Latest news with #PeterBurke
Irish Independent
11 hours ago
- Business
- Irish Independent
Uniphar flags profit growth for first half of the year
In a trading update for the first half of the year, Uniphar said its Pharma division delivered double-digit organic gross profit growth. The group operates four major Irish pharmacy chains: Life, Allcare, Hickey's and McCauley as well as major divisions that service the wholesale sector and pharmaceutical and medical technology arms here and internationally. Commenting on the first half of trade, Uniphar Group CEO Ger Rabbette said the business is confident of reaching a €200m EBITDA target by 2028, with at least 80pc of growth being organic. 'Uniphar has had a strong first half, achieving significant organic gross profit growth. We expect to continue this progress into the second half and meet our growth objectives for each of our three divisions for the full year,' he said. In terms of the outlook for the rest of the year, Uniphar said it entered the second half of this year with strong trading momentum and that declining interest rates favourably impacting finance costs will be a tailwind to current year expectations. The group said it is managing an active pipeline of acquisition opportunities. Net Bank Debt/EBITDA was 1.9x at the end of June 2025. A €35m share buyback programme was completed during the first half of the year. Shares in Uniphar rose on Tuesday, to reach £3.36 each in London, not far off its high for the year of £3.46 a share, seen in June. The shares trade in London's AIM and Dublin's Euronext and the business has a market capitalisation of just under €1bn. The unaudited half year update will be followed up with publication of interim results for the six months ended 30 June 2025 on September 2nd. Uniphar is among a list of home grown Irish multinational companies that Enterprise Minister Peter Burke has held meetings with in recent weeks as he looks to asses else is happening in a rage of sectors impacted by the Trump administration's tariff policy and the impact on the US economy and other markets.
Yahoo
a day ago
- Business
- Yahoo
Tariff of 15% ‘challenging' but avoids a trade war
A tariff rate of 15% is 'challenging' but avoids a rate of 30% – which would have 'closed the market' in the US, Ireland's enterprise minister has said. Peter Burke said that the EU-US deal avoids both a trade war and EU counter-measures, which would have had an effect on the north-south economy. He said 'the devil is in the detail' of the trade agreement finalised on Sunday by Donald Trump and European Commission president Ursula von der Leyen in Scotland. 'We had a lot of modelling carried out on the various different options, and some were very perverse, that would have closed the market if you had over a 30% tariff with a stacking mechanism,' Mr Burke told RTE Radio. 'The key thing is that there will be a number of carve outs. Obviously, aviation has been cited as zero-for-zero, but also in relation to agrifoods and potentially spirits.' The bloc is set to face 15% tariffs on most of its goods including cars, semiconductors and pharmaceuticals entering the US and 'zero for zero' tariffs on a number of products including aircraft, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth 750 billion dollars over three years. Mr Burke said it was his understanding that the 15% tariff on the pharmaceutical sector would be a maximum rate. He added: 'I think the president of the Commission has been very clear that 15% will be a ceiling.' It is still unclear from the deal, agreed five days before Mr Trump's threat of a 30% tariff would have come into effect, will mean Ireland will need to invest in US energy, he added. 'This all has to be worked out yet, as you can appreciate, I'm only hearing this for the first time last night, and we have nothing on paper.' Ireland's premier Micheal Martin and deputy premier Simon Harris welcomed the agreement struck on Sunday, saying that while Ireland 'regrets' the baseline tariff of 15%, it welcomed the certainty for businesses. Mr Harris said further detail was needed around how tariffs would affect sectors including pharmaceuticals. Ireland remains vulnerable to a slow down in trade with the US economy, due to exports of products such as alcohol, dairy and beef. The Irish government has also expressed concern at how tariffs could affect pharma multinationals based in Ireland, which employs about 45,000 people in Ireland, as Mr Trump had signalled he intended to target that industry. In addition, 65% of all aircraft are leased through Ireland globally. Business group Ibec said although the uncertainty may be dissipating, the agreement was 'punishing' for Europe. The group's chief executive Danny McCoy said 'Europe has capitulated on this' and 15% is 'very substantial'. 'I don't think it's a great deal if I'm really honest,' Simon McKeever, of the Irish Exporters Association, said. He said the deal was not a good one for Irish businesses and said the EU was negotiating with 'one if not two hands tied behind our backs' because of the EU's reliance on the US in relation to defence and security. He said questions remained about the effect it would have on Northern Ireland given the UK had a lower tariff of 10% in place. 'There's a huge amount of this that is extremely uncertain,' he said. Last week, Finance Minister Paschal Dohonoe said the Irish government would spend 9.4 billion euro on its budget in October, based on a zero-tariff scenario for next year. He and Public Expenditure Minister Jack Chambers said these estimates would need to be revised if there was a shock to the Irish economy. Mr Burke said it was not naive to base the government's economic scenario on a zero-for-zero trade agreement with the US. 'No it wasn't because we didn't know what we were to be faced with,' he said on Monday. 'We do need to find out what happens in other areas, because this is very complex. 'It depends what happens with China, that's a very significant market that a deal hasn't happened yet. 'It really impacts what happens with our exporters here in Ireland as well, because so much product is in danger of being redirected into EU market. 'We also don't know what separate carve outs are going to emerge for the different sectors that are so vulnerable from an Irish perspective. 'Until we get flesh on the bones and all those areas over the coming weeks, we'll be in a better position then to really put forward what budgetary parameters (we) will end up with.'
Irish Daily Mirror
a day ago
- Business
- Irish Daily Mirror
'Devil is in the detail' of tariff agreement with US
A tariff rate of 15 per cent is 'challenging' but avoids a rate of 30 per cent – which would have 'closed the market' in the US, Ireland's enterprise minister has said. Peter Burke said that the EU-US deal avoids both a trade war and EU counter-measures, which would have had an effect on the north-south economy. He said 'the devil is in the detail' of the trade agreement finalised on Sunday by Donald Trump and European Commission president Ursula von der Leyen in Scotland. 'We had a lot of modelling carried out on the various different options, and some were very perverse, that would have closed the market if you had over a 30 per cent tariff with a stacking mechanism,' Mr Burke told RTÉ Radio. 'The key thing is that there will be a number of carve outs. Obviously, aviation has been cited as zero-for-zero, but also in relation to agrifoods and potentially spirits.' Minister for Enterprise, Tourism and Employment, Peter Burke (Image: Collins) The bloc is set to face 15 per cent tariffs on most of its goods, including cars, semiconductors and pharmaceuticals entering the US and 'zero for zero' tariffs on a number of products, including aircraft, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth $750 billion over three years. Mr Burke said it was his understanding that the 15 per cent tariff on the pharmaceutical sector would be a maximum rate. He added: 'I think the president of the Commission has been very clear that 15 per cent will be a ceiling.' It is still unclear from the deal, agreed five days before Mr Trump's threat of a 30 per cent tariff would have come into effect, will mean Ireland will need to invest in US energy, he added. 'This all has to be worked out yet, as you can appreciate, I'm only hearing this for the first time last night, and we have nothing on paper.' Taoiseach Micheál Martin and Tánaiste Simon Harris welcomed the agreement struck on Sunday, saying that while Ireland 'regrets' the baseline tariff of 15 per cent, it welcomed the certainty for businesses. Mr Harris said further detail was needed around how tariffs would affect sectors including pharmaceuticals. Ireland remains vulnerable to a slow down in trade with the US economy, due to exports of products such as alcohol, dairy and beef. The Irish government has also expressed concern at how tariffs could affect pharma multinationals based in Ireland, which employs about 45,000 people here, as Mr Trump had signalled he intended to target that industry. In addition, 65 per cent of all aircraft are leased through Ireland globally. Business group Ibec said although the uncertainty may be dissipating, the agreement was 'punishing' for Europe. The group's chief executive Danny McCoy said 'Europe has capitulated on this' and 15 per cent is 'very substantial'. 'I don't think it's a great deal if I'm really honest,' Simon McKeever, of the Irish Exporters Association, said. He said the deal was not a good one for Irish businesses and said the EU was negotiating with 'one if not two hands tied behind our backs' because of the EU's reliance on the US in relation to defence and security. He said questions remained about the effect it would have on Northern Ireland given the UK had a lower tariff of 10 per cent in place. 'There's a huge amount of this that is extremely uncertain,' he said. Last week, Finance Minister Paschal Donohoe said the Irish government would spend €9.4 billion on its budget in October, based on a zero-tariff scenario for next year. He and Public Expenditure Minister Jack Chambers said these estimates would need to be revised if there was a shock to the Irish economy. Mr Burke said it was not naive to base the government's economic scenario on a zero-for-zero trade agreement with the US. 'No it wasn't because we didn't know what we were to be faced with,' he said on Monday. 'We do need to find out what happens in other areas, because this is very complex. 'It depends what happens with China, that's a very significant market that a deal hasn't happened yet. 'It really impacts what happens with our exporters here in Ireland as well, because so much product is in danger of being redirected into EU market. 'We also don't know what separate carve outs are going to emerge for the different sectors that are so vulnerable from an Irish perspective. 'Until we get flesh on the bones and all those areas over the coming weeks, we'll be in a better position then to really put forward what budgetary parameters (we) will end up with.' Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here. The Irish Mirror's Crime Writers Michael O'Toole and Paul Healy are writing a new weekly newsletter called Crime Ireland. Click here to sign up and get it delivered to your inbox every week
BreakingNews.ie
2 days ago
- Business
- BreakingNews.ie
Tariff of 15% ‘challenging' but avoids a trade war
A tariff rate of 15 per cent is 'challenging' but avoids a rate of 30 per cent – which would have 'closed the market' in the US, The Minister for Enterprise has said. Peter Burke said that the EU-US deal avoids both a trade war and EU counter-measures, which would have had an effect on the north-south economy. Advertisement He said 'the devil is in the detail' of the trade agreement finalised on Sunday by Donald Trump and European Commission president Ursula von der Leyen in Scotland. 'We had a lot of modelling carried out on the various different options, and some were very perverse, that would have closed the market if you had over a 30 per cent tariff with a stacking mechanism,' Mr Burke told RTÉ Radio. 'The key thing is that there will be a number of carve outs. Obviously, aviation has been cited as zero-for-zero, but also in relation to agrifoods and potentially spirits.' The bloc is set to face 15 per cent tariffs on most of its goods including cars, semiconductors and pharmaceuticals entering the US and 'zero for zero' tariffs on a number of products including aircraft, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth 750 billion dollars (€643 billion) over three years. Advertisement Mr Burke said it was his understanding that the 15 per cent tariff on the pharmaceutical sector would be a maximum rate. He added: 'I think the president of the Commission has been very clear that 15 per cent will be a ceiling.' It is still unclear from the deal, agreed five days before Mr Trump's threat of a 30 per cent tariff would have come into effect, will mean Ireland will need to invest in US energy, he added. 'This all has to be worked out yet, as you can appreciate, I'm only hearing this for the first time last night, and we have nothing on paper.' Advertisement Ireland's premier Micheal Martin and deputy premier Simon Harris welcomed the agreement struck on Sunday, saying that while Ireland 'regrets' the baseline tariff of 15 per cent, it welcomed the certainty for businesses. Mr Harris said further detail was needed around how tariffs would affect sectors including pharmaceuticals. Ireland remains vulnerable to a slow down in trade with the US economy, due to exports of products such as alcohol, dairy and beef. The Government has also expressed concern at how tariffs could affect pharma multinationals based in Ireland, which employs about 45,000 people in Ireland, as Mr Trump had signalled he intended to target that industry. Advertisement In addition, 65 per cent of all aircraft are leased through Ireland globally. Last week, Minister for Finance, Paschal Dohonoe said the Government would spend €9.4 billion euro on its budget in October, based on a zero-tariff scenario for next year. He and Minister for Public Expenditure, Jack Chambers said these estimates would need to be revised if there was a shock to the Irish economy. Mr Burke said it was not naive to base the government's economic scenario on a zero-for-zero trade agreement with the US. Advertisement 'No it wasn't because we didn't know what we were to be faced with,' he said on Monday. 'We do need to find out what happens in other areas, because this is very complex. 'It depends what happens with China, that's a very significant market that a deal hasn't happened yet. Ireland Hospital overcrowding: Over 450 patients on trolle... Read More 'It really impacts what happens with our exporters here in Ireland as well, because so much product is in danger of being redirected into EU market. 'We also don't know what separate carve outs are going to emerge for the different sectors that are so vulnerable from an Irish perspective. 'Until we get flesh on the bones and all those areas over the coming weeks, we'll be in a better position then to really put forward what budgetary parameters (we) will end up with.'
The Independent
2 days ago
- Business
- The Independent
Tariff of 15% ‘challenging' but avoids a trade war
A tariff rate of 15% is 'challenging' but avoids a rate of 30% – which would have 'closed the market' in the US, Ireland's enterprise minister has said. Peter Burke said that the EU-US deal avoids both a trade war and EU counter-measures, which would have had an effect on the north-south economy. He said 'the devil is in the detail' of the trade agreement finalised on Sunday by Donald Trump and European Commission president Ursula von der Leyen in Scotland. 'We had a lot of modelling carried out on the various different options, and some were very perverse, that would have closed the market if you had over a 30% tariff with a stacking mechanism,' Mr Burke told RTE Radio. 'The key thing is that there will be a number of carve outs. Obviously, aviation has been cited as zero-for-zero, but also in relation to agrifoods and potentially spirits.' The bloc is set to face 15% tariffs on most of its goods including cars, semiconductors and pharmaceuticals entering the US and 'zero for zero' tariffs on a number of products including aircraft, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth 750 billion dollars over three years. Mr Burke said it was his understanding that the 15% tariff on the pharmaceutical sector would be a maximum rate. He added: 'I think the president of the Commission has been very clear that 15% will be a ceiling.' It is still unclear from the deal, agreed five days before Mr Trump's threat of a 30% tariff would have come into effect, will mean Ireland will need to invest in US energy, he added. 'This all has to be worked out yet, as you can appreciate, I'm only hearing this for the first time last night, and we have nothing on paper.' Ireland's premier Micheal Martin and deputy premier Simon Harris welcomed the agreement struck on Sunday, saying that while Ireland 'regrets' the baseline tariff of 15%, it welcomed the certainty for businesses. Mr Harris said further detail was needed around how tariffs would affect sectors including pharmaceuticals. Ireland remains vulnerable to a slow down in trade with the US economy, due to exports of products such as alcohol, dairy and beef. The Irish government has also expressed concern at how tariffs could affect pharma multinationals based in Ireland, which employs about 45,000 people in Ireland, as Mr Trump had signalled he intended to target that industry. In addition, 65% of all aircraft are leased through Ireland globally. Last week, Finance Minister Paschal Dohonoe said the Irish government would spend 9.4 billion euro on its budget in October, based on a zero-tariff scenario for next year. He and Public Expenditure Minister Jack Chambers said these estimates would need to be revised if there was a shock to the Irish economy. Mr Burke said it was not naive to base the government's economic scenario on a zero-for-zero trade agreement with the US. 'No it wasn't because we didn't know what we were to be faced with,' he said on Monday. 'We do need to find out what happens in other areas, because this is very complex. 'It depends what happens with China, that's a very significant market that a deal hasn't happened yet. 'It really impacts what happens with our exporters here in Ireland as well, because so much product is in danger of being redirected into EU market. 'We also don't know what separate carve outs are going to emerge for the different sectors that are so vulnerable from an Irish perspective. 'Until we get flesh on the bones and all those areas over the coming weeks, we'll be in a better position then to really put forward what budgetary parameters (we) will end up with.'
