report shows that a total of 291 IPOs raised $29.3 billion in the first quarter of 2025, with total deal value up 20% compared to the first quarter of 2024, while deal volume was up 3%. But the global market also saw uncertainty in the first three months of the year, with significant and volatile geopolitical shifts as well as the rise of disruptive artificial intelligence models impacting broader financial markets and new listings. Today's figures show that the number of IPOs in the Americas increased by 51% in the first quarter of this year compared to the same time last year as positive market conditions at the start of the year facilitated the transition to the public markets. In the US, EY noted that cross-border deals accounted for 58% of the new listings this quarter as the strength of the US as the premier location for funding and realising value remains. In Europe, Middle East, India and Africa EY said that significant US policy shifts under a new administration put Europe in the middle of significant geopolitical crosswinds and brought more uncertainty to its IPO market. But it added that the Middle East continued to perform well, while India stood out for its substantial deal value despite a decline in volume. Overall, the region saw 113 companies go public, raising $9.5 billion, a year on year decline of 9% and 4%, respectively. EY also noted that the average age of European companies at the time of their IPO has more than doubled, climbing from 20 years in 2021 to 42 years. Meanwhile, Asia-Pacific markets showed signs of recovery, reclaiming the lead area in IPO volume and value, with Japan contributing the largest global IPO this quarter. Hong Kong, South Korea and Malaysia all recorded robust growth, however the Chinese mainland and Oceania remain subdued. Fergal McAleavey, EY Ireland Corporate Finance Partner, said that after an improved first quarter for IPO's globally, with deal values up by 20% over the same quarter in 2024, global financial markets have more recently been impacted by heightened volatility and uncertainty, with a knock-on impact on the IPO landscape for upcoming quarters. He said that IPOs were up globally in terms of both volume and value in the quarter, although not to the extent that might have been forecasted even at the start of the year. "Although IPOs held firm overall, heightened volatility readings and a shaky outlook may now signal faltering investor sentiment for near-term future listings. A number of high-profile companies planning to list in the first half of 2025 have now delayed their IPOs to later quarters or even early 2026 as they wait for markets to settle and some certainty to return," he added. On Ireland, McAleavey noted that IPO activity continues to remain subdued, as firms continue to raise private capital (venture capital or private equity) for investment or to seek an exit for shareholders. "While the immediate landscape appears quite unsettled, continued interest rates cuts by the ECB, together with more market stability in Europe could spur activity here in the domestic market," he added.
