This year is set to be a record year for Ireland's stockbroking sectors, with the chiefs of the top four firms confident that it will be a more profitable year than last.
Ireland's largest stockbroking firm Davy, is leading the charge, with chief executive Tony Garry predicting that 2006 will be more profitable than 2005. He says that, 'growth is strong across all parts of the business, particularly in private clients, institutional bonds and equities and corporate finance'.
2006 is set to be a record year for Ireland’s stockbroking sectors, with the chiefs of the top four firms confident that it will be a more profitable year than last, according to comments published in the accompanying FINANCE Stockbroking Supplement 2006, which reveals the results of this year’s survey.
Although Merrion had been budgeting for a marginally better year in 2006 than in 2005, the firm reached last year's profit level at mid-year, so as Adrian O'Carroll, director and co-head of equities with the firm says, 'it has turned out a good deal better than we expected'. Favourable market conditions are driving growth at the firm, with O'Carroll saying, 'in institutional equities we are gaining significant market share on the back of the strength of our research. In corporate finance we worked on the two big deals of the year - Aer Lingus and Eircom. In retail we continue to grow very strongly due to the buoyancy of the economy and growing market share'.
Conor O’Kelly, chief executive of NCB Stockbrokers, says that, ‘all engines of NCB’s business are experiencing strong growth’. The firm is benefiting from higher volumes on the Irish stock exchange, strong corporate finance activity, increased demand for wealth management services, as well as the extra business that is being generated by the firm’s London office, which opened over one year ago. The operation now employs fourteen people, and, says O’Kelly, ‘it has been a significant contributor to our current and future growth plans’.
At Goodbody, chief executive Roy Barrett is confident that 2006 will be better than last year. He says, ‘So far (and the stock market teaches us never to take anything for granted), 2006 has been an excellent year for us. All our business units have performed strongly and we expect profitability to be better than last year’.
Growth at the firm is being driven by two key factors he says, - a favourable market environment, and growth driven by initiatives the firm has taken to develop its business. |
