Ambition Issue 62 (January/February) by Northern Ireland Chamber of Commerce and Industry

AMBITION MAGAZINE OF NORTHERN IRELAND CHAMBER OF COMMERCE AND INDUSTRY

JANUARY/FEBRUARY 2024

FROM HAIRSHOWS TO AIRSHOWS

CEO Kevin McNamee reveals how embracing digitisation is heralding a new era for the Denroy Group.

ISSUE 62 £2.95

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JANUARY/FEBRUARY 2024 ISSUE 62

Contents

Fibrus and Henderson Group Win British Chamber Business Awards

Managing Editor: Olivia Stewart Interviews: Emma Deighan Publisher: Chris Sherry Advertising Managers: Lorraine Gill & Gerry Waddell Editorial Assistant: Joanne Harkness Email addresses: olivia.stewart@northernirelandchamber.com/ l.gill@ulstertatler. com / g.waddell@ulstertatler.com Websites: www.northernirelandchamber.com / www.ulstertatler.com Publisher: Ulster Tatler Group, 39 Boucher Road, Belfast, BT12 6UT Tel: 028 9066 3311 Printed by: W&G Baird, Antrim. Front Cover Photo by: Matt Mackey, Press Eye.

At a Glance NEWS: 06 Member News 08 Member News 10 Member News 44 Member News

COLUMNISTS: 12 Kate Marshall 14 Jane Shaw 16 Ben Jarvis 20 Chris Martin 28 Dr Vicky Kell 30 Jason Calvert 88 John Campbell

NI CHAMBER: 31 CEO Update 32 Meet The Buyer With Bank of Ireland 33 Chamber News 34 Photo Gallery 36 NI Chamber Publishes Proposals To Reform The Planning System 38 Strong Sales and Exports For 2023 40 Quarterly Economic Survey

FEATURES: 18 My Ambition is to... 46 Powering Progress 48 It's A Gift Of Life 52 Access Data Insights With Ease 54 A Culture of Innovation 57 Stairway To Seven

62 66

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Mark Higgins Takes The Lead at Fast's New Innovation Hub The Difficult Done Well Enabling Organisations Across NI to Transform and Innovate at Speed Communicating Climate Change Shaping 2024

APPOINTMENTS 76 Growth For Turley Across Northern Ireland

LIFESTYLE: 80 Business Class Motoring James Stinson 84 Fashion – Joanne Harkness 95 Dine & Wine Gavin Murphy

48 22 Cover Story

AMBITION MAGAZINE OF NORTHERN IRELAND CHAMBER OF COMMERCE AND INDUSTRY

JANUARY/FEBRUARY 2024

FROM HAIRSHOWS TO AIRSHOWS

CEO Kevin McNamee reveals, how embracing digitisation is heralding a new era for the Denroy Group.

ISSUE 62 £2.95

EDITORIAL

President’s Perspective

Time to Reset and Prioritise Progress I

n my New Year message in early January, I welcomed that the UK government has accepted the principle of a needs-based funding model for Northern Ireland, something which NI Chamber has been advocating for some time. And while it is regrettable that we commenced another year without an executive, businesses remain hopeful that 2024 will be a year of progress. With so many competing priorities and demands, managing the public finances and addressing public sector pay will be the greatest immediate challenges an incoming power-sharing executive will face, but they are certainly not the only ones. Also at the top of the list are measures to help businesses meet their sustainability ambitions and grow exports, a focus on boosting competitiveness and help to develop productive and resilient workforces of the future. Encouraging firms to realise their export potential and grow internationally is central to the creation of a 10X Economy. Dual market access provides NI businesses with a distinct competitive advantage as a trading gateway to the EU and Great Britain. In 2024 and beyond, we must make a concerted effort to capitalise on that position in highgrowth sectors such as health & life science and advanced manufacturing. With only six years left to meet 2030 net zero targets, creating the conditions for public and private sector investment is crucial. Green growth presents businesses with challenge and opportunity in almost equal measure. Right now, there is a wall of green capital building up ready to invest but to do so, we need action from an executive on areas including planning and green skills investment. Indeed, planning is one of NI Chamber’s 2024 priorities and one of our first actions of this new year was the publication of a comprehensive set of proposals to reform the system in a way which facilities economic growth and progress towards net zero. We know too that lack of access to affordable childcare remains a significant barrier to business growth and are clear that this is the year it needs to be addressed. Whilst business is playing its part, we know that there is much a restored executive could do. In summary, 2024 must be the year when we commit to real progress and long-term transformation in Northern Ireland. This is the opportune time to double down on developing the region’s distinct competitive edge and in doing so, position people, businesses and communities for long-term, shared prosperity.

Cathal Geoghegan, President, Northern Ireland Chamber of Commerce and Industry

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NEWS

IceMOS Technology Raises Pre-IPO Funding Following Investment Summit

IceMOS Technology Founder and Chairman -

Semiconductor manufacturer IceMOS Technology Corporation Dr. Samuel J. Anderson, MBE. has secured pre-IPO funding as a result of meeting a Londonbased investor at the Northern Ireland Investment Summit in September. IceMOS Technology is a global supplier of high-quality sensing and power technologies that are paving the way for energy-efficient solutions in power electronic systems. The company – headquartered in Paradise Valley, Arizona – has a manufacturing centre of excellence located in West Belfast, an advanced research innovation centre in Tempe, Arizona and a design centre in Tokyo, Japan. The deal, which sees pre-IPO funding valuing IceMOS at a market capitalization of $101 million (£80 million) post money, will enable IceMOS to expand its Belfast team to more than 100 employees and increase its marketing and sales global footprint as it starts preparation for an initial public offering in the next 18 to 24 months. “Our sensing and power technologies are paving the way for more energy-efficient and CO2-saving solutions that support decarbonisation,” said Dr. Samuel J. Anderson, MBE, IceMOS Technology founder and chairman. “Adoption in applications such as artificial intelligence (AI), assisted and autonomous driving, data centre cloud and edge computing power supplies, rapid chargers for electric vehicles, low earth orbit (LEO) satellites and deep space exploration are at the tipping point, leading to dynamic market growth. Products based on our technology roadmap represent a new class of semiconductors, essential to serve the efficiency demands of this digital economy market.”

GRAHAM Appointed for £86.9m A164 and Jock’s Lodge Improvement Scheme in East Riding of Yorkshire When complete, in late 2026, traffic travelling on one of the East Riding’s busiest routes will be freed up – benefitting the whole of the East Riding and helping to grow the local economy. The work will involve replacing the Jock’s Lodge junction on the outskirts of Beverley – which links the A164 Hull to Beverley and the A1079 Hull to York roads. Over the next few months, construction vehicles and equipment will be seen moving on to sites along the route in readiness for starting work in spring. Alastair Lewis, GRAHAM contracts director, said: “We’re delighted to be appointed by East Riding of Yorkshire council to deliver the A164 Jocks Lodge junction transformation scheme. The upgrade of the A164 and new junction arrangements with the A1079 dual carriageway, will alleviate congestion and enhance safety for non-motorists via dedicated pedestrian and cycling routes. “Our track record of successfully delivering transformational civil engineering projects stands as testament to our commitment for the highest standards of work, professionalism, and technical expertise. We are proud to be the East Riding of Yorkshire council’s partner to deliver economic growth to the region. Over the next few months, the project team will be working hard to ensure the site is ready for the main build phase – we’re looking forward to playing our part in this pivotal project and leaving a lasting legacy.” GRAHAM, which employs over 2,200 people, is involved in more than 100 projects across the UK and Ireland.

Corr’s Corner Marks 30th Anniversary Under McKeever Ownership The McKeever Hotel Group is celebrating 30 years of ownership of Corr’s Corner – the Newtownabbey-based hotel which has been an established part of the local community for over a century. The McKeevers have also committed to the future of the hotel, with plans to invest a further £320k in Corr’s Corner over the coming year, including the upgrade of its event/function space, and boosting sustainability through the installation of solar panelling.

Green Jobs in Northern Ireland Remain Slightly More Resilient

The number of green jobs advertised in Northern Ireland has seen a small increase year on year and now accounts for a higher proportion of all job adverts in the region – even as the wider jobs market cools. PwC UK’s latest Green Jobs Barometer shows that in Northern Ireland, green jobs as a proportion of all job adverts increased from 1.9% in 2022 to 2.4% and is now higher than the UK average of 2.3%. The research also shows that Northern Ireland is one of only two areas to have seen an increase in green job adverts from 2022 into 2023, albeit a small increase at 1.7%.

Xperience Strengthens Business Application Expertise with Acquisition of GCC

Xperience Group, a digital solutions specialist, has acquired GCC Group Limited (“GCC”). GCC is a leading business applications solutions (ERP and CRM) and managed IT services provider, supporting over 500 clients in complimentary sectors to Xperience including not-for-profit, construction and manufacturing.

Weev Installs Enniskillen’s First Rapid EV Charger Leading electric vehicle (EV) infrastructure company Weev has enhanced EV charging facilities in Enniskillen with the addition of the town’s first rapid EV charger. The 120DC rapid charger at Belmore Court & Motel replaces the existing 24DC charger on the site, previously installed by Weev in 2022, and has been introduced due to increased demand from residents and visitors in the popular Fermanagh destination.

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NEWS

Record US Exports Signal Continued Growth For Ulster Carpets Significant investment in new jobs, infrastructure and technology has secured an increased turnover of over £1 million for Ulster Carpets Ltd in the 2022/23 financial year. Marking its 85th anniversary, the fourthgeneration, family-owned and family-run company has demonstrated renewed positivity through a major redevelopment plan at its Portadown headquarters that has created nearly 50 jobs in the last 12 months to meet increasing demand. Across the Ulster Carpets Group, a £3 million investment in new technology at wool processing company, Ulster Yarns, has created 30 new jobs in Yorkshire. In June 2023, the Ulster Group continued its mergers and acquisitions strategy with the acquisition of iconic British flooring brand, Alternative Flooring. The purchase was fully funded from Ulster’s own cash reserves and further diversifies the group within the flooring sector. Record turnover in the US contract market was offset by the prevailing difficulties associated with COVID, global energy costs, inflation and the cost-of-living crisis, leading to similar levels of underlying operating profit to the previous year, excluding the sale of land. The latest accounts show that turnover has increased by over £11.8 million to £79.9 million, with the gross margin reducing from 41% to 38%. After taxation, the group has reported a £2.7 million profit.

Allstate Software Studio Opens at Queen’s University Belfast Allstate NI and Queen’s University Belfast have launched the Allstate Software Studio, a new purpose-built training facility for software engineering students. Located within the QUB Computer Science building, the studio is a dual-purpose space designed for hands-on training, encouraging students to put theory into practice. In Northern Ireland, the software sector contributes £1.7 billion to the economy each year by employing approximately 23,000 people across 2,200 businesses. The facility was officially opened with a visit from Stephen McKeown, vice president and managing director of Allstate Northern Ireland, and Zulfi Jeevanjee, executive vice president and chief information officer, Allstate Technology Solutions. Stephen McKeown said: “The opening of the Allstate Software Studio at Queen’s University Belfast is a great step forward in our partnership with the education sector in Northern Ireland. It is a space that replicates the working environment graduates will move to once completing their degrees, a collaborative space where they can be innovative and that will help their transition to the workplace. The discipline of software engineering, including app development, app efficiency and scaling, is a foundational part of our work at Allstate NI and we are committed to empowering students to excel in this area.”

Rural Housing Association Agrees Funding Package With Danske Bank Rural Housing Association is set to undertake a significant programme of investment in new homes across Northern Ireland after agreeing a new £25m funding package with Danske Bank. The new structured loan facility will be used by Rural Housing Association to fund ongoing investment, including the development of around 300 new properties over seven years. Danske’s funding is expected to convert to a sustainability-linked loan once environmental, social and governance KPI’s have been agreed.

b4b Group Connects Social Enterprise Cafe For Success Leading IT and telecommunications provider b4b Group has announced the successful expansion of its services within Mallusk Enterprise Park, to support the opening of a new social enterprise cafe ‘B Social Deli’. Benefitting from its longstanding relationship with the County Antrim business park spanning more than five years, b4b Group was appointed to deploy a rapid fit-out of a full-service broadband solution for the new cafe.

Henderson Group and BP Pulse Roll Out Network of Rapid EV Charging Henderson Group and bp pulse, bp’s electric vehicle charging business, have signed an agreement to work together to install up to 200 electric vehicle (EV) charge points at around 100 Henderson retail sites across Northern Ireland within the next two years, including at 30 bp branded Henderson retail locations. “The demand for ultra-fast charging points in Northern Ireland is high. Current figures from the Department for Transport show there are currently around 18,762 ultra-low emission vehicles registered in the region, an increase of 55% in the past two years alone. This steep trajectory of the volume of electric vehicles on the road is only going to continue, yet Northern Ireland has just 60 ultra-fast charge points in operation,” says Ron Whitten, chief financial officer at Henderson Group.

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NEWS

Norbrook Posts Increase Revenue of £238m Norbrook Holdings Ltd has announced its results for the year to 28th July 2023 which show revenue of £238 million, up 4.4% year-on-year (FX adjusted), generating net profit of £3.9 million. Over recent years the company has invested heavily in the future of the business, with capital investment of £15 million in 2023, representing 6% of revenue. This year, the benefits of the investment are starting to be realised with significant operational success, demonstrated by a 20% improvement in supply performance and a 90% reduction in backorder.

Progressive Extends its Support of Disability Sports Until 2025 Progressive Building Society has reaffirmed its commitment to Disability Sport NI by extending its existing partnership for another two years. To date, the collaboration has helped more than 10,000 local disabled people access a range of programmes through Disability Sports Hubs in each of Northern Ireland’s 11 council areas. Progressive’s partnership with Disability Sport NI, which began in 2019, has meant that for the first time ever, Northern Ireland’s main disability sports charity is providing sports and active recreation sessions for disabled people delivered by local activity leaders, sports coaches, and volunteers.

4c Executive Search Recognised as a UK Leading Recruiter 4c Executive Search has been recognised in the Financial Times UK Leading Recruiters 2024 special report. The report, the first of its kind, has been produced by the Financial Times and German data provider Statista. The list has been created through recommendations from clients and peers of the organisations included.

FinTrU Win Company and Employer of the Year at the AIB Business Eye Awards Now in its 17th year, FinTrU was among the big winners at the AIB Business Eye Awards. The annual event is a showcase of the innovation, creativity, and success in the country’s business community. FinTrU picked up the award for both Company of the Year and Employer of the Year. It also marks a hat-trick of results with this being the third year in succession that FinTrU has been awarded the accolade of Company of the Year.

Eakin Healthcare Officially A ‘Great Place to Work’ The international medical devices business, headquartered in Northern Ireland, has been successfully certified as a ‘Great Place to Work’ following a survey of its over 700 employees. The survey, conducted by the global authority on workplace culture, Great Place to Work, used rigorous, datedriven methodology and validated employee feedback to determine that Eakin Healthcare has made the grade. Gillian McAuley, chief people officer at Eakin Healthcare, commented on the achievement: “This is an incredible achievement for any organisation, especially as it is the first time completing the survey and something for us to be really proud of. It means a lot that our colleagues have reported a consistently positive experience with their peers, their leaders, and their jobs. In fact, 84% of colleagues said that they were proud to work here. As a business, we will continue working hard across our teams to drive improvements on the basis of the feedback and continue to foster that pride in our workplace.”

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Columnist Kate Marshall Coach, Speaker, Author, Facilitator

Goal or Dream? I

’m sure, like me, in recent weeks you have set goals for your professional life or business in 2024. But how often do we set goals – SMART goals with timelines and action plans for our personal life? We often refer to these as New Year’s resolutions and unless we turn those resolutions into goals with a plan and timeline then the resolution is just a DREAM. It’s a sad truth that most people live their professional life strategically and their personal life randomly. According to a 2023 study of Australian and UK citizens, only 9% successfully keep their New Year’s resolutions: 23% of people quit by the end of the first week. Most people quit on the second Friday of the month, according to Strava, a running and cycling tracking app. They named this day “Quitters Day”. Forty-three per cent of people expect to give up on their goals by February. We set resolutions because something needs to change. But first we need to deeply understand why you want to change. What’s your big motivation? Why is it now necessary to change? And what are the consequences of not changing? Once we have our goals set, how do we set ourselves up for success? Cultivating the habits outlined below will send you in the right direction. They’ll help you to cultivate the best within yourself, giving you the best opportunity to strategically achieve your professional and personal goals along the way. Get organised. Your brain likes order. The one resource that’s really scarce is time, yet we waste so much of it by not being organised. Have a routine and work on the Covey Matrix – 20% of your time will give you 80% of your results. Taking time to

prioritise the important over the urgent is the first step, then discipline to keep focused on the 20%. Choose your peers/friends carefully. I lead peer groups that meet monthly and a huge part of the value the individuals get is the quality of the people in the group. We set goals and hold each other accountable. You’ve heard the phrase “we are the average of the five people we spend the most time with”. Choose well and avoid people who erode your quality of life! Get started, even though you might fail. Any decision is better than no decision – procrastination steals our mojo. How can you ever produce something great if you don’t get started and give your ideas time to evolve? Author Jodi Picoult summarized the importance of avoiding perfectionism perfectly: “You can edit a bad page, but you can’t edit a blank page.” Say no. Research conducted at the University of California in San Francisco shows that the more difficulty that you have saying no, the more likely you are to experience stress, burnout, and even depression, all of which erode self-control. Saying no is indeed a major self-control challenge for many people. When it’s time to say no, emotionally intelligent people avoid phrases like “I don’t think I can” or “I’m not certain.” Saying no to a new commitment honours your existing goals and commitments. Just remind yourself that saying no is an act of self-control now that will increase your chance of achieving your future goals by preventing the negative effects of overcommitment. No more phone or computer in bed. This is a big one, which most people don’t even realise harms their sleep and productivity. Short-wavelength blue light

plays an important role in determining your mood, energy level, and sleep quality. In the morning, sunlight contains high concentrations of this blue light. When your eyes are exposed to it directly, it halts production of the sleep-inducing hormone melatonin and makes you feel alert. At night, these devices impair melatonin production and interfere with your ability to fall asleep, as well as with the quality of your sleep once you do nod off. As we’ve all experienced, a poor night’s sleep can have disastrous effects. Keep focused and appreciate the here and now. Gratitude is fundamental to peace and happiness which helps us to stay on track. Simple appreciation for what you already have and a sense of progress is vital. Have fun and practice self-care. We all joke about having “me” time, but what is that, really? It’s making time for those activities that recharge our batteries. We need energy to achieve our goals! Make time for those moments. They’re incredibly rejuvenating. Goal or dream In my work, I help people stay focused on the important things, things that matter and that will make a difference to their business and personal life. Those things often start as a dream but unless they get turned into goals with measurable outcomes and timelines they remain just a dream. I’ll finish with a quote from Lily Tomlin: “I used to dream that one day I’d be somebody – damn it, I wish I’d been more specific!”

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Columnist Jane Shaw The Elmfield Institute

The Healing Power of Awe T

he idea of awe has become a much talked about phenomenon in the field of wellbeing and health, largely due to the work of Dr. Dacher Keltner. Keltner (2023) speaks of the transformative power of awe, which he defines as “the feeling of being in the presence of something vast that transcends your current understanding of the world”. Swiss psychologist C. G. Jung was also talking about its power almost 100 years prior to this recent resurgence of interest in the concept. So there seems to be something important for us to glean from these academics. While Jung did not widely focus on awe as a singular topic, his broader theories focus on elements related to the experience of awe – he wrote extensively about “numinous” experiences that are indescribable. The numinous encompasses feelings of awe, fascination, and reverence in the presence of something perceived as sacred or greater than oneself. This could include encounters with nature, profound moments of insight, or religious and spiritual experiences. Jungian psychology suggests that awe can be a transformative force, guiding individuals toward a more integrated and meaningful life by connecting them to the deeper layers of the psyche and the broader tapestry of human experience. Indeed, awe has been recognized throughout history as a powerful human emotion. While it may seem abstract and intangible, research suggests that experiencing awe can have significant positive effects on both mental and physical health. In what ways is it important for health? One way in which awe influences mental health is by promoting a sense of humility. When individuals are exposed to something awe-inspiring, such as the beauty of nature or the vastness of the

cosmos, it often triggers a realization of their own smallness in the grand scheme of things. This sense of humility can be humbling and grounding, reducing feelings of self-importance and promoting a more balanced and realistic self-perception. Sturm, et al (2022) offer that awe reduces self-focus, promotes social connection, and fosters prosocial actions by encouraging a “small self”. Thus, the benefits of awe extend to social interactions and relationships. Shared experiences of awe can strengthen social bonds and create a sense of shared humanity. Whether witnessing a breathtaking natural phenomenon or experiencing a powerful work of art together, the shared experience of awe can deepen emotional connections and foster a sense of unity. Strong social connections are consistently associated with better mental and physical health outcomes, including increased longevity and resilience in the face of life’s challenges. In addition to its impact on mental wellbeing, awe has been shown to have positive effects on physical health. One of the ways awe influences physical health is by reducing stress. Chronic stress has been linked to a variety of health issues, including cardiovascular disease, immune system suppression and mental health disorders. Awe, with its ability to shift focus away from stressors and induce a state of wonder, has been found to lower levels of cortisol, a hormone associated with stress. Furthermore, the positive emotions associated with awe, such as joy and gratitude, can have a direct impact on the body’s physiological responses. Studies have shown that experiencing positive emotions is associated with improved cardiovascular health, immune function and overall wellbeing. The awe-induced release of endorphins, often referred to as the body’s natural feel-good chemicals,

contributes to these positive physiological effects. Awe also has the potential to enhance creativity and cognitive flexibility. When individuals experience awe, their cognitive processes may be temporarily altered, leading to a more open-minded and creative mindset. This shift in cognitive processing can be beneficial in problemsolving and generating innovative ideas. By fostering a broader and more flexible perspective, awe may contribute to improved cognitive functioning and adaptability. It is important to note that awe is a subjective experience, and what induces awe can vary widely among individuals. While natural wonders such as mountains and waterfalls are common triggers, awe can also be elicited through cultural experiences, art, music and even moments of personal insight. It seems therefore that awe can play a crucial role in promoting both mental and physical health. Its ability to shift perspective, reduce stress, enhance positive emotions, and strengthen social connections contributes to a holistic wellbeing. In a world often characterized by hustle and bustle, fostering opportunities for awe in our lives may be a key to cultivating a healthier and more fulfilling existence. Whether by spending time in nature, exploring artistic expressions, or cultivating a sense of gratitude for the mysteries of life, embracing awe can be a powerful and accessible tool for promoting health and wellbeing. References Keltner, D. (2023). The transformative power of wonder. Penguin: New York, NY. Sturm, V. E., et al (2022). Big smile, small self: Awe walks promote prosocial positive emotions in older adults. Emotion, 22(5), 1044–1058

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Columnist Ben Jarvis CTO Data & AI, Adatis, part of Telefónica Tech.

AI: The Future of Businesses B

en leads technical excellence within the data & AI division of Telefónica Tech, working across the full Azure stack to architect and develop bleeding-edge Azure solutions for clients across industries. His varied IT career has spanned infrastructure, application development, and complex data engineering. Ben is motivated by continuous learning and developing solutions that meet a range of requirements and interesting technical challenges. AI (Artificial Intelligence) is one of the biggest technological leaps in history. Since ChatGPT was released in November 2022, there has been an explosive growth of generative AI tools available as well as the number of organisations now adopting AI in their everyday practices. Northern Ireland is emerging as a potential hub for AI innovation, with the UK Government announcing a £18.9 million investment which will see the creation of a new Cyber-AI Hub at the Centre for Secure Information Technologies (CSIT) in Belfast. As well as creating jobs this is set to support the research and development of AI-enabled cybersecurity projects. While many businesses in Northern Ireland are now investing in the adoption of Al, it remains largely in the experimental phase. AI’s potential is set to impact a range of industries. It promises to improve healthcare outcomes, optimise manufacturing processes, and enhance retail customer service by offering personalised assistance and streamlining

shopping experiences. Across all sectors, AI capabilities are revolutionising business processes including automation of repetitive tasks, data analysis, supply chain optimisation, quality control, fraud detection, and improved security. Different factors have led to a skills gap in many industries and AI adoption could be the answer to bridging this. By leveraging AI tools, businesses could alleviate this shortage of skilled workers by automating tasks and augmenting human capabilities. This could free up industry professionals to focus on tasks that add value and drive growth. Al adoption poses several challenges for organisations – a key part of this is fear. From institutional fear of the unknown and resistance to change to employee concerns about adapting to new roles associated with AI. Overcoming these challenges requires a strategic approach to ensure AI is harnessed to best effect. Clear guidance and employee training on the best practices of Al adoption are key as is having a clear plan to safeguard sensitive data. Where data is concerned, AI can assist employees and organisations in analysing data more efficiently and accurately, leaving less risk for human error. However, this also comes with concerns about the inaccuracy of the data output delivered. AI is only as reliable as the data it is based on and if left unchecked, AI could amplify our own biases as humans. It is an area that must be explored cautiously when it comes to the accuracy and reliability of the information provided by AI. Generative AI workplace tools should

be viewed as a complement to human expertise, not a replacement. Few companies are fully prepared for the widespread use of AI, and it is still in an experimental phase. The widespread use of Al raises several ethical concerns around data privacy, security, policy, and workforce. This introduces potential risks such as misinformation, copyright infringement and harmful content. A well-defined strategy and commitment to responsible AI are crucial to mitigate risks and ensure ethical business practices. As AI integration evolves into a strategic tool for growth and innovation, business leaders must contemplate the why and how of AI adoption. An initial assessment, such as those offered by Telefónica Tech, accompanied by a welldefined roadmap, can provide a clear direction. While AI and generative AI hold immense potential, its true power and safety lie in its collaboration with human expertise.

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FEATURE

MY AMBITION IS TO... Victoria Magreehan, External Affairs Consultant, National Trust

s part of the National Trust’s Northern Ireland team, I play a strategic role, working to maximise our impact through government affairs, advocacy, stakeholder and partnership engagement. In the early 2000s, I graduated with first class BSc in communication, advertising and marketing from the University of Ulster. My degree took me on a PR and events placement at Belfast Zoo – a great and varied confidence-building experience. After a couple of stepping-stone roles in marketing consultancy, it was during my first role in a large corporate organisation – where I handled the corporate social responsibility budget – that I realised how important it was to me to work for an organisation whose values aligned well with my own. In my early 20s, I began working with Ulster Wildlife as development manager, where it was incredibly rewarding to work with passionate staff and volunteers who believed in doing their bit for local nature. The charity’s governing council were generous with their time and, along with the chief executives I worked with, supported my professional development. After several roles in the organisation, I served as director of strategic development for five years. Leading in a medium-sized charity is challenging but very rewarding work, and being part of the Wildlife Trusts movement shaped my ambition to further develop my career in the charity sector. I participated in the Common Purpose Programme in 2014, which was an amazing opportunity to learn from leaders across various sectors, develop insights into my own leadership styles and it increased my ambitions to lead in the world of environmental conservation. I moved to the National Trust in 2014 with a curiosity to learn about impact and leadership within a larger charity and to develop my consultancy skills. I honestly thought this role would have been a threeyear stint, but almost ten years and one

promotion in I’m still loving it! I get to work on issues like a Nature Recovery Network, coastal change, urban greenspaces and climate change – much of which we do in collaboration, which to me is where the magic is. A big part of my career journey to date has been about ambition to make a difference, I like variety, taking on new challenges, learning and practicing new (and older) skills and working with brilliant people – all things I am blessed to get to do in the National Trust. The organisation is really good at investing in people development: pre-pandemic I was part of their ‘Emerging Leaders’ programme which led to me adopting a career principle of “go where the energy is and stretch beyond the comfort zone”. I’ve since been on secondment in an economic partnership in England and led on an urban green spaces

collaboration project in Northern Ireland. I’m currently studying a postgrad in systems thinking with the Open University and enjoying putting this study to good use. Overall, my career goals haven’t really changed as it is about having the greatest impact, putting my time and energy to good use, whilst working with brilliant teams. For the National Trust, climate change is the single biggest threat to the places we look after: one of my current ambitions is to ensure climate adaptation is prioritised over the coming years. I also want to be part of a shift in how society connects with nature and values looking after the environment so that future generations can continue to live, work and relax in the places we enjoy today.

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Columnist Chris Martin Head of Sustainability, Danske Bank

Making 2024 A Year of Action on Sustainability T

he agreement reached by countries from around the world at COP 28 generated a lot of headlines at the end of last year, with what were seen by many as more solid climate commitments than ever before, including the first mention of the phasing out of fossil fuels. While not everyone felt those commitments went far enough, it is clear from the 28th United Nations Climate Change Conference that the time for incremental change has passed. Nations acknowledged the need for accelerated efforts to limit global temperature rises to 1.5 degrees above pre-industrial levels, setting the stage for a year where businesses will have to implement tangible strategies to reduce their carbon footprint. We often hear, particularly from small business customers, that they want to be more sustainable and affect positive change in their own business when it comes to the impact they have on the climate. But global events like COP 28 can seem very distant and those national calls to action don’t help smaller businesses work out how to proactively embrace sustainable practices themselves. It’s the reason Danske Bank developed the Climate Action Programme with Business in the Community NI, which helps businesses understand their climate impacts and set a benchmark for action. All our business advisers have been through carbon literacy training to support conversations with customers around transition plans. As we help our customers make the transition to a more sustainable way of doing business, there are some steps we advise every business to take.

1. Set targets. Once you have calculated and measured your carbon footprint, it is important to move from that position of awareness to setting targets of where you want the business to get to across categories such as energy usage, use of renewables, waste and recycling, etc. Make these targets stretching but also realistic. 2. Develop a strategy. Becoming a sustainable business will very likely be a multi-year process so create a strategy that sets out what you want to achieve in the short, medium and long term across all facets of the business. You will need to allocate a budget for the measures you plan to take and give members of your team roles and responsibilities. 3. Foster a culture of innovation. COP28 showcased groundbreaking advancements in green technology and renewable energy solutions. NI businesses already have a reputation for innovation, but we need to keep the focus on research and development, fostering a culture of innovation that promotes sustainability. Embedding sustainability in your organisation requires everyone to buy into what you are trying to achieve so it is crucial that you create conditions that enable you to take innovative ideas from all parts of your workforce. Work out what format this should take in your organisation – innovation shouldn’t be left just to the company founder or CEO. 4. Transparency and reporting. Transparency and accountability emerged as key themes from COP28.

Companies should prioritise reporting their environmental impact and sustainability efforts to build trust with stakeholders. Once you have set targets, commit to reporting on them every year as a minimum. Whether you achieve your targets or not, if you don’t measure where you are succeeding and failing, you can’t demonstrate progress to your customers, suppliers, staff and other stakeholders. 5. Collaborate. Even the largest companies don’t know it all when it comes to sustainability, but you can learn a lot about best practice from peers and larger companies who are ahead of you in their sustainability journey. Partner with organisations who can provide guidance, insight and expertise that can help you achieve your targets. Join initiatives that hold you accountable to others with the same ambitions to adopt robust sustainability strategies. As we navigate 2024, there is no doubt that businesses will be instrumental partners in the global effort to address environmental challenges. This year provides an opportunity for NI companies to showcase their commitment to sustainability, not only as a moral imperative but as a strategic decision for their own longevity and the long-term resilience of our economy. This involves not merely paying lip service to environmental concerns but actively incorporating environmentally focused practices, reducing carbon emissions and embracing renewable energy sources. If we want it to be a transformative year, the focus must shift from discussion to action.

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FEATURE

From Hairshows to Airshows 22

FEATURE

In 1972, Max and John Rainey acquired Ulster Plastics Limited, beginning a legacy ranging from hair styling to aerospace across the Denroy, Denman, and DenPro businesses. Today, over 50 years later, CEO Kevin McNamee discusses the firm’s enduring evolution with Emma Deighan.

mong the assets acquired with Ulster Plastics was the Denman hairbrush range, which had seen a decline due to patent expiration and global imitations. The cornerstone of Denman’s success is its hair styling products with the classic Denman D3 styling brush – featuring an iconic red rubber back and white pins – as its most recognisable product. Designed by Northern Irish engineer Jack Denman Dean in the 1930s the D3 brush has remained largely unchanged but it wasn’t until the early 1970s, with the introduction of hairdryers to the market that its durability won the celebrity hairstylist test seeing its popularity soar. “The classic Denman D3 styling brush, with its iconic red rubber back and white nylon pins, remains our most revered product,” Kevin McNamee, CEO at the firm, remarks with pride. He says its global recognition can be traced back to Vidal Sassoon’s praise for the brush which he demonstrated could withstand heat from a hairdryer without the bristles melting. “The Raineys worked closely with influential hairdressers of the era, including Vidal Sassoon — a partnership that established the Denman brush as the ‘hairdressers’ hairbrush’,” Kevin continues. As the 80s unfolded, the firm – now named Denroy – expanded its site at Balloo, Bangor, to become a multifaceted manufacturing hub. “When the Balloo site was expanded it provided services for more sectors and today manufactures for the aerospace, automotive, medical, and defence industries as well as manufacturing Denman brushes,” Kevin explains. Denroy’s prowess began to extend beyond the UK, finding resonance in Japan and the USA. In 1990, Denman Inc. was established in Boston. The 90s ushered in an era of substantial growth for Denroy, the plastics manufacturing side of the business. That ascent was marked by notable collaborations and expansions. Denroy became a supplier to Hyster Yale forklift company in 1992, a partnership that evolved to make it one of the business’s biggest customers. Aerospace and defence sectors welcomed Denroy too, with Airbus, BAE Systems, and Bombardier joining the illustrious roster over the years “making aerospace and defence significant sectors,” Kevin says. The 21st century brought with it well-deserved accolades. In 2014, Denroy Chairman John Rainey was honoured with an MBE, a testament to John’s contribution to the company’s success. The aerospace industry continued to be a focal point for Denroy, with collaborative product development programmes with Bombardier and Boeing solidifying the company’s position as a trusted supplier. In 2019, a

FEATURE

collaborative research agreement with Airbus further cemented Denroy’s role in shaping the future of passenger aircraft. In more recent years, Denman Hairbrush’s e-commerce activity has taken off while the pandemic allowed Denroy to make a mark on the medical world. As the world grappled with the challenges of the COVID-19 pandemic, Denroy experienced divergent trajectories. Denman’s online platform, revamped just in time, thrived as consumers turned to online shopping making its online hairbrush sales soar. In contrast, Denroy faced a significant slowdown in sales and demand. “During the pandemic in 2020, sales came to a virtual halt on the Denroy side of the business. We initially had to furlough staff, as too did our customers. Then, on the Denman side, because we had relaunched our websites just before the pandemic, relisting on Amazon, too, that side of the business really took off. We were thankfully able to take staff quickly back off furlough to meet the demand,” says Kevin. Denman’s digital transformation became a beacon of success, capitalising on the surge in online shopping. The classic D3 brush continued to capture hearts globally, finding new resonance through social media. “Denman has undergone a transformation, a digital journey. Initially, we were reliant on distributors and retailers, but we’ve now transitioned to being a substantially direct-to-consumer online business. This shift has enabled us to engage directly with our audience. We also now have a robust customer service team fostering a valuable feedback loop. We are finely attuned to our customer’s needs and preferences,” Kevin elaborates. Despite Denman’s success in the digital realm, Denroy faced industrial challenges during the pandemic. Yet resilience and a diversified portfolio, featuring the Hero Shield – a face shield created in collaboration with local companies, provided free to NHS workers – not only guided Denroy through the challenges but also led to a successful entry into the medical sector under the DenPro brand. Today DenPro offers a range of PPE products including FFP3 masks and face visors. With an already well-established reputation with HSCNI, DenPro products are now listed on the NHS GB supply framework, the DenPro brand going from strength to strength. “One-third of what Denroy does is make brushes. The rest is automotive, defence, and motor – and they have all come back strongly,” Kevin reflects, saying in the wake of the pandemic the firm witnessed a resurgence in those areas. Today, for example, Airbus bracketry

“One-third of what Denroy does is make brushes. The rest is automotive, defence, and motor – and they have all come back strongly.”

and cable management production at Denroy has surpassed pre-pandemic levels. “The aerospace sector has bounced back, it’s been a really strong recovery. If you’re on any Airbus anywhere in the world, there will be components from Denroy on that aircraft,” Kevin shares. “We’ve recently been certified for supplying to Boeing too, the first company in Ireland to have direct contracts with both Boeing and Airbus. That was an arduous process but well worth the investment, we’re expecting supply contracts to be exchanged in 2024. Our capabilities in high-performance, engineering thermoplastics have enabled us to secure this approved supplier status. This will support our plans to grow our exports in the US and deliver the overall growth strategy for the business.” He says that the area of defence has also experienced a significant uptick, including parts for the Typhoon Euro Fighter. The geopolitical landscape, particularly events in Ukraine, led to increased demand for plastic components in that sector. Meanwhile, names like Aston Martin, synonymous with luxury cars, have found Denroy a reliable partner for manufacturing components. At the peak of the pandemic, the company’s staffing levels surpassed 400. As demand has stabilised, this has now levelled off to around 300. Looking to the future, Kevin says a major theme at Denroy will be automation and digitisation. ‘Industry 4.0’ will herald a new era for the business. “In 2024, embracing Industry 4.0 will drive further productivity. It will use data to drive decision-making and it represents a significant investment, but it is essential to drive productivity,” he says. “People are hard to get and are

becoming increasingly expensive, the way to address this is automation and upskilling, that’s the key theme for the operations side of the business. We now have a team of Siemens automation engineers who have been adding automation systems where we can.” But that’s not to say that the headcount at the business will dwindle. As Denroy moves forward, the future will be marked by a delicate balance between tradition and innovation with upskilling of current employees high up the agenda. “Over time, we strategically embraced automation, transforming our processes into highly automated workflows. This overarching theme of efficiency has not only permeated our operations but also enabled us to engage with our customers in developing automated manufacturing processes for them, as well as component designs.” Kevin explains. Another part of their future strategy will be Denroy’s commitment to research and technology, underscoring its intent to stay at the forefront of technological advancements. Looking ahead, Denroy continues to seek opportunities for growth and expansion. With Denman, digital marketing will continue to drive the brand globally and while overall group turnover projections may dip due to the tapering off of PPE demand, both Denman and Denroy are poised for growth in their respective sectors. The company will also continue a commitment that extends beyond profit to Environmental, Social, and Governance (ESG) values. Sustainable practices, recyclability, and responsible plastic management will underscore Denroy’s dedication to being a socially responsible entity. “While Denroy and Denman do not manufacture any disposable products, we nevertheless have a full commitment to recyclability and recovery of plastics. Our brush packaging contains no singleuse plastics, and all brush products can be recycled. We also invest in offsetting through The Plastic Bank, which pays people per kilo of plastic collection from beaches etc. Also, Denroy acquires all of its electricity from renewable sources – of which 20% is from the company’s own solar panels – and we have an ambition to be net zero by 2035.” It’s an ambitious aspiration for a company engaged in plastics component production, a material often criticised for its environmental impact but as Kevin asserts: “There is a perception that plastics are bad. They’re not as long as they’re dealt with and recycled properly at end of life.”

SPONSORED FEATURE

By Lee Surgeoner

KEEPING PACE IN THE EVERACCELERATING BUSINESS LANDSCAPE IN 2024

Lee Surgeoner is a Partner with Endeavour Information Solutions who are a Microsoft Solutions Partner based in Belfast, specialising in providing its customers with solutions designed to improve efﬁciency and productivity while keeping operational costs down using their own Cloud First approach. First and foremost, I would like to wish everyone a very happy and prosperous new year. Especially if you have been running a small-to-medium sized business, having to tackle with constantly changing priorities and challenges, from attracting and retaining top talent, to ensuring business performance is maintained, to driving innovation and growth in a way that is far from what would have been traditionally. It’s especially hard to stay ahead if your business is stuck with data and process silos that don’t provide the visibility to predict what’s ahead or the ﬂexibility to adapt to disruptions and changes, we’ve all experienced over the last few years. Technology can now more than ever play a big part in helping us become more agile,

with the pace of digital transformation having increased as businesses moved to cloud environments such as Microsoft 365 for services such as email and collaboration during the pandemic. This evolution marked a shift towards hybrid work, supply chain disruptions, and accelerated growth of digital consumerism and service delivery to name but a few, but for that to work effectively in 2024, it will need more than access to cloud hosted email and video calls. In order to meet these goals, organisations that have these types of issues with their data, business processes and operations will need a business management solution that continues to support digital transformation across the entire organisation while delivering results quickly. A solution that will enable business owners to elevate their employee, customer, and vendor experiences. With the ability to do it all on a single platform, that staff are already familiar with, such as Microsoft 365, which will help them keep pace with the competition. This is where Dynamics 365 Business

Central can help by connecting your entire team to the information they need, offering actionable insights with real-time visibility across the entire business while also ensuring you continue to meet industry standards in security and compliance. This is more than an accounting system and integrates across all areas of the business and uses your team’s existing knowledge and experience with Microsoft 365 to provide increases in productivity and efficiency while reducing costs, which is vital to any business. To learn more about how your business might benefit from Dynamics 365 Business Central in 2024, please do not hesitate to call the team at Endeavour on 028 9031 1010 or email solutions@ endeavour-is.com. Unlike traditional IT companies who sell IT equipment and services into businesses we take a consultative approach first and foremost and specialise in providing solutions using Microsoft Cloud technologies and services that will deliver measurable results fast.

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Columnist Dr Vicky Kell Invest NI’s Director of Innovation, Research & Development

Innovation: The Power Behind Your Business In the fast-changing landscape of business, investing in research and development (R&D) and innovation is not merely a choice: it is a strategic necessity to achieve sustained growth and competitiveness. As the director of innovation and R&D at Invest Northern Ireland, I am convinced of the transformative power that innovation holds for businesses, and the pivotal role it plays in the growth of our economy. Northern Ireland has a celebrated history of inventions that have left a lasting mark on the world – from John Boyd Dunlop’s pneumatic tyre to Frank Pantridge’s portable defibrillator to James Murray creating milk of magnesia. This inventive spirit is still present today, with NI companies shaping the global landscape in life and health sciences, engineering, cybersecurity and renewable energy. Innovation is central to a thriving economy. There is a clear link between those businesses that embrace innovation and the productivity of the company and our economy. Its why innovation is one of the key pillars in the Department for the Economy’s 10x vision, acting as the primary catalyst to boost competitiveness and fuel growth in Northern Ireland over the next decade. It is well known that introducing new and improved products and services is imperative if you want to meet

changing customer needs and grow sales. However, there is a frequent misconception that innovation equals ‘laboratory-based white coat’ R&D and as a result some businesses don’t realise that they are innovating. Innovation can be applied to any part of a business and is used to create value by solving a problem. Innovation is everything from refining products, to changing processes to make them more efficient, to investing in complex R&D projects to develop a new product or service. Whatever form it takes, innovation is crucial to securing your business’s future. It is the cornerstone of success, ensuring your business stays ahead of the pack and can adapt to the dynamic demands of your market. This message came across loud and clear at the ‘Innovate Local Northern Ireland’ event we hosted in Lisburn late last year. Organised in partnership with Innovate UK, the event explored the importance of innovation to growth, competitiveness and resilience. So now we’ve convinced you how important it is, let me outline how we can help you innovate in your business. Knowing where to start can sometimes be the biggest barrier to innovation and it’s important to ensure that the advice, level of funding or expertise you secure fits with your business plan and business model. If you

haven’t already, visit innovateni.com and complete the innovation assessment to help you identify how innovative your business is, and get suggested help and next steps. We have a support programme or grant for whatever stage you are at: from £5,000 innovation vouchers all the way to financial support towards larger scale R&D projects. The advice and guidance we provide is invaluable. A £5,000 innovation voucher is perfect for those new to innovating and will allow you to tap into specialist knowledge and work with a university or college to refine a product, service or process – like sports performance startup, Movetru, which recently used an innovation voucher to work with Ulster University to design its first ever textile prototype. The company is now using this protype to test new markets. Securing global exports requires you to develop products that can beat your competitors, so maybe now is the time to invest in R&D to develop a new product, like Lurgan-based TruCorp. It used our R&D support to bring its latest product – Airsim Difficult Airway – to market and tap into new sales in the US market. Our project definition support offers up to £50,000 towards the cost of planning and defining your R&D project and applying for an Invest NI grant

for R&D. It helps you to reduce your project’s risks and identify its costs and potential benefits. You can also use project definition to help scope out a collaborative R&D project or identify other sources of external funding. Collaborating on a project can be a great way to share risk and bring together the knowledge and experience of several companies to achieve a shared goal. We also work closely with our partners and will ensure we direct you to the right support for you to solve your problem, for example, from Innovate UK or Horizon 2020, the EU programme for R&D and innovation. Last year, we welcomed the announcement that a bespoke agreement has been signed between the UK and the £80 billion Horizon research programme. This new agreement will open the door for Northern Ireland universities

propels global competitiveness. But it doesn’t just benefit your company – sharing what we learn through innovation, research and development can go on to benefit others. This is innovation diffusion or knowledge transfer. It’s where the learnings of one company can be applied in a different way in a different company, or sector, creating even greater impact across our economy. So, by encouraging more companies to embed innovation in their business and take up more innovative processes and technologies, we can ultimately increase our collective knowledge and deliver benefits for all of society.

and innovative SMEs to collaborate internationally in the world’s largest cooperative research programme, ultimately delivering technological advances and supporting the growth of our economy. We can offer eligible businesses funding towards the costs of making an application to Horizon 2020 or Innovate UK and of those Northern Ireland businesses who have previously accessed these funds, most have done so with our help. We also have a team of Innovate UK staff based in our office in Belfast who can help NI companies explore and potentially access Innovate UK programmes.

If you have an innovation project you would like to take forward, why not call our Business Support team on 0800 181 4422 to see how we can help you make it a reality.

The importance of investing in innovation and R&D cannot be overstated. It is the difference between success and failure, the engine that

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Columnist Jason Calvert Director and Economist, PwC Northern Ireland

Preparing Your Business for a Net Zero Economy Opportunity O

ver the last few years, businesses have navigated disruption in the challenging economic and geopolitical landscape. Many have been agile, making changes to how they operate to continue to grow and prosper. However, within this context it is important that businesses and policy makers alike don’t lose focus on achieving a net zero economy. It’s fundamental to combating climate change and – if approached in the right way – can be a sustainable pathway toward a range of linked outcomes, from energy security to better health and greater growth. The road toward net zero is associated with short term costs and sacrifices. But over the longer term, the green agenda presents a massive opportunity for our future livelihoods and economic prosperity in Northern Ireland. I believe a key way to capitalise on this is by investing in green skills and incentivising the local creation of green jobs to drive necessary innovation and inward investment. But where are we now on this journey? PwC’s latest Green Jobs Barometer, which tracks the movement in green jobs, provides us with some insights into how Northern Ireland is performing. It shows that the number of green jobs advertised in Northern Ireland has seen a small increase year-on-year and now accounts for a higher proportion of all job adverts in the region – even as the wider jobs market cools in the face of higher borrowing costs and

continued uncertainty. We were one of only two areas to see an increase in green job adverts from 2022 into 2023, albeit a small increase at 1.7%, and our comparative strong performance in green job creation this year has moved Northern Ireland up seven places on the Barometer to rank fifth overall. It’s encouraging to see green job creation in Northern Ireland showing resilience. The focus now needs to be on creating a fertile environment for businesses to capitalise on the opportunities of the net zero transition. Without a concerted effort, there is a risk that we bear the costs of the transition, whilst other parts of the UK reap the benefits. Staying abreast of transformative trends – whether in digital advancements or emerging technologies like Generative AI – is crucial for sustained business success. Planning for a low-carbon economy demands a similar commitment. While policymakers play a role in incentivising behaviours and stimulating investment, businesses can be proactive by anticipating changes in the workplace. Employers need to look closely at jobs that may disappear as a result of the green transition, new jobs that may be created, and consider how they can equip existing employees with the right skills to make the transition between jobs. They also need to be focused on the new generation of talent, working with education institutions to co-create courses and qualifications that will teach the green skills needed for the future.

Policymakers need to be empowered to innovate and take risks in the development of novel approaches in the policy domains that will support this transition. These include incentivising higher education in fields that will support the net zero transition, creating better conditions to retain new graduates in the region, and improving the business environment for attracting further inward investment. This may sound like a lot of work, so where is the incentive? Aside from the fact that developing green jobs and moving to net zero is the right thing to do for the planet, our research shows that the wider benefits of green jobs have become more pronounced. For each green job created, on average 1.4 additional roles are created elsewhere across supply chains and/or across other sectors. Northern Ireland’s 10x Economy strategy has also identified low carbon as an area in which Northern Ireland has genuine strengths and the potential to be a world leader in coming years. As a region, we need to work together to leverage this and accelerate the growth of a low carbon cluster including carbon capture, green hydrogen and R&D opportunities. The future can be as bright, and as green, as we want it to be. The key is to start now by understanding how a low carbon economy will affect your business in the future. Then begin planning for the changes ahead so we can all benefit.

NI Chamber Chief’s

UPDATE Suzanne Wylie, Chief Executive, NI Chamber

new year brings with it new opportunities, along with fresh ideas and perspectives. And while we cannot ignore the continued challenges which exist, at NI Chamber we’re choosing to focus on the opportunities which 2024 presents, without taking our eye off the very real issues facing many member companies.

Whatever sector you’re in, it is our mission not only to support the growth of your business, but to ensure that NI Chamber’s membership is reflective of the business community across Northern Ireland so that together, we can exert maximum influence when it comes to representing business interests and when making recommendations and taking actions which will positively impact the overall economy. With that in mind, as another new year begins, NI Chamber has once again called on party political leaders to continue efforts to restore the NI executive, to continue to pursue a reformed fiscal framework for NI and, importantly, to focus on inclusive economic growth, making the best of what Northern Ireland has to offer. Over the past 12 months, following confirmation from the Northern Ireland Fiscal Council that Northern Ireland was underfunded on the basis of ‘need’, NI Chamber has been actively campaigning, publicly and privately, on the need to develop an ambitious fiscal framework for Northern Ireland to underpin transformation and sustainable economic growth. To this end, we welcome that the UK government has confirmed that it is prepared to move to a funding model based on need and, critically, that it will also work with an incoming executive to drive public sector transformation. We will continue to encourage our political parties and the secretary of state to reach agreement on the restoration of a fully functioning, sustainably funded executive at the earliest opportunity. Every day, we work with people and businesses across Northern Ireland who want to use their time, talent and indeed money, to help the region grow and prosper. The private sector wants to invest to meet climate targets and realise its green growth aspirations. Achieving this will take policymakers and the business community working together to deliver such transformation and some innovative thinking. This year, NI Chamber will therefore continue to be here to represent and support you in whatever way we can, and we encourage you to come forward, join us and share your ideas with us so together we can make this possible. On behalf of the board and executive team, thank you once again for your support towards NI Chamber and we wish you success and prosperity in 2024.

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* To become a member of NI Chamber join online at www.northernirelandchamber.com or phone the membership team on 028 9024 4113

GALLERY

Meet the Buyer with Bank of Ireland

1. Mark Cunningham from Bank of Ireland . 2. Ian Fraser (Power NI), Eimear Gourley (NI Property Girl), Susan Cummings (NI Chamber), Mark Cunningham (Bank of Ireland) and Christopher Morrow (NI Chamber). 3. Delegates had the opportunity to network in designated zones. 4. Liam Faulker and Michael Gault (Strategic Power Connect). 5. Delegates had the opportunity to make new connections. 6. Buyers met with their prospective suppliers in preselected meetings. 7. Over 300 meetings took place in a single morning.

NEWS

Olivia Stewart (NI Chamber); Shane Haslem and Linda McMillan (Fibrus) with Gayle Clinghan and Sam Davidson (Henderson Group).

Fibrus and Henderson Group Win British Chamber Business Awards Two of NI Chamber’s member companies were national winners at the most recent British Chambers of Commerce Business Awards. Both companies were selected to represent Northern Ireland in the UK final, having won the regional competition run by NI Chamber last year. Fibrus picked up the Rapid Riser award, while Henderson Group won the Workforce Developer category. Representatives from both winning companies were invited to a celebratory event inside the London Stock Exchange, where they were presented with their awards alongside six other category winners from across the UK. Speaking about the win, Colin Hutchinson, chief financial officer at Fibrus, said: “Winning the Rapid Riser in the Chamber Business Awards is a tremendous achievement for our business and recognises Fibrus’s remarkable growth in the last four years. 2023 was a milestone

year for us having just passed 60,000 customers, and we are delighted to get this recognition at a national level. “This award not only recognises our progress and innovation alongside other leading companies, it also showcases our unwavering commitment to delivering high speed connectivity to underserved areas.” Henderson Group Human Resources Director Sam Davidson said the honour is a reflection of the hard work and focus across the Group in recent years: “Learning and development is at the heart of our people strategy, which focuses on four core themes – Keep Me Well, Keep Me Engaged, Keep Me Involved and Keep Me Inspired. “Our success is down to our people who are engaged with a solution-focused approach, working with our core business purposes in mind and working together to achieve them. “We have invested even further in our growth opportunities for our people,

Fibrus and Henderson Group were presented with their awards at the London Stock Exchange.

Shane Haslem and Linda McMillan from Fibrus with Shevaun Haviland, Director General, British Chambers of Commerce.

Gayle Clinghan and Sam Davidson from Henderson Group with Shevaun Haviland, Director General, British Chambers of Commerce.

alongside wellbeing initiatives which run through all levels of the company. We are extremely proud of our workforce and the services they deliver for our retailers and shoppers and are thrilled to now have three of our four companies reach the Gold Investors in People standard of accreditation alongside this recognition from the British Chambers of Commerce.”

EVENTS

Photo Gallery

Thomas Kelly (Ionic Technologies), Suzanne Wylie (NI Chamber), Patrick McIlveen (Catalyst), John Campbell (BBC NI), Andrew Dennis (Andor Technology), Mark Cunningham (Bank of Ireland) and Liam O’Connor (Biopax Ltd) at the Business Breakfast Series. 2. Peter May (Department of Health) networks with guests at an In Camera event. 3. Attendees listen to Catalyst’s Patrick McIlveen share his expertise on Innovation. 4. Maeve Monaghan (NOW Group) and Colin Jess (Social Enterprise NI).

5. Attendees are welcomed by NI Chamber CEO Suzanne Wylie to an In Camera event with the Northern Ireland Local Government Association. 6. Jeremy Eakin of Eakin Healthcare inspires attendees with Eakin Healthcare’s story of continued growth and success. 7. Paula Leathem (NIE Networks), Sarah Orange (Artemis Human Captial) and Suzanne Wylie (NI Chamber). 8. Caroline Coyle (NI Chamber), Kieran Hegarty (Terex), Suzanne Wylie (NI Chamber) and Stuart Anderson (NI Chamber).

EVENTS

9. John Davison (Turley), Rosemary Daly (Turley), Eimear Watson (SONI), Stuart Anderson (NI Chamber) and Alan Campbell (SONI). 10. Cathal Geoghegan (NI Chamber) and Hilary Benn MP (Shadow Secretary of State for Northern Ireland). 11. Attendees listen as Jeremy Eakin shares the Eakin Healthcare’s story of growth. 12. Jayne Brady (Head of Northern Ireland Civil Service) addresses delegates at a Roundtable event.

13. Suzanne Wylie (NI Chamber), Jonathan Ireland (Lanyon Group), Dr Sandra Moffett (University of Ulster Business School), Cathal Geoghan (NI Chamber). 14. Mike Brown (Restoration and Renewal), Suzanne Wylie (NI Chamber, Muhammadou Ndure (Restoration and Renewal) and Andy Haynes (Restoration and Renewal). 15. Over 500 guests attended St Anne’s Cathedral to enjoy the Carol Service.

NEWS

NI Chamber Publishes Proposals to Reform the Planning System

Stuart Anderson (head of public affairs, NI Chamber); Suzanne Wylie (chief executive, NI Chamber) and John Davison (head of strategic communications, Turley).

NI Chamber has published its recommendations for the reform of the region’s planning system, which it says could accelerate Northern Ireland’s progress towards net zero, facilitate economic growth and deliver much needed affordable housing. The plans include a far-reaching combination of system improvements, legislative and regulatory changes and proposals which would ensure that in future, the planning system is held to account for its performance. Among the recommendations is an overall focus on ensuring that the entire system is properly resourced, from the Department of Infrastructure to councils, statutory consultees and the planning appeals commission. The report also proposes that planning authorities should be enabled to deem consent if statutory consultees do not respond within the deadlines set, and that performance of statutory consultees and planning authorities should be more effectively incentivised and controlled. It suggests that the Department of Infrastructure uses its existing legislative powers to appoint independent

commissioners to address some specific requirements, including the independent examination of local development plans. And, while retaining its independence from any government department, it is proposed that the role, approach and resourcing of the planning appeals commission should be reviewed by the NI Audit Office. Commenting on the report, Suzanne Wylie, chief executive, NI Chamber said: “A well-performing planning function is key to instilling confidence in the market for potential investors and to enable the development of the required infrastructure when it comes to connectivity, services, energy and reducing our carbon emissions. It is also vital for local businesses, many of whom are eagerly waiting to invest, subject to the planning process which, regrettably, has been holding too many of them back. If our planning system is to deliver for them and for our planet, we really need to take action now. “Reform of the existing system presents an opportunity to enable significant economic growth, particularly in renewable generation with ambitious 2030 climate action targets fast approaching. Most economic development begins with

planning, so getting the foundation stone right is crucial. Our proposals represent a very considered, strategic approach and if implemented early by a new executive, could deliver real economic impact.” The report was developed in partnership with independent advisors, Turley. Speaking about the proposals Philip Stinson, director, Turley, said: “We are pleased to support NI Chamber in bringing forward recommendations for reforming the Northern Ireland planning system. We know the critical nature of planning for enabling development and the confidence that certainty in planning performance can bring for potential investment in the region. It is also vitally important to achieving renewable energy targets. The recommendations follow our review of the key functions of the planning system and focus on delivering a number of improvements that can be readily implemented in the short term to enhance the planning system now.” The ‘Planning and Improvement and Reform Position Paper’ is available to read in full on the NI Chamber website.

NEWS

The report, and its recommendations which were developed in consultation with NI Chamber members, have been welcomed by political parties and business leaders. “This wide-ranging report highlights the transformative actions that are required, and mirrors many of the proposals we have developed for prioritisation by a reformed Executive. “I commend the Northern Ireland Chamber on this timely report. It is long past time that Northern Ireland had a planning system that was fit for purpose and delivering that outcome will be a top priority for the DUP moving forward.”

Phillip Brett MLA, DUP Assembly Spokesperson for Infrastructure “The recommendations in this report are exactly the kind of measures we should be implementing now to reverse the decline of a struggling system. “There is no silver bullet to immediately remedy the planning process, however, with a proactive and collaborative approach across all arms of the planning system, it is possible to restore the system to fully realise its economic, environmental, and societal benefits.”

Peter McReynolds MLA, Alliance Infrastructure Spokesperson

“I welcome the report published today by the Northern Ireland Chamber of Commerce and Industry which highlights many of the challenges our existing planning system has created. “It is obvious that the entire system requires urgent and thorough review, ensuring that any amended and modernised replacement provides a simple, clear and efficient planning service. “I, along with my party colleagues, will be calling on the department to undertake a full root-and-branch review of the planning system and will, when a functioning executive returns to Stormont, call on the minister to give this matter the attention it deserves.”

Robbie Butler MLA, Ulster Unionist Party Deputy Leader

“Getting planning right is a vital element of building prosperous towns and cities, and an important part of this is ensuring that the length of time it takes to navigate the planning process is reduced. Too often there are unnecessary delays, which can jeopardise investment, so these proposals, which can ensure statutory consultees respond within the set time frame, are a positive step.

“For social housing providers, who manage more than 59,000 homes and develop more than 1900 homes each year, we want a robust but efficient planning process, which allows NIFHA members to progress more homes and meet the significant demand across NI.”

Seamus Leheny, Chief Executive, Northern Ireland Federation of Housing Associations

“We have less than six years to achieve the legal obligation of 80% renewable electricity generation by 2030, but the processing time is 6 years and 11 months. Some of our members have projects that are experiencing even longer decisions as they languish with the planning appeals commission (PAC). “We reiterate the NI Chamber’s recommendations for reform in this area and an examination of resourcing. PAC stated in a letter to a RenewableNI member they were ‘functioning at 75% capacity’*. “On behalf of our members, we are working with the Chamber to achieve positive reform.”

Stephen Agnew, Director, Renewables NI

FEATURE

Strong Sales and Exports for 2023

Anne Beggs, Director of Trade and Investment at Invest NI and Suzanne Wylie, Chief Executive, NI Chamber.

usinesses in Northern Ireland reported a largely positive trading environment during 2023, with more firms reporting increasing sales to Great Britain, the Republic of Ireland and further afield than those reporting a decline. The results of an annual trade survey published by NI Chamber and Invest NI show that last year, more than twice as many businesses saw sales to the rest of the UK grow compared to those who experienced any fall. Forty-nine per cent saw sales to the Republic of Ireland grow, compared to 18% where sales fell. Forty-eight per cent saw sales outside the UK and Ireland grow, compared to 16% experiencing a fall. BARRIERS AND SUPPORTS TO EXPORT When asked about potential barriers to export, more than half of respondents identified political, social, economic or environmental uncertainty as a barrier. Other impediments include transportation costs (40%) and access to skilled labour (22%). Around 1 in 4 respondents believe some form of support is required to help them trade overseas. The top three supports suggested include a dedicated SME UK export fund (45%), assistance with finding a business partner or distributor overseas (43%) and trade shows (36%). POST-BREXIT TRADING ARRANGEMENTS February 2023 saw the agreement of the Windsor Framework, the well-documented

agreement between the European Union and the UK government in respect of post-Brexit trade arrangements. There was one substantive implementation phase of the new Framework during the latter part of 2023 which principally involved the introduction of the retailspecific retail movement scheme on 1 October. Dual market access to the EU and UK markets for goods, as maintained through the Windsor Framework agreement, is strongly supported. Seventy-one per cent of survey respondents believe that it enables businesses to grow or increase sales. Almost 1 in 2 agree that this is the case, while 1 in 10 strongly disagree. Over half of respondents to this survey believe that guidance on the Windsor Framework should be clearer, while 45% think that more efficient systems and processes to access and use existing schemes (such as the UK internal market scheme, the retail movement scheme or the duty reimbursement scheme) are needed. Just over a third say that mechanisms to manage regulatory divergence are needed as a priority. TRADE DEALS Most businesses don’t believe that business views are considered when the UK government is making decisions around trade deals. Around 1 in 3 members believe that business views are not considered at all in terms of priority markets for future trade deals, priority objectives for trade deal negotiations and the practical implications of trade deals once implemented.A further 1 in 3 members believe business views are not really considered. Only 2% to 4% of business respondents believe that business views are very much considered when the UK government is making decisions around trade deals. Commenting on the 2023 trade survey findings, Suzanne Wylie, chief executive, Northern Ireland Chamber of Commerce and Industry (NI Chamber) said: “It is encouraging to see that NI Chamber members responding to this survey have reported a largely positive trading environment in terms of sales and exports in 2023. That is broadly reflective of the resilience our member businesses across all sectors have demonstrated

against a background of challenges including inflation and geopolitical uncertainty. “It is also notable that despite protracted supply chain challenges globally, more of these businesses are reporting increased purchases from Great Britain, the Republic of Ireland and the rest of the world than those reporting a decrease. Respondents were also clear that there a number of outstanding challenges to be addressed as the Windsor Framework is further implemented. Securing clearer guidance, achieving more efficient processes and delivering stronger mechanisms for addressing/managing regulatory divergence are the top three priorities that members believe require the attention of policymakers. “Whilst it is positive that a substantial majority believe that dual market access is an enabler of growth, a strategy needs to be agreed at pace to maximise the opportunities in what could be a unique selling point for Northern Ireland relative to other regions of the UK, the Republic of Ireland and other jurisdictions across the globe. Anne Beggs, director of trade and investment at Invest NI, added: “It is reassuring that businesses are reporting a positive trading environment over the last year including increased sales and exports. “Trading in a new market, whether in Europe or internationally, can bring both challenges and opportunities. This is why we offer a comprehensive range of support to help businesses to identify the right market, find trading partners and put in place the right processes and structures to trade successfully. “I would encourage any business that is interested in exporting to visit our website and complete our Export Health Check to receive a tailored export guide and the opportunity to speak with one of our International Trade Advisors.” *83 companies responded to the 2023 Trade Survey. Fieldwork took place in Sept-Oct 2023.

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NEWS

Businesses Begin 2024 with More Optimistic Outlook Recruitment and retention will be a top priority this year, as NI Chamber members focus on employee wellbeing, settling hybrid working arrangements and competitive remuneration. • 78% of businesses in Northern Ireland are performing well or reasonably • 64% believe their own business will grow this year • 40% believe the Northern Ireland economy will grow in 2024 while 39% believe it will contract • Top 3 areas of focus for recruitment and retention include competitive remuneration, staff mental health and wellbeing and settling office/hybrid working arrangements

Almost two-thirds of NI businesses believe they will grow in 2024, according to a new report published on 16 January by NI Chamber and BDO NI. In a survey carried out in Q4 23, two in five respondents (40%) said they believe the NI Economy will grow in 2024. A similar share (39%) believe it will contract. The share of businesses who said they were performing well or reasonably in Q4 23 is high at 78%. Thirty-six per cent are trading well, up from 31% in Q4 22. Across the report, many key indicators are positive with more firms reporting increasing employment, confidence and investment intentions than those reporting a fall. However, a little over 1 in 5 respondents (22%) are just covering costs or struggling. PEOPLE AND SKILLS Seventy per cent of businesses said that competitive remuneration packages were a priority area in relation to the recruitment and retention of staff when

looking ahead to 2024. Two in five (40%) reported that they would prioritise workforce mental health and wellbeing programmes, while 36% mentioned settling hybrid working conditions as a priority going into 2024. The top three priority areas of focus for businesses in relation to skills and training included developing a culture of lifelong learning (49%), digital skills (43%) and innovation support (39%). BUSINESS CONFIDENCE Confidence that turnover will grow in the next 12 months (+59%) is up significantly on the same quarter last year (57% Q3, 47% Q4 22). According to the Q4 23 findings, firms appear more confident about profitability, as some cost pressures continue to ease. Recruitment activity remains high with 70% trying to recruit (67% Q2, 72% Q1 2023), although fewer businesses are growing their employment base compared to the same period last year. Recruitment

difficulties persist with 79% of those recruiting experiencing difficulties (82% Q2, 79% Q1 2023). Rising labour costs are now the most significant pressure on firms to raise prices. PRICES AND COSTS In Q4 23 the balance of Manufacturers expecting to raise prices was +29% and for Services, +51%. This is down considerably from a peak of +88% for Manufacturers in Q1 22 and for Services at +76% in Q4 22. In terms of internal pressures, labour costs remain the biggest price pressure for both sectors – this is the only cost area where pressure has grown over the year. In Q4 23, 92% of manufacturers and 91% of services firms reported labour costs as a key pressure on them to raise prices. Raw material costs are a pressure for 62% of manufacturers, down from 84% a year ago. Fewer firms are also reporting pressure from utility costs and fuel. Over the last year the share of manufacturers reporting utilities as a pressure to raise

NEWS

Maureen O’Reilly (economist for the QES); Brian Murphy (managing partner, BDO NI) and Suzanne Wylie (chief executive, NI Chamber).

prices has fallen from 80% to 60%, and from 88% to 49% in services. In terms of external pressures, inflation remains the most pressing concern for members but continues to show positive signs of easing for both sectors. In Q4 23, 57% of manufacturers reported inflation as a greater concern than three months ago, down from 65% in Q3 23 and 92% in Q4 22. For services, 57% report inflation as a key concern in Q4 23 compared to 75% in Q3 and 85% a year earlier. Competition is a growing concern for both sectors with 43% (31% Q3) of manufacturers and 44% (41% Q3) of services highlighting competition as a greater concern than three months ago. Just under 2 in 5 firms are concerned about interest rates. DEMAND Around half (53%) of members are seeing some slowdown in demand, although for most only a little (40%). More than 1 in 10 (13%) are experiencing a significant slowdown in demand, almost doubling from 7% in the first quarter to 2023. BUSINESS ASKS In an open-ended question, survey respondents were asked to share their top asks for the year ahead. The most popular responses included a reduction in business rates/taxes, the return of the NI Executive and support with recruitment, as well as reduced energy costs and better energy security.

In a similar vein, when asked to indicate their top concerns for the year ahead, businesses cited the implications of rising business costs, recruitment/staffing, lack of an executive and lack of demand. Commenting on the survey findings, Suzanne Wylie, chief executive, NI Chamber said: “We are encouraged to report that a majority of our members are starting this new calendar year with an optimistic outlook and at NI Chamber we certainly share their clear desire to focus on maximising the opportunities which 2024 presents. “However, it is also clear that to realise their growth potential, businesses have a very clear and urgent set of asks, which need to be delivered by both a Westminster government and a restored executive. “2024 must be a year when the issue of spiraling business costs and taxes is tackled in a way that unlocks sustainable growth. With the spring fiscal statement soon upon us and the possibility of a restored executive ongoing, if we get it right, the beginning of 2024 can be a springboard for growth. And as businesspeople we must work with policymakers to ensure it is delivered.” Brian Murphy, managing partner, BDO NI added: “The new year brings renewed hope of economic growth for Northern Ireland

as these latest results clearly show a positive outlook for local businesses. With 78% performing well and two-thirds of local firms expecting their businesses to grow in 2024, there is cause for optimism after an uncertain and challenging period for many. This confidence in business performance marks a significant increase from last year and, if delivered, will undoubtedly lead to growth for the entire region. “Concerningly though, challenges still remain around recruitment with nearly eight out of ten reporting difficulties in finding the right candidates, resulting in 49% of local companies currently operating below capacity. However, we can take heart from the fact that 70% of participating businesses in Northern Ireland reported plans to create and fill jobs in 2024, based on both existing need and greater confidence. This is positive news for those seeking to join the workforce or looking for a new role. “That we are able to report such positivity today is a testament to the fortitude, resolve and vision of our local business community, our entrepreneurs, innovators, and workforce who have fought the challenges and delivered success. The outlook for 2024 is optimistic, but to really capitalise on this momentum what we need now is for the restoration of local government to in turn take decisions on the issues businesses need addressed.”

NEWS

Brian Murphy, Managing Partner, BDO NI, discusses the latest QES findings

BDO NI Commentary:

The new year brings renewed hope of economic growth for Northern Ireland as these latest results clearly show a positive outlook for local businesses. With 78% performing well and two thirds of local firms expecting their businesses to grow in 2024, there is cause for optimism after an uncertain and challenging period for many. This confidence in business performance marks a significant increase from last year and, if delivered, will undoubtedly lead to growth for the entire region. As with the rest of the UK, inflation remains as a key concern, however, the reduction in energy costs and the price of raw materials, whilst still significant, is easing which has helped fuel the confidence for increased profitability. Although 57% of manufacturing firms cite inflation as a concern, it must be recognised that this is significantly lower than the 92% at the same time last year, demonstrating real progress. Cashflow remains positive across the board with firms in a better place than 12 months ago. The confidence of the Service Sector also remains high, with Northern Ireland outperforming the rest of the UK in many areas. Concerningly though, challenges still remain around recruitment with nearly eight out of ten reporting difficulties in finding the right candidates, resulting in 49% of local companies currently operating below capacity. However, we can take heart from the fact that 70% of participating businesses in Northern Ireland reported plans to create and fill jobs in 2024, based on both existing need and greater confidence. This is positive news for those seeking to join the workforce or looking for a new role. Skills and training are pivotal for local businesses with the priorities being to foster a culture of lifelong learning, to develop and enhance digital skills and in seeking greater support for innovation. These areas must be at the top of the priority list for the Department for the Economy and any incoming Minister as our continued economic prosperity depends upon upskilling our workforces to remain relevant and competitive in a global marketplace. As local businesses drive to improve our local economy, to create jobs and deliver greater economic stability, it is notable that we do so not only following a period of inflationary pressures and high interest rates, but also in the prolonged absence of the Northern Ireland Executive. Ministers have an important role to play as they can make decisions and use their influence with the UK Government on the key areas that local firms need support with, namely; a reduction in business rates and taxes (corporation tax and VAT); support measures to help get people back into the workforce to address recruitment issues; and support to help deliver secure energy supplies and prevent further spikes in energy costs. Local firms are competing against businesses in other regions and countries that have decision makers occupying Ministerial office, to remain competitive our business community needs a functioning Executive. That we are able to report such positivity today is a testament to the fortitude, resolve and vision of our local business community, our entrepreneurs, innovators, and workforce who have fought the challenges and delivered success. The outlook for 2024 is optimistic, but to really capitalise on this momentum what we need now is for the restoration of local Government to in turn take decisions on the issues businesses need addressed.

NEWS

I N PA RTN E R S HI P W I TH

NI CH AMBE R & BDO NI

Quarterly Economic Survey Q 4 2023

Businesses begin 2024 with a more optimistic outlook. Confidence that turnover will grow in the next 12 months is up significantly on the same quarter last year, while firms appear more confident around profitability, as some cost pressures ease.

Business Conditions

Energy Costs

78%

22%

71%

of businesses are

are just covering

have seen energy

have seen a

performing well or reasonably

costs or struggling

costs increase over the last 3 months

reduction in energy costs this quarter and 22% no change

53% have seen some slowdown in demand (only ‘a little’ for 3 in 4)

Recruitment and Retention Priorities

Prospects

remuneration 70% Competitive packages

40%

64%

believe the Northern Ireland economy will

believe their business will grow

grow in 2024

in 2024

41%

Workforce wellbeing and mental health programmes

hybrid/office working 37% Settling arrangements

Top Business Asks •

Reduction in business rates/taxes (corporation tax, VAT)

• •

Return of NI Executive Recruitment/staffing support

Skills and Training Priorities a culture of lifelong 50% Developing learning

168 members responded to Quarterly Economic Survey for Q4 2023.

43% Digital skills

Note: The ‘balance’ refers to the difference between the % of firms reporting an increase in a key indicator minus the % reporting a decrease.

40% Innovation support

www.northernirelandchamber.com 43

NEWS

Stars Align for IBC-Music as it Launches Titanic Guitars in Historic Setting IBC was one of 148 organisations nationally to be recognised with the King’s Award for strong growth in international trade, and one of only three companies in Northern Ireland. The innovative company has monopolised on changes in worldwide markets, offering effective sourcing and omnichannel routes to market for its clients. Major customers in the USA, Canada and Germany have helped catapult IBC-Music to become a multimillion pound business turning over £3.5 million in three years. Titanic Guitars are a unique line that

pays homage to the tradition of Irish music and guitar building, which will officially launch at the NAMM show in California from 25-28 January 2024. Iain Wilson said: “We’re proud to win the King’s Award and simultaneously use this occasion to launch Titanic Guitars. Amazingly, a small team from Northern Ireland can offer a world-renowned service and build up an international client base. More and more brands are using our expertise. We’re excited to see the growth of Titanic Guitars worldwide. HM Lord Lieutenant of County Down

Gawn Rowan-Hamilton said: “It is difficult to get an award. It is hard work, it requires time, effort and thought. I think Iain will do extremely well. I’m sure His Majesty is delighted that you, together with all your colleagues, have achieved such success in your business over the last 30 years and wishes you all the very best for the future.” Minister of State for NI Steve Baker said: “The King’s Award is a fantastic achievement for Iain and IBC Music, and highlights the far-reaching impact of Northern Ireland’s small businesses.

Digital Overhaul For Northern Ireland’s Number One Retail Coffee Brand The owners of Barista Bar have invested a quarter of a million pounds into a digital overhaul of their consumer offering. Henderson Foodservice, which launched the brand in 2015, have invested the money into developing the new ‘My Barista Bar Rewards+’ app for users in Northern Ireland, that will digitise the brand’s loyalty scheme and streamline communications with users. Alongside the app, the brand has also revamped its website and launched a new online store, where shoppers can purchase branded products, reusable cups and merchandise.

NEWS

Germinal Receives £3.3 million in Translink’s DEFRA Funding to Transform Grassland Stuff a Bus Dairy and Meat Production Appeal Tackles Hunger With 33k Meals The annual Translink Stuff a Bus campaign celebrated another successful year and thanked the generosity of passengers, staff, local businesses and schools for helping raise enough donations to provide 33,280 meals for those most in need. Working in partnership with Homeless Connect FareShare NI to distribute nourishing meals to families, schools, charities and community groups throughout Northern Ireland, helping those living in food poverty or facing financial difficulties.

The UK Department for Environment, Food and Rural Affairs (DEFRA) has awarded £3.3m in funding to an on-farm trial and research project which seeks to eliminate the dependence of UK grassland farming on applied nitrogen fertilisers. The project – called Project NUE-Leg (Nitrogen, Utilisation Efficiency – Legume) – will exploit major innovations in plant breeding, soil microbiology, nutrition and grassland management to achieve improvements in the capacities of legumes, such as white and red clovers, in combination with soil microbes to fix nitrogen from fresh air and make this available to grasslands.

Greenwich Leisure Limited (GLL) Awarded Gold Standard by Investors in People GLL, the charitable leisure and cultural social enterprise, has been awarded Investors in People (IiP) Gold status. The staff-owned co-operative organisation runs 16 leisure and cultural facilities in Belfast under the Better brand. IiP is an international best practice standard that recognises companies that commit to good people management and development of their people. Achieving the Gold award puts GLL in the top 15% of IiP accredited organisations.

IBI Corporate Finance Advises Smart Locker Service OOHPod on €5.4 million in Funding Round IBI Corporate Finance has advised OOHPod on its €5.4 million fundraise to build on its existing network across the island of Ireland. OOHPod, the innovative locker service, has raised €5.4 million in new funding, bringing its total investment to €8.5 million. The new funds will primarily be used to develop OOHPod’s self-service parcel locker in Ireland and Northern Ireland and launch in Great Britain to further develop the digital advertising offering on the OOHPod kiosks. Additionally, the company is set to create 10 new jobs in IT development, marketing and various operational roles. The company currently employs 12 people.

Johnny Cosgrove, Michael Murray, John Tuohy, CEO of OOHPod & Stephen Burdock, investment director at BVP Investments, Garrett Thornton & Elliott Griffin, Managing Director & Founder of BVP Investments Ltd. 4/1/2024. Picture by Fergal Phillips.

FEATURE

Powering Progress In an era demanding heightened sustainability, Start Solar takes the reins in Northern Ireland. Rooted in Australia, its extensive experience as a solar panel expert places it at the forefront of the field locally. Managing Director Andrew McKee shares its journey with Emma Deighan. 46

FEATURE

tart Solar’s origins were not here in NI but rather imported from Australia in 2019 with returning NI native Andrew McKee, its MD. The company is also forging ahead in the world of renewable energy south of the border. Reflecting on the company’s strategic expansion, Andrew begins: “We moved back from Australia, where we initially set up the company. We’ve been here for over four years now.” This pivotal relocation marked the inception of Start Solar’s enduring commitment to harnessing solar power for the local community. He says Australia’s robust adoption of solar panels, with around 60% of the power generated down under coming from renewables, allowed Start Solar an advantage point when entering the market here. Andrew confidently states: “We’re the most experienced in the market in Northern Ireland. We’re not the first, but we’re one of the most experienced given that background in Australia.” Elaborating on market dynamics, he observes: “We set up here in 2019, but it really took until post-COVID to get the market going and that was driven by energy price rises. It was one of those times when there wasn’t much happening because of lockdown, but after that we took off.” He continues: “In the business world there has been a lot of uptake. That is driven by the rise in energy prices too but also imminent carbon taxes which the British government will release over the next couple of years. Businesses are also seeing that changing to solar panels creates a lucrative payback. Some companies are also swapping to solar panels as part of their own carbon emission reduction strategy or to set themselves apart when going for tenders, but certainly, the biggest driver in the adoption of solar panels is the cost of fuel.” He says Start Solar is more active in NI than in the south at present. From its embryonic stage as a oneperson operation, Start Solar has organically grown into a strong entity with over 100 employees. “We’ve grown significantly, not just in terms of meeting the demand but contributing to job creation,” acknowledges Andrew while emphasising the company’s commitment to sustainable growth. Testament to its growth is a mounting list of strategic partnerships with some of the province’s biggest

names in the world of business, food and drink and even sports. Start Solar counts industry leaders like McCloskey International, Harry Corry, Dole and Gilbert-Ash as clients. Andrew adds: “We’ve installed solar panels at boxer Carl Frampton and rugby star Iain Henderson’s homes. We’re also installing solar panels for motorcycle racer Jeremy McWilliams.” He says these partnerships underscore Start Solar’s diverse clientele and multifaceted impact on the community but also illustrate that they are a go-to for the influential in business and beyond. Asked about the return on investment in solar panels, Andrew says the financial advantages of solar power adoption, particularly for commercial clients, should be a central focus. “I’ve seen a comfortable saving of 50% straight away; some companies save up to 80%. At the minute, return on investment takes about four years for the average business. Homeowners get a quicker return. As you can imagine, that is dependent on the size of the system they have to install and how much they rely on electricity. It’s all relevant to their spending.” He adds: “One of the biggest misconceptions of investing in solar power is that it costs a lot but when you look at the return on investment, it’s a relatively short time and it more than pays for itself.” He goes on to talk about how he has benefitted from solar panels in his own home, reducing his electric bills to just £30 quarterly. This is a stark contrast to the average £150 quarterly electric bill here. Installing a Start Solar panel system comes with a 30-year warranty, he adds, creating a compelling proposition for those considering making the move. Business and domestic clients have the option of buying solar panels outright, but corporate clients will have the option to sign up for power purchase agreements with Start Solar. “It basically means we install the solar on a commercial customers’ premises free of charge and sell them the power from that solar system. They’re buying cheaper electricity from that solar system, but they have no capital expenditure. It’s a win-win situation for the client.” With approximately 110 staff, 42 vehicles on the road, and five strategically positioned offices in

Lisburn, Collon (Co Louth), Cork, Manchester and Romford, Start Solar is poised for further expansion he says, unveiling the company’s ambitious plans. “We are considering moves into mainland Europe and potentially America — these are markets that are very different. Europe is leaps ahead and America is behind but it creates a lot of potential for us.” This forward-thinking approach will position Start Solar as a global player, ready to address diverse energy needs and market dynamics. Beyond business growth, the company is also committed to making a positive impact socially, a strategy that is at its strongest here in NI. “We have a unique approach to charity work and have had it from day one,” Andrew continues. “We give a proportion of our profits to charity Tiny Life: so far that’s been around £15,000. A family friend was affected by child loss during early labour and we see it as a way to support her but also a cause that helps so many here. “We also do several charity days, and we’ve only really embedded that into our branches here in the north of Ireland: we’ll start rolling that out in the south, too.” He adds that the company has donated solar panels to Air Ambulance NI while it pledges its support to motorsports through the sponsorship of Glen Irwin, a five-time North West 200 winner. “We sponsor Simon Reid as well. Giving back is important to us. It shows we’re not just about the profit.” Beyond geographical expansion, Start Solar is looking at expanding its footprint client-wise, especially within the residential market. Andrew says: “The outlook is only going to strengthen whether that’s incentives or government driving it. All newbuild housing sent for planning after July 2023, must have energy savings of 20% using a heat pump, or solar panels. Solar Panels are a far more efficient way to meet that target, so we’re working on a lot of new developments including one in Banbridge – 180 houses and six panels in every house as part of a Lotus Homes project.” It’s not just a greener future the company is looking at but a stronger, more dominant one here.

FEATURE

It’s A Gift of Life U

lster Carpets colleague Mark McClory shares his selfless act and encourages others to do the

same. A member of the team at Ulster Carpets is encouraging more people to consider becoming a living donor. Last year Mark McClory, a weaver who has worked for the Portadown-based manufacturer for 38 years, donated a kidney to his son. Scott, who is 36 years old, has cerebral palsy and has faced a number of health challenges throughout his life. Four years ago, he lost kidney function which required intensive dialysis three times per day. “Scott’s whole life was based around when he needed dialysis,” explained Mark. “It meant that it was a lot more difficult to get away, even on a day trip, as you had to think about when you needed to be back or you had to bring all the equipment with you. “When it was suggested that Scott could get a transplant, I was obviously happy to be considered. We had to go through a lot of tests and even though we are different blood groups, we turned out to be a match.” After a couple of postponements, the operation finally went ahead on 26 April 2023, with Mark’s operation in the morning followed by Scott’s in the afternoon. The difference was almost immediate, thanks to the amazing care by the staff at Belfast City Hospital. “Scott’s kidney function was measuring under 10 when he was on dialysis but within a couple of days it was over 60. He’s lost a lot of the weight he gained from the treatment and he’s more mobile than he was before. “The biggest difference is that we aren’t tied to the dialysis anymore, so if he wants a day or two away then it is so much easier. It has made such a difference to Scott and to our whole family.” Mark and Scott have been receiving regular check ups and are progressing well and Mark returned to the looms in November after five months recuperation from the major operation. Now Mark wants to encourage more people to think about signing up to the donor register.

“It isn’t just about helping a family member, a friend or someone you know. I joined the register to help Scott but even if I was not a match, I would have been put into a sharing scheme where I could have helped someone else. That same scheme would have also found a match for Scott. “It’s a gift of life that could really help someone. Having seen the real difference it has made to Scott’s life, I would encourage more people to think about this.” Every year, more than 1,000 people from across the UK donate a kidney or part of their liver – while they are still alive – to a relative, friend or someone they do not know. For more information about becoming a live donor, visit: www.organdonation. nhs.uk/become-a-living-donor/

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FEATURE

Cloud-based dashboards help streamline processes, reduce resource consumption, and shrink carbon footprints.

Access Data Insights With Ease Deploying LPWAN sensors across operations is costeffective with minimal ongoing expenses.

or NI businesses, data-driven decision-making has become critical to keep pace with competitors throughout the world. More so than ever, organisations are leveraging sensor tools to analyse their operations, identify inefficiencies, minimise waste, and steer towards net zero emissions. By harnessing data and gleaning insights, local businesses are setting a course for a more sustainable future for NI. It’s not a daunting task, says Mark Walmsley from Lagan Networks. Analytical tools such as cloud-based dashboards help streamline processes, reduce resource consumption, and shrink carbon footprints. Alerts can be set up via dashboards to flag when parameters are outside the expected range. The good news is that sustainability and cost-efficiency are often aligned. The insights from data can identify areas where resources are underutilised or wasted, resulting in significant savings. Businesses can allocate resources more wisely, advancing towards net-zero while enhancing their financial bottom line.

FEATURE

Author: Mark Walmsley Commercial Director, Lagan Networks.

THE ROLE OF WIRELESS SENSORS IN GAINING DATA INSIGHTS. Now for the techie part of it all: the hurdle for collecting meaningful data for these insights is lower than it’s ever been. Low power wide area network technology (also known as LPWAN) is an important key network technology that keeps costs low and ensures zero operational downtime. LPWAN networks use wireless communication technology designed for connecting low-power, battery-operated devices over extended distances. Its unique features make it the ideal choice for data gathering in diverse scenarios, including those pivotal to the net zero journey. LPWAN technology is known for its low power consumption, allowing connected devices to operate for extended periods on a single battery: this can be up to three and in some cases five years. This efficiency not only reduces environmental impact but also slashes the operational costs of data collection. Deploying LPWAN sensors across operations is cost-effective with minimal ongoing expenses. From optimising facility temperatures to monitoring energy usage, sensors can assist in guiding local businesses towards a more ecofriendly, efficient operation. The flexibility and scalability of LPWAN networks make them an ideal choice for NI businesses aiming to expand their data-gathering capabilities. Adding more sensors or devices to the network is a straightforward process, allowing organisations to scale to their evolving needs. LPWAN IN ACTION: PROTECTING RATHLIN ISLAND’S WILDLIFE Lagan Networks, based in Ballygowan, has partnered with RSPB NI to provide a wireless radio network and custom

One of the uniquely designed mobile solar powered gateways used to create a private network on Rathlin Island as part of the LIFE Raft Project. The trailer is ideal for sensor deployments in rural and / or remote locations.

wireless sensors for use across Rathlin Island as part of the Rathlin Acting for Tomorrow (LIFE Raft) Project. This project plays a vital role in safeguarding the island’s rich wildlife, which includes numerous threatened species and Northern Ireland’s largest seabird colony. Rathlin Island – a sanctuary for wildlife, including 25 bird species, notably the iconic puffin – is under threat due to invasive non-native predators. Invasive species such as brown rats and ferrets pose a severe threat. The LIFE Raft Project employs LPWAN technology as the engine of its brown rat and ferret eradication program, which aims to protect the island’s seabirds and groundnesting birds. With its wide coverage and real-time data capabilities, LPWAN aids in the implementation of targeted and effective interventions, making it a valuable asset in this critical conservation effort. Dr David Tosh, eradication delivery manager for the project, said: “Lots of

factors must come together to make the LIFE Raft project a success, but our new and groundbreaking wireless radio network is especially important. Without it, our staff would have to monitor our equipment manually, which would be a huge task on an island the size of Rathlin. But with Lagan Network’s system, LIFE Raft staff can carry out its work in the most efficient and humane way possible.” Lagan Networks partnership with RSPB NI demonstrates the versatility of LPWAN network technology. For local businesses and organisations, we facilitate the utilisation of this technology to monitor various parameters, including power usage, temperature, air quality, site security, tank levels and operational processes among others. In turn, our clients are not only optimising operations but are also advancing towards net zero emissions, contributing to a more sustainable NI economy.

FEATURE

A Culture of Innovation 54

FEATURE

yster-Yale Group, the USowned manufacturer of material handling solutions, has not only led in forklift innovation in Northern Ireland since its Craigavon plant opened in 1981, but has also pioneered a transformative approach to staff culture. Plant Manager Darren Johnston provides a glimpse into the company’s groundbreaking initiatives. Hyster-Yale Group’s journey in Craigavon began over four decades ago and, since then, the company has evolved into a powerhouse, marked by a commitment to excellence and a customer-centric approach. Plant Manager Darren Johnston emphasises the pivotal role of people in the business’ growth over its lifetime. He says: “Our people are at the centre of everything here at the plant. They are our greatest asset.” This philosophy has grown the plant’s workforce to more than 850 people. Over the past two years, the company launched its ground-breaking modular, scalable 1-3.5 ton internal combustion engine lift trucks at the Craigavon plant. The design philosophy for these trucks recognises that no two customers face identical challenges. Customers need a truck that is configured to the unique demands of their applications. The Hyster A Series and Yale Series N create a new level of excellence in lift truck solutions;

the performance, ergonomics and configurability give customers everything they need. The investment associated with this product launch included extension of the Craigavon factory by 60,000 square feet and installation of state-of-the-art machinery, robotic welding, automation, and digitalization technology. “It’s a competitive industry,” Darren continues. “We differentiate ourselves by providing products that improve customer productivity at the lowest cost of ownership. We don’t just sell trucks we focus on giving customers solutions, we look at and understand their application and tailor the truck to their requirements.” The company’s commitment to providing solutions rather than merely selling trucks sets it apart. Hyster-Yale Group’s dedicated sales and solutions teams configure trucks precisely to the needs of customers, ensuring a tailored approach to each unique application. The Craigavon plant services mainly the Europe, Middle East and Africa market but is also currently shipping product into the Americas. Brexit, once a potential challenge for the firm, has turned into an advantage too for Hyster-Yale here in Northern Ireland, as the company enjoys dual market access to GB and Europe without tariffs. With increasing environmental awareness, Hyster-Yale has also aligned

its manufacturing processes with environmental regulations. Darren sheds light on its commitment, stating: “In addition to developing products with industry-leading fuel efficiency, we control the impact of our operations on the environment. We are proud that the Craigavon plant has been recognised for environmental stewardship.” With its electric products, the company has ventured into the niche market of lithium-ion battery trucks, a greener alternative to traditional lead-acid batteries. Additionally, Hyster-Yale owns a hydrogen fuel cell business, acquired through the purchase of Nuvera in 2014. While currently implemented in larger trucks only, there is a clear vision for the future integration of hydrogen technology across their product line. A distinctive aspect of Hyster-Yale Group’s success lies in the innovation projects it delivers, many of which are either led or supported by the various functions on site in Craigavon. From concept through to production the innovation teams have developed patented drive train solutions, options to assist the operator in their daily activities and even the integration of systems to control trucks autonomously without the need for an operator. These challenging yet rewarding projects contribute to an overall working environment that motivates and develops their staff.

FEATURE

The company not only pumps funding into product development and cuttingedge tech but also into the people who drive its growth. “We focus on a full package: we provide a great working environment and culture, and we invest in people. We want to see people grow with us,” Darren says. “Many of our recruits first join the business through our undergraduate internship or apprenticeship schemes and they tend to stay with us.” With a commitment to the development and growth of its employees at Craigavon, the company exudes a familial atmosphere. Darren himself is a testament to internal growth, having started as an engineer in 1999 and now leading the plant. “Hyster-Yale Group is a great place to work. We value our people and provide the direction and the resources that they need. I’ve always believed that if you look after the people, they will look after the business.” The company’s emphasis on employee well-being is further demonstrated by recent initiatives such as signing a mental health charter and investing significantly in resiliency training. The plant was first accredited as an Investors in People (IIP) organization in 1998. An IIP Gold Award was first attained in 2011 and has since been retained. This accreditation acknowledges the commitment to continually reflect, learn, adapt, and drive improvement through culture, processes, systems, strategy and people. During 2023 HYG also partnered with Business in the Community NI (BITCNI) and Women in Business (WIB) to achieve membership status. The plant has a very

“Hyster-Yale Group is a great place to work. We value our people and provide the direction and the resources that they need. I’ve always believed that if you look after the people they will look after the business.” active STEM committee who reach out to schools and colleges to promote STEM subjects. Despite working in such a competitive industry, Darren believes the future is bright for the Craigavon plant.

“It’s a competitive industry, but we have excellent products and a culture of innovation that drives us to continually add new options and features that will benefit our customers. We have highly efficient processes that deliver quality products competitively and we have great people.” He says Hyster-Yale will also remain actively engaged with the local community, showcasing its commitment through corporate responsibility (CR) initiatives. Hyster-Yale Group’s journey from a forklift manufacturer to an industry leader in material handling solutions is marked by a dedication to customer service, innovation, sustainability, and investing in people. The leadership of Darren and his team has been instrumental in steering the company through challenges and transforming them into opportunities for growth. As the material handling industry evolves, Hyster-Yale Group stands ready to lead the way, setting new standards of customer service and redefining what’s possible in the world of forklifts.

FEATURE

Stairway to Seven My seven steps for business success

Orla O’Hare is a Marketing Manager at Linwoods.

1. FIND A PURPOSE Here at Linwoods I saw a significant alignment of focus we got our company purpose down on paper. Our business exists to ‘help people feel great everyday.’ This has allowed everyone in our business to embrace the purpose and support it with their work. Specifically, for our marketeers, we now consider if their work helps people to feel great, bringing about questions, challenges and new ideas. To me, this has resulted in more effective output. 2. LOVE WHAT YOU DO Getting up every morning and thoroughly enjoying the thought of going to work brings huge dividends! When you love what you do, you become curious, ask questions, learn new things and want to grow, with that growth brings confidence. This passion allows you to deal with challenges with positivity because you’ll find a way to make it work. It also creates a deep enjoyment of success because it means something to you, rather than just ticking a box. Finding something that makes you so enthusiastic infects others in your workplace and acts as a catalyst for further passion and alignment of thoughts. It is a fruitful workplace once all these emotions are harnessed. 3. BUILD A TEAM OF A-PLAYERS Perhaps it is because I grew up playing sports in a team setting but I have found a strong team bond is vital in any business. Bringing together people who are passionate about what they do, offer different skills and qualities and can communicate well creates a positive environment. A-players will naturally embrace the purpose of the organisation if it resonates with them on some personal level. Then team members align their thoughts and start to move with momentum for a common goal. It also allows the team to

fully understand their role and empowers members to contribute to the best of their ability to the common purpose. From my experience, the A-player team carry out more than simply the duties of their roles, as the team-player mindset ignites a hunger for success and determination when faced with challenges. 4. HAVE A PLAN (BUT REMAIN AGILE) Sometimes I feel like all I do is plan; write plans, change plans, update plans and so on! I realised it is because nothing remains constant – there are always changes and we must be ready to adapt. In order to ensure team members clearly understand the direction of travel we are moving in, we must have a strategy with key principles and objectives. The action plan on how we are getting there should be agile enough to allow for adjustments. There is a belief that people don’t like change: I’ve found people are comfortable with change when they know why or what for. When a plan is clear in our team’s mind, morale is high, ideas flow and betterinformed decisions happen. 5. SHARE THE LOAD Sharing tasks empowers our team and it allows me to focus on strategic planning, future planning and mentoring. This frees up everyone’s time and skills for optimal utilisation. Sharing the load also provides opportunities for our team members to learn new skills, take on challenges, and grow professionally, fostering a culture of continuous development.

Involving a wide range of perspectives through our regular team huddles also leads to more creative solutions and a collaborative approach. 6. MAINTAIN WORK-LIFE BALANCE Remember, there’s more to life than work! It is so easy to get embroiled in the next big project or a close approaching deadline but I’ve found overworking takes away from clear thinking, effective communication and overall productivity. I am certainly not an expert but trying to prioritise mental and physical wellbeing by setting boundaries, taking breaks, and pursuing activities outside of work is so beneficial. A healthy and balanced life will make you a more effective and fulfilled professional in the long run. 7. BE COMFORTABLE WITH MISTAKES The business world is unpredictable; develop the ability to handle setbacks, learn from mistakes, and adapt to changing circumstances. Some of the biggest learnings I’ve had have come from things I would have done differently. Although we try to get it right every time, that’s not always the way for one reason or another. From time to time, I notice a real fear of making mistakes in others but if you’ve made decisions by following the right process, seeking appropriate advice or based on the information you have and things don’t go as you like, well then, in my opinion they aren’t really mistakes and we’ve just got to learn from it and move on.

FEATURE

Mark Higgins Takes Lead at FAST’s New Innovation Hub

FAST Technologies has been one of the city’s business success stories for many years. Now, the advanced manufacturing specialist, which is part of the Bloc Group, is expanding its digital transformation capabilities through a £5 million investment which will be phased over the next five years and will create 20 new jobs.

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esponding to industry needs, the initial focus for FAST (Factory Automation & Systems Technologies) is the opening of its Automation Accelerator (A2) Hub in the city’s Catalyst ‘Innovation’ Centre. This important new facility will enable FAST to showcase its range of automation solutions to its growing client base, 40% of which are based outside the UK and Ireland. And the person responsible for establishing and driving the A2 Hub is Mark Higgins, who has almost 30 years’ high-volume manufacturing experience, including eight at FAST Technologies. Explaining how the A2 Hub will provide a space to engage with key players in the manufacturing industry, assess their digital readiness, map out potential solutions and de-risk any investment, Mark said: “We consider ourselves to be problem solvers who are agile and quick to change. “Globally, the manufacturing industry is being impacted by labour shortages, spiralling energy costs and supply chain challenges. Our A2 Hub addresses these problems by disrupting the norm, creating a collaborative zone for companies, educators and specialists to test drive the latest innovations and ‘factory of the future’ technologies. “As a starting point, our ‘Automation Accelerator’ Hub will help our customers define and address the issues they face and then use emerging and innovative technologies to shape a workplace, and a workforce which is fit for the future. “We explore the benefits of advanced automation, software and robotics and prove how integrating them into a business’s manufacturing processes will increase productivity, reduce risk and drive cost efficiencies.” While furthering its development work for global customers such as DuPont, Unilever, Caterpillar and Seagate, the Hub will also enable FAST to leverage and extend support to local SMEs, accelerating their automation and digital transformation journeys. “This isn’t a quick fix. Our approach is based on long term partnerships,” Mark added. “We want to harness technology, support learning, incubate and upskill talent to drive change. Robotics and automation aren’t new but they are the way

forward, and we’re poised to help our customers and partners seize the opportunities and benefit from all they can deliver.” “The opening of our A2 Hub in Catalyst is an important milestone for FAST and our vision of accelerating companies on their automation journey. It presents unrivalled opportunities to showcase our capabilities in an environment which is renowned for fostering and supporting innovation. “By creating solutions to the everyday and often unidentified problems which may be hindering businesses, we can accelerate their journey to excellence. “We are excited to launch our A2 Hub and further utilise our extensive portfolio of solutions. Marrying this with our collective knowledge and experience, we look forward to supporting customers – both local and global – on their sustainable growth journey.” Using the latest technology such as digital twinning, whereby the team at FAST can create virtual simulation and immersive technologies, Mark and the team at the A2 Hub are providing the skills and experience in digital transformation to enable Northern Ireland as an economy to build the workplace of the future.

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FEATURE

The Difficult Done Well

FEATURE

Portview create an extraordinary space to give the London College of Fashion an inspirational new look.

ortview’s expertise, creativity and ambition overcome demanding challenges to deliver exceptional experiences for the most discerning brands in the world. They push what’s possible, resulting in the difficult done well. With over 45 years’ experience, their expertise and relationships deliver across a wide range of sectors, from luxurious flagship stores to world-famous stadia. Harrods, Tiffany & Co, Arsenal FC, and most recently, Fulham FC and the University of the Arts are all clients of the Belfast-based business. In 2020, they were tasked to unite all six of the London College of Fashion’s sites for the first time in its 120-year history. The vision was to create an extraordinary new campus for over 6,500 students and staff with state-ofthe-art facilities, including public open spaces, galleries, a library, and archives. After two years on-site activity, the campus opened its doors to students in September 2023. Working on a project of this scale requires careful consideration of a range of diverse issues, including user experience, material quality, AV requirements and fire compliance. With over 6,500 students and staff passing through the space daily, it needed to be

incredibly robust. Portview used natural timber to complement the stark concrete structure – maple finishes work in contrast with the dark ceilings, and the space exudes high fashion with a touch of industrial flair. Renowned as the home of education and creativity, the creation of seminar rooms and a large lecture theatre focused on the learning experience, with acoustics and sound balance as the key features. In more collaborative, shared areas, airy space invites light to stream though a weaving series of staircases, connected vertically by two atriums. The bespoke lecture theatre needed to facilitate 350 students, while having the flexibility to transform for events including conferences, concerts, cinema screenings and stage productions. To create the adaptability needed, a bespoke tiered seating system was wrapped with timber-lined plasterboard walls. As well as the effortless aesthetics, it has been constructed and completed to the highest sustainability standards and should achieve BREEAM ‘Outstanding’ status. In terms of fire safety compliance and regulations, this was never going to be a straightforward project. The sheer size of the building, paired with the Hackitt review

FEATURE

findings following the Grenfell disaster, meant Portview had to once again deliver their extraordinarily vigilant approach, that has given them a proud track record in taking the utmost care of the well-being of their people. They recently celebrated a health and safety milestone of 3 million hours without having to report a RIDDOR-reportable accident. The completion of this demanding unification project is another example of Portview’s appetite to do what others don’t. Their approach pitches them as more partner than provider – a trusted associate, not an arm’s length contractor. It is this relationship-based principle that has seen them considered for an increasing number of contracts of this calibre. They are intentionally unlike any other company in their sector because they believe that is what it takes to create the genuinely unique and the breathtakingly extraordinary. John McMahon, contracts director, says: “We don’t just believe that the biggest challenges offer the best opportunity, we act on it every day. It is why bold brands love us. It’s how we create extraordinary experiences. When I embarked on my journey with Portview at the age of 20, I could never have envisioned leading a multimillion-pound project of such immense scale as the London College of Fashion. This achievement is a testament to the collective ambition of an exceptional team, each contributing their expertise to deliver something truly extraordinary. Witnessing this

collaboration makes me immensely proud of what we have accomplished together.” Portview is an organisation with innovation at its core, in constant pursuit of fresh thinking. They thrive on the ingenuity that unlocks new opportunity. Encouraging curious, challenging minds is something they look for in new hires and a culture they nurture throughout

the business. Great ideas can come from anywhere and anyone. All are welcomed and explored. It is how Portview creates extraordinary careers. To work with Portview on exciting future projects for the world’s leading brands, check out their vacancies at: www.portview.co.uk/careers.

NEWS

Nominations Now Open for 2024 EY Entrepreneur Of The Year Programme The 2024 EY Entrepreneur of The Year™ programme officially opened for nominations. Entrepreneurs from emerging, established, and international businesses operating across all industry sectors from across the island of Ireland invited to submit their nominations between now and 29th Feb 2024. The theme for this year’s programme is The Trailblazers. Entrepreneurial trailblazers are true leaders with the courage and capacity to plot and follow their own path, pushing conventional boundaries and limits. Rob Heron, Partner Lead for EY Entrepreneur Of The Year™ in Northern Ireland said: “We are very excited to invite entrepreneurs from Northern Ireland to submit their nominations for the EY Entrepreneur of The Year™ 2024 programme. Now in its 27th year, the programme exists to acclaim, drive, and inspire entrepreneurship across our island. This year we are celebrating the trailblazing entrepreneurs who are spearheading incredible businesses that are contributing to the growth of Northern Ireland’s economy and local communities. Northern Irish entrepreneurs continue to have a disproportionate global impact, reflecting an international scaling mindset and innate capacity to grow and succeed across borders and cultures. The EY Entrepreneur Of The Year™ programme is open to entrepreneurs from all sectors and growth stages in the Republic of Ireland and Northern Ireland. The awards programme is divided into three categories – Emerging, Established and International – with eight finalists chosen per category.

Turnover Doubles At AD Sustainability Now in its 11th year, AD Sustainability, an environmental, ESG and sustainability consultancy saw turnover more than double last year. The growth resulted in the company recruiting an additional three full-time consultants during the period. Seeing particular growth in its carbon planning and energy support offering to its diverse client base. Growth plans for AD Sustainability were enhanced in August last year when it was invited to join Invest NI’s Ambition to Grow programme. The company sees this as a game changer for the business in the coming years as it is now a direct Invest NI client.

Belfast Harbour Community Awards Provided £80,000 Worth of Grants Charities and community groups from across Northern Ireland have benefitted from the last round of funding from the 2023 Belfast Harbour Community Awards. The Belfast Harbour Community Awards provide community organisations, charities and not-forprofit groups registered in Northern Ireland with an opportunity to apply for individual grants of up to £5,000. A total of £80,000 was allocated for 2023 and recipients were awarded grants based on how their project would positively impact local communities.

Wind Power Cut £243 million Spending On Gas

Strong End To 2023 For 3EN Holywood-based cloud solutions company 3EN celebrated a strong end to 2023, boosting its overall sales by 2023 by 10% compared to 2022. With four new businesses signing contracts to work with the company from August on, 3EN saw a 10% increase in sales compared to the previous year. Significant client wins for 3EN last year included The Sports Edit, Jersey Telecom, Lanes I and Lake Chemicals and Minerals, taking its annual new client total for the year to twelve. 3EN also hired six new team members in 2023 and now employs 52 people across the UK and Ireland, many of whom work remotely.

A new report has revealed that in 2023, Northern Ireland spending on gas was cut by £243 million by local wind energy generation. They also estimated Northern Ireland wind turbines saved approximately 920 kilo tonnes of carbon last year, equivalent to the amount of carbon produced by 200,000 homes. Director of RenewableNI, Steven Agnew, said: “Northern Ireland was able to reduce the reliance on fossil fuels last year because of investment in renewable energy in the previous decade. In 2016 we connected 400MW of new renewable generation but only 86MW of large-scale generation has been connected this decade.

S&W Wholesale Get Green Light For Major New Facility S&W Wholesale, one of Ireland’s largest independent wholesalers of FMCG has been given the green light for a major, new purposebuilt facility by Newry, Mourne & Down District Council Planning Committee meeting. The new site, which is located approximately three miles from its current headquarters in Carnbane Business Park, is conveniently situated adjacent to the A1 southbound. Representing an investment of circa £15 million, it will support the business’s future growth plans right across the island. The proposal for the 16,730sqm storage and distribution warehouse including ancillary office accommodation has been in planning for quite some time and offers a major boost to the business as it looks to the future. Michael Skelton, S&W Wholesale CEO said, “We are absolutely delighted to have been given the go-ahead for our new headquarters. The business has been curtailed in recent times through space constraints and operating across multiple sites. This new facility will allow us to maximise our operational efficiency, while giving our valuable team of more than 300 people a pleasant, fit for purpose working environment.”

FEATURE

Enabling Organisations Across Northern Ireland to Transform and Innovate at Speed 66

FEATURE

George Maybury, Public Sector Director at Dell Technologies Ireland.

usinesses across Northern Ireland have demonstrated considerable resilience in navigating a challenging business environment over the past 12 months. As we enter a new year, harnessing the potential of breakthrough technologies to innovate and keep transforming will be key to growth and success in 2024. Organisations with a strong culture of innovation are best placed to drive growth and compete. This is supported by findings from the Dell Innovation Index which show that organisations defined as Innovation Leaders and Adopters are twice as likely to accelerate their innovation during challenging economic conditions. As a strategic technology partner to private and public sector organisations across Northern Ireland, Dell is uniquely positioned to enable organisations to transform at speed and embrace new technologies to drive innovation forward. With a team located at Ulster University’s Centre of Digital Health Technology, our team at Dell Technologies are on the ground supporting businesses and organisations across the region. In the public sector, our technology is powering cutting-edge research capabilities in universities. This year, Queen’s University partnered with Dell to expand high-performance computing capabilities supporting research in food science, health and the environment. By leveraging the AI-ready Dell PowerScale platform, the university can effectively manage billions of data inputs with high velocity, variety and volume. This system supports its researchers to gain greater insight into food production in NI, helping to achieve more sustainable processes and progress towards net zero emissions targets. Other third level institutes in Northern Ireland are relying on Dell’s technology to realise the benefits of smart manufacturing. Researchers in biomedical engineering at Ulster University are using digital twin technology to develop improved heart pumps for heart transplant patients. By creating digital representations of the physical pumps, researchers can better understand the processes of the pumps over the course of their lifespan, allowing the opportunity to dramatically improve functionality.

FEATURE

Other research projects supported by the digital twin technology include the development of digital twins of car engines to see how they will perform under different temperatures and driving conditions. By testing them under numerous different scenarios they can develop new and more efficient ways to enhance their performance. Technology now plays an increasingly important role in helping leaders in Northern Ireland to advance sustainability and realise their ESG goals. Outdated and inefficient IT infrastructure hinders energy efficiency for many organisations: we’re supporting firms to reduce carbon emissions and energy usage through the provision of new, more efficient infrastructure and remodelling outdated IT strategies. Pilgrim’s Shared Services – which provide transactional and support services to its three sister companies: Pilgrim’s Food Masters, Pilgrim’s UK and Moy Park – turned to Dell to help ensure that its IT transformation strategy supported its sustainability goals. By consolidating legacy infrastructure for different company entities under one modern, purpose-built platform, the company was able to break down data silos to increase data security, reduce energy consumption, and foster sustainability. As businesses continue their digital transformation journey, it is critical that they enhance cyber-resilience to mitigate the risk of evolving cyber-attacks. Our cyber and data protection services are leveraged by some of Northern Ireland’s leading utility companies and universities to ensure end-to-end protection for operations. In many organisations hybrid working is now an established work practise that increases potential vulnerabilities for attacks. By leveraging zero trust architecture together with Dell’s holistic, integrated approach to technology, organisations can embed security throughout computers, servers, infrastructure and services and mitigate the risk of hybrid working. For Generative AI (GenAI), 2023 was a transformative year. Harnessing the power of the AI will be vital for businesses across every sector as they plan ahead. According to our latest survey, over three quarters (76%) of IT leaders believe that the impact of GenAI will be significant or transformative for their organisations. Understanding how to implement

such a paradigm shifting technology is both a challenge and unique opportunity for organisations in every sector. Dell is working with a range of public sector organisations and businesses in Northern Ireland to support this need and develop their policies and strategies on the technology from the ground up. By proactively preparing their organisation for the profound shifts triggered by the technology, they can ensure they are prepared to harness its powerful productivity increases, gain an important competitive advantage, and realise further growth. As business leaders in Northern Ireland

enter 2024, accelerating innovation and embracing digital transformation will be key to positioning their organisation for future success and navigating the volatility that lies ahead. In the months ahead, our team of experts at Dell Technologies will support organisations in both the private and public sectors to accelerate the adoption of a range of AI and other breakthrough technologies as they look to innovate at speed. By doing so they can advance sustainability, enhance cyber-resilience and increase productivity – while ensuring they are adequately prepared for the challenges that lie ahead.

“Technology now plays an increasingly important role in helping leaders in Northern Ireland to advance sustainability and realise their ESG goals. Outdated and inefficient IT infrastructure hinders energy efficiency for many organisations: we’re supporting firms to reduce carbon emissions and energy usage through the provision of new, more efficient infrastructure and remodelling outdated IT strategies.” 68

FEATURE

Communicating Climate Change C

limate change – and how we tackle it – is a fundamental human question and demands a sea change in our way of life. It will radically alter how we move about, how we power and heat our homes and businesses, how we grow our food and what we buy. The clock is also ticking.

derail genuine efforts being made by many organisations. Trust therefore must be at the heart of climate change communication for it to be effective. On its own, however, data does not inspire action. Statistics are difficult for most people to digest and translate into meaningful understanding.

The challenge cannot just be viewed as a scientific or technological one because it goes to the heart of all human and social systems. Communicating climate change is also a tough task. With a lot of experience in behavioural change and energy and environmental communications, we recognise the complexity of this challenge. It requires multi-layered and interconnected behavioural change and in a very short timeframe. It requires innovation, education and information sharing. It requires collaboration and coordination on a scale never seen before. It also requires leadership – political, sectoral and community leaders working towards a common goal. Despite these complexities, it remains an exercise in storytelling. But we need to think critically about what kind of story we are telling. Are we telling a story of despair and inevitability? Are we telling a negative story about emissions, consequences, or technical things most people don’t understand? Or are we telling a story of hope, possibility, and opportunity? Above all else is it a story of human agency, the capacity of society to make choices and to impose those choices on the world. For too long we have bought into a dichotomised idea that climate action is about tough choices and potentially damaging to our way of life. Challenging such cognitive biases will be critical in the communications battle for hearts and minds. Here are five communication fundamentals worth considering:

CHOOSE HOPE OVER FEAR To get people to change we can’t just scare them into action. We can’t just talk about the threat: we also must talk about the ways in which their actions can make a difference. Equally we shouldn’t try and shame people about their behaviours as this typically triggers a defence mechanism to resist change even more. Hope is one of the most powerful messaging tools we have to move people to take action. It can turn fear into something productive and mobilise people to tackle the challenges faced. FOCUS ON BENEFITS AND OPPORTUNITY There is a need to excite people about the prospects of a more sustainable world. Addressing climate change can bring many opportunities – be that green jobs, cleaner air, renewable energy, food and energy security, and better health outcomes. At an industry level, messaging needs to be about economic opportunity and job creation rather than risk and cost. Emphasising personal benefits such as health, energy security, home comfort or financial and economic benefits can deliver a bigger impact.

FACTS MATTER Despite what Trumpism led us to believe, facts and information do matter. The risk of misinformation and disinformation remain key obstacles to tacking climate change. Greenwashing is still a thing, and we need to ensure it does not

Climate change is not just about science or the environment, it is also an issue of social justice and inclusion. Solving the climate crisis is not only good for the environment, but it can also address injustice and inequity. LEAD BY EXAMPLE Leading by example also builds legitimacy and strengthens communications. An example of this is the GeoEnergy NI project we are supporting the Department for the Economy and partners on. This geothermal demonstrator project is highlighting NI’s geothermal potential and is designed to lead to long-term policy commitments and to build trust and legitimacy in the sector. MAKE IT ACTION FOCUSED Net zero targets are challenging longer term, but communications need to focus on actions now, starting with actions of ‘no regret’ which are cost-effective and do not involve hard trade-offs with other policy objectives. Strong and effective climate change communications delivered through good storytelling will help inform and empower people about the choices we can make individually and collectively. It will also help build the necessary alliances and collaborations to make the systemic changes necessary to make the seemingly impossible possible. Kieran Donnelly is managing director of Morrow Communications, a creative consultancy based in Holywood.

FEATURE

SHAPING 2024 As we enter 2024, optimism echoes across different sectors. Insights from key leaders reveal a focus on AI, staff retraining, sustainability and a hopeful return to Stormont in the upcoming year. Emma Deighan reports. Last year unfolded as a challenging chapter affecting every sector. Geopolitical shifts, economic fluctuations, and the pandemic’s influence – while easing – brought forth numerous opportunities for creative problem-solving. As we step into the current year, insights from our business leaders suggest a potential improvement, offering a glimmer of optimism amid the uncertainties.

John McGrillen, chief executive of Tourism NI, sets a buoyant tone for the tourism sector. With hotel bookings surpassing last year’s metrics and tour operators witnessing robust interest in the island of Ireland, the horizon appears promising. He says the £100 million investment by VINCI Airports in upgrading Belfast International Airport signifies a crucial stride, ensuring connectivity with international markets and bolstering growth ambitions. “I am optimistic for 2024, with hotel bookings ahead of where they were this time last year, tour operators reporting strong interest in the island of Ireland and the majority of businesses

anticipating similar or higher visitor volumes than 2023,” John begins. “We saw progress on a draft tourism strategy for Northern Ireland led by the Department for the Economy last year and I am hopeful that, following feedback, 2024 will bring a clear direction for the next decade and set out how tourism will contribute to the ambitions outlined in the 10X Economic Strategy. “Demand for golf in Northern Ireland continues to be strong, driven by the high-spending North American markets. The Irish Open at Royal County Down this summer and the return of The Open Championship to Royal Portrush next year will provide more incredible opportunities to promote Northern Ireland as a world-class golf destination.” He says the organisation will continue to champion the region as well as the jobs and career opportunities within the sector with the launch of a new e-learning platform for the industry. “This year I also hope to see further progress on the City and Growth Deal tourism projects which will build on the current portfolio of major attractions and ensure a competitive and sustainable tourism sector in the years ahead.” John McGrillen, chief executive Tourism NI.

FEATURE

Brian Murphy, CEO at Balcas.

In the manufacturing sector, Brian Murphy, CEO at Balcas, timber products expert and CEO at Balcas, sheds light on the challenges and triumphs. From skills shortages and workforce availability to the imperative focus on employee welfare and mental health, Balcas navigates these challenges with resilience. The company embraces climate change initiatives, supporting afforestation, timber use in construction, and investing in optimising machinery. The company is at the forefront of sustainable solutions here, underscored by the impact of its carbon-neutral wood pellets, saving over 1.38 billion litres of oil in the past 15 years. Brian says: “There are many challenges facing the manufacturing sector in Northern Ireland ranging across skills and people availability, continuous improvements to employee welfare and mental health, costs of energy, considerations of industrial rating changes – while all the time staying abreast of technology developments – and trying to adjust and educate regarding climate change. We need to embrace all of these matters as issues to be overcome and met with positive effort. “At Balcas, we will be encouraging and supporting Northern Ireland’s Climate Change Act, supporting increases in afforestation and the use of timber in construction – and housing in particular – along with increasing use of our forests for recreation as well as productivity. We are planning on investing more in the latest optimising machinery, all the while encouraging wider decarbonisation. Despite the challenges, we are excited to play our part in Northern Ireland’s future.

Emma Pollock, FinTrU’s chief technology officer, underscores that ongoing technological advancements will persist as a central theme in the foreseeable future. As the CTO of the rapidly expanding fintech firm catering to a vast global market, she emphasises the enduring relevance of technological progress. “The two areas where I see the most opportunities and challenges in 2024 continue to be AI and its intersection with information and Cybersecurity. “2023 was a year of rapid advancement in AI, particularly in generative AI with large language Emma Pollock, FinTrU’s chief models such as ChatGPT. 2024 technology officer. will see a huge investment from firms to create and adopt products leveraging these new capabilities – and from criminals searching for new ways to penetrate companies cyberdefences.” Last year FinTrU launched TrU Label, an AI-enabled analytics and insights product specifically created for the investment banking and wealth management sectors. Emma continues: “While it’s easy to get caught up in the hype of the latest technology developments – and as a technologist, it’s a lot of fun to experiment with them – at FinTrU we are very clear that a good product is not measured in cool features, but by how well the product solves real problems cost-effectively and reliably. For our clients, that means highly accurate, explainable and auditable solutions. If ChatGPT gives you a wrong ingredient in your recipe that’s inconvenient; if a regulatory filing contains incorrect information, it’s unacceptable. “Looking forward to 2024, there is no doubt we will see increasing capability and accessibility of AI tools with a rapidly emerging regulatory landscape to match.”

In the professional services domain, Caitriona McCusker, regional market leader for PwC NI, says nurturing a workforce for tomorrow will be a running theme in the business world. “In 2024, organisations need to focus on how they can retain, retrain and transform their workforce to address key skills challenges and to deliver growth,” she says. “Our latest Hopes and Fears survey shows that pay, workload and overall fulfilment are at the top of employees’ minds, with nearly a quarter (23%) of UK workers expecting to change jobs in the next 12 months, a 5% rise year-on-year. Organisations that continue to prioritise their people and invest in programmes focused on wellbeing, flexible working, Caitriona McCusker, regional career progression, upskilling and more market leader for PwC NI. personalised benefits will reap the rewards of employee loyalty. “In the year ahead, businesses will continue to undergo massive change – accelerated by AI – and leaders need to plan for how they can use emerging technology to improve jobs, skills and workforce productivity. Our Hopes and Fears survey shows that workers here are less positive about AI than workers globally, but at the same time don’t believe it will impact their jobs. However, half (49%) of workers agree that the skills required for their job will change significantly in the next five years. The truth is, AI is both a threat and an opportunity – equipping workers to understand the impact and use it responsibly will help them maximise the opportunity and unlock productivity.”

FEATURE

In other areas such as retail, the inflationary pressures in recent months will still be felt. Helen Dickinson OBE, chief executive of the British Retail Consortium, says: “2024 looks to be another challenging year for retailers and their customers, and spending will continue to be constrained by high living costs. Retailers will also have to juggle various cost pressures, including the rise in business rates this April. This will be compounded by other emerging issues, such as the disruption to shipments from the Far East via the Red Sea. Political parties must consider this backdrop when they set out their plans for retail in manifestos so they can help support the industry to grow, invest, and serve customers.” Indeed, disruption to the world’s biggest maritime shortcuts, the Suez and Panama Canals, is set to have a domino effect in retail. A reduction in ships and cargo capacity in the Panama Canal, coupled with disruptions in the Suez Canal due to attacks by the Yemeni Houthi militant group, presents a significant hurdle for global trade. With a third of all container ships using the Suez Canal/Red Sea route, delays and increased costs are impacting manufacturers and retailers, according to international delivery expert ParcelHero.

David Jinks M.I.L.T., ParcelHero’s head of consumer research and former editor of Lloyds Shipping Index,’ says: “Already, we have a drought in Panama, severely reducing both the number of ships and the amount they can carry using the Panama Canal. Now the most direct route between Asia and Europe, via the Suez Canal, is being severely disrupted. Losing unrestricted access to these two vital trade routes will mean spiralling costs and lengthy delays. “ TheYemeni Houthi militant group’s attacks on ships in the Red Sea are serious because the Red Sea leads directly to the Suez Canal. This is a vital 119-mile shortcut between Asia and Europe that saves ships travelling an extra 5,500 miles around the Cape of Good Hope, adding at least a week to most sailings. “ Athird of all the world’s container ships use the Suez Canal/Red Sea route. Each of those containers will likely be carrying thousands of products made in Asia for the UK and mainland Europe. Products typically include everything from Barbie dolls to iPhones to fast fashion.” He says shipping line prices are now rising steeply and unexpectedly, and this is having an impact on manufacturers and retailers. From Next to Ikea, many well-known retailers have already sounded the alarm as the attacks continue and disruption increases. More locally, a lack of devolved government continues to meddle with certainty in the business world but could this year see a return to devolution?

Gareth Hetherington, Director of the Ulster University Economic Policy Centre Economists at Ulster University have forecasted growth of 0.8% in 2024 and 1.1% next year for Northern Ireland, which they say reflects similar economic conditions across the UK and Europe as higher interest rates continue to impact the economy. Gareth Hetherington, Director of the Ulster University Economic Policy Centre says, “The focus on whether the economy either avoids or falls into a recession somewhat misses the point. In practice the difference between either outcome will be a few tenths of a percentage point in growth. The bigger problem is the prolonged period of low growth and the lack of policy focus to correct this. “This issue is not restricted to Northern Ireland and explains why after more than a decade of downward pressure on government spending alongside an increasing tax burden, government debts and deficits remain a significant problem.” The UUEPC is forecasting that interest rates have peaked at 5.25% but note the stark contrast between the expectations of the financial markets for 2024 and the Bank of England. The markets are implying a drop in rates to as low as 4.0% by the end of the year, but the Monetary Policy Committee (MPC)

continues to push the ‘higher for longer’ narrative, suggesting perhaps only two quarter-point reductions this year, with rates dropping to 4.75%. UUEPC economists are forecasting a middle path with interest rates falling to 4.5% by the end of this year and then to a longer-term level of 3.5% by 2026, representing the new normal rate, significantly above the old normal of 0.25%. Gareth says, “It takes approximately 18-24 months for the full impact of interest rate rises to fully transfer through to the economy and therefore many of the more recent rises are yet to have an effect. Although growth is starting to pick up again in Q1 2024 after a challenging final quarter to 2023, if the Bank of England mis-judge and are too slow in bringing rates down, then clearly a contraction becomes more likely. “One reason to be optimistic is the resilient nature of the labour market to a series of economic shocks, from the pandemic to higher energy prices and cost of living challenges which in turn has resulted in much higher interest rates. In these circumstances it would be reasonable to expect an increase in unemployment, but this has not occurred, employers are still reporting

difficulties recruiting staff.” The new UUEPC Winter Outlook brief also summarises other UUEPC research analysing the scale of job creation in firms that started between 2007 and 2021. “The impact of new business starts on job creation should not be underestimated. To put in context, total employment in Northern Ireland has increased by only 90k since 2007, which shows that the existing business stock is more likely to contract in terms of employment than expand over time. As a result, maintaining and growing the size of the labour market is dependent on continuous entrepreneurial activity. “This analysis period covered both the financial crisis in 2008 and more recently the pandemic, both of which took several years for the labour market to recover. Whilst these shocks may be viewed as atypical, economies are always subject to economic shocks and as a result new business starts are critical to economic recovery.”

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BANK OF IRELAND UK ENABLES DROMORE ENGINEERING FIRM’S RENEWABLE ENERGY EXPANSION £500k funding secures contracts, growth & expansion for locally owned and grown business. Green Energy Engineering Limited, based in Dromore, has received £500,000 funding from Bank of Ireland UK to enable them to fulfil a number of Public Sector contracts to de-carbonise schools and universities in GB and facilitate future growth in NI and ROI. The locally-owned engineering firm, which currently operates across Northern Ireland, GB and ROI, incorporates both a renewables division which provides a range of services and products to help businesses improve the way they generate heat and power and reduce their carbon footprint, and a precision engineering division which designs and manufactures bespoke components for the aerospace and medical industries. The funding from Bank of Ireland UK will help the firm to deliver several high value public sector contracts to decarbonise buildings in GB and to expand their operations in the commercial renewable energy market. The firm’s offer includes building upgrades such as insulation and internal heat distribution networks, and innovative renewable energy products such as heat pumps, biomass boilers, wood pellet stoves, solar panels and battery storage. In addition

to supplying and installing the renewable energy equipment, Green Energy Engineering offers an end-to-end service with a team of experts providing project management including site visits, design, and support as well as servicing and maintenance following project delivery. Jeff Lyttle, managing director, Green Energy Engineering, said: “This is a significant funding package from Bank of Ireland UK that enables us to secure and deliver four large school projects in GB and target further growth based on our expertise and experience and by delivering results. We’re committed to delivering even more impactful renewable energy projects and to accelerate our mission to promote sustainable development and create a greener future.” Responding to the UK’s renewable energy skills shortage, with the bank’s support the firm is increasing its footprint in GB and has already set its sights on securing several lucrative public sector contracts for 2024/2025. The company plans to develop its renewable energy division across private and public sectors and further expand its operations particularly in GB, and to meet growing demand in ROI and NI’s

commercial domestic market. Diane McCall, senior business manager, Bank of Ireland UK, said: “Green Energy Engineering is supporting the drive to decarbonise, helping organisations across the UK and ROI to become more sustainable and reduce their carbon footprints through innovative solutions. With Net Zero targets in place coupled with high energy costs, the renewable energy sector has become increasingly important to our economy, fulfilling our nation’s obligations to Net Zero. We’re delighted to support Green Energy Engineering to expand their business and enable them to secure and deliver increasingly ambitious renewable energy projects on a growing scale.” George Higginson, managing director NI and UK strategic partnerships, Bank of Ireland UK, said: “Supporting the green transition is an important part of Bank of Ireland’s sustainability strategy and we are delighted to play a role in helping Green Energy Engineering to provide renewable energy support that will make a real difference in local communities.”

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APPOINTMENTS

NEW

PPOINTMENTS IN THE BUSINESS COMMUNITY

KENYON HARRIS

RICHARD BAKER

SAM McILVEEN

SUSAN CUMMINGS

Head of IT, B4B Group

Chief Executive, Antrim and Newtownabbey Borough Council

Managing Director, SeeMeHired

Events Manger, NI Chamber

ROISIN KEENAN

SEAMUS McGUCKIN

PADDY ANDERSON

EMMA COOEY

Head of Business NI, AIB

Head of Corporate NI, AIB

Vice President and Chief Finance and Resources Officer, QUB

Solicitor, Cleaver Fulton Rankin

APPOINTMENTS

Growth for Turley across Northern Ireland

Leo Kilkenny, Rosemary Daly, Catherine Norris, Dr Michael Gordon, Angela Wiggam, Andrew Smith, Ryan Watt and Aoife Byrne.

Turley has strengthened its offering across Northern Ireland with three appointments at its Belfast office. Rosemary Daly rejoins the consultancy as Director in Turley’s planning team following her role as Commissioner with the Planning Appeals Commission Northern Ireland. With more than 26 years in the built environment and planning sector, she brings extensive experience of delivering planning decisions across a wide range of environmental and planning issues throughout Northern Ireland. Rosemary is joined by Ryan Watt and Aoife Byrne, both Assistant Planners who will be supporting the advisory’s planning team on projects across a wider range of sectors. Speaking about the appointments, Senior Director for Ireland, Dr Michael Gordon said: “It’s an exciting time to welcome all three of our new members to the Turley team. We have been operating in Ireland for over 25 years and, alongside our growing Northern Ireland team, we have been expanding our presence in Dublin since opening our office in 2020.”

Marie-Thérèse McGivern appointed Chair of Visit Belfast Marie-Thérèse McGivern has been appointed Chair of Visit Belfast, the city’s official destination marketing and management organisation. The former Vice-Chair takes over from Kathryn Thomson, chief executive of National Museums NI, who was appointed to the role in October 2020. Confirmation of the appointment was made at Visit Belfast’s annual general meeting at the city’s Europa Hotel, where delegates were updated on its continued progress in delivering the objectives set within its three-year Rebuilding Tourism Strategy, introduced in 2021 to support the city’s postpandemic recovery. Commenting on her appointment, Marie-Thérèse McGivern said: “A key pillar of our city and regional economy, tourism is a significant source of employment in Belfast – supporting around 20,000 jobs here and 50,000 more across Northern Ireland. It’s a catalyst for millions of pounds of investment, in building links, networks and opportunities for business, driving growth in hospitality and retail, in promoting Belfast on a global stage, supporting local culture, arts and heritage and promoting, driving and leading in sustainability. Taken together, these highlight the important contribution that tourism makes to Belfast and the Northern Ireland economy and wider society – and how tourism is a force of good that supports all areas of our economic and social life. Building on the outstanding work of the board under Kathryn’s lead, this year, as we begin a new chapter, is an opportune and exciting moment to take up this important, leading position.”

Belfast Lord Mayor, Visit Belfast Chief Executive Gerry Lennon, Visit Belfast Chair Marie-Thérèse McGivern and outgoing Chair Kathryn Thomson.

LET’S TALK LEASING WITH SALES MANAGER ADAM PATRICK We asked Agnew Leasing’s Sales Manager Adam Patrick his most frequently asked questions around mileage limits, understanding maintenance packages and much more. Is there a mileage limit on a car lease? We set a contracted mileage at the beginning of your agreement as the cost is affected by how many miles you do. The higher the mileage, the higher the cost as the vehicle will be worth less at the end. If you go over your mileage, there is an excess mileage charge, but it is set in pence, not pounds, and only reflects the difference in the value of the vehicle. Our Account Managers aim to get your mileage as accurate as possible at the start of your agreement, so you are less likely to incur any cost at the end. Can I end the lease agreement before its term or transfer it to someone else? You can end your agreement early by simply requesting a termination quote from your Account Manager. Unlike many leasing companies where they charge balance of rentals remaining, Agnew Leasing will factor in the market value of the car at the time against the cost of the vehicle to us and help the best we can to reduce the fee. Transferring an existing contract to someone else is possible provided they are happy with the revised figures, and they are approved for credit. What is included in the maintenance package? Our fully maintained agreements allow you to fix your vehicle maintenance costs throughout the term of ownership. All servicing costs are covered, to include labour, parts, and tyres. We also offer a 24-hour breakdown and accident management service so if you get into trouble, give our team a call and someone will be on hand at any time to help you get back on the road as quickly as possible. To find out more contact our Agnew Leasing Team on 028 9009 7108.

DUBLIN AIRPORT LOOKING FORWARD TO WELCOMING NEW DESTINATIONS AND ROUTES IN 2024

Dublin Airport is set to welcome new airlines and destinations, along with an increase in airline frequencies throughout 2024. There’s great news for those plotting a North American adventure, with Jetblue set to commence its inaugural flights to both New York JFK and Boston along with the return of daily flights to Toronto with Westjet in March. Westjet is also planning the return of Halifax, which will operate three flights per week from June 2024. Minneapolis

St. Paul is proving a popular destination for 2024 with Aer Lingus announcing the return of flights to MSP four times weekly and Delta launching direct flights five times per week. Aer Lingus will also launch four weekly flights to Denver, Colorado in May. Dublin Airport welcomed more than 30 million passengers through its doors in 2023, with passenger numbers fully back to pre-pandemic levels. Population growth alone means Dublin Airport

will need to be able to grow beyond its current 32 million passenger cap, which is why daa has submitted a planning application which sets out how it will improve facilities and the overall passenger experience at Dublin Airport to enable the airport to grow sustainably to 40 million passengers per year. Full details of the wide range of improvements planned at the airport can be found in the virtual information room on the Dublin Airport website.

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LIFESTYLE

James Stinson

Honda ZR-V Joins The SUV Party New ZR-V is an interesting if not compelling addition to the SUV ranks, writes James Stinson.

The outworking of all this is that it drives very much like a fully electric car. It has the same smooth, lightning quick acceleration but you don’t have to charge it. Emissions are lower and economy slightly better than in a petrol only powered car though nowhere near what you’d get from a fully electric or plug-in hybrid. With many buyers still wary of fully electric cars, these types of hybrids will likely be big sellers as we slowly transition to an all-electric future. For company car drivers though, the ZR-V doesn’t get any of the tax benefits that fully electric or plug-in hybrids get. Depending on which trim level you pick, Honda says the ZR-V produces 130-132g/km of CO2 and can return around 49 mpg. The single engine option produces a healthy 181bhp, which is good for a 0-60 mph time of around 7.5 seconds. On the road it feels firm and planted. And while the seating position isn’t as high as some rivals, there’s excellent all-round visibility. The cabin is typical Honda fare – understated with a fair dose of quality materials to hand. It includes a clear 10.2-inch digital instrumental panel and a 9-inch touchscreen. Honda gets brownie points for providing physical knobs for the climate control. And while there’s plenty of space for the driver and front-seat passenger, the rear isn’t as generous, especially if you go for the top of the range version, which includes a panoramic sunroof. The boot isn’t as generous as rivals’ either. The range consists of three trim levels, with entry-level Elegance coming with a decent amount of kit, including 18-inch wheels, twozone climate control, heated front seats and adaptive cruise control. Sport trim adds silver pedals, fabric and faux leather upholstery, ambient lighting, and sportier exterior details, including a honeycomb front grille and matt black wheels. The priciest Advance trim adds full leather upholstery, a panoramic sunroof, additional ambient lighting, heated rear seats and heated steering wheel. Prices start from £39,450 rising to £42,895 for the range-topping Advance version.

iven their popularity, car makers are nothing these days if they don’t have a suite of SUVs in their range. And while Honda were pioneering with their original CR-V in the late nineties, in the years that followed they’ve fallen behind rivals when it comes to high riding, SUV-type motors. The large CR-V is still a good buy while the recently relaunched HR-V ticks the entry-level box … but Honda still feels there’s a gap between the two and hence this latest V offering – the ZR-V. It sits in between the CR-V and HR-V in terms of price and size and aims to provide competition for the likes of the Nissan Qashqai, the Kia Sportage and others. And there’s much to commend Honda’s latest model. It’s nicely finished – as you’d expect – it’s easy on the eye, pretty frugal and comfortable. It has a lot in common with the Civic hatchback on which it’s based. That includes Honda’s unusual though not unique e:HEV powertrain. This pairs a 2.0 litre four-cylinder petrol engine with a pair of electric motors, a small battery and an automatic gearbox. It differs from most other hybrids because the engine is mostly used to charge the battery and only rarely drives the wheels directly. For short distances and at low speeds it will run on battery only power but for most of the time the engine is ticking away in the background charging the battery, which in turn powers the electric motors and drives the wheels.

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LIFESTYLE

James Stinson The new Scenic features a flat floor and seating for five. With both eyes firmly on the family market, there are numerous cup holders and storage bins scattered throughout the cabin. In the rear there’s a central armrest that incorporates a pair of cup-holders, stands that fold out to allow screens to be watched more comfortably, and a pair of USB-C charging sockets. The boot, meanwhile, measures 545 litres with the second row of seats in place, rising to highly generous 1,670 litres if you convert the Scenic to a two-seater. The three-model range, comprising techno, esprit Alpine and iconic trim, are available to order now, with first customer deliveries from May. Standard specification includes 19-inch ‘streamline’ diamond cut alloy wheels, front and rear full-LED lights, flush door handles and roof bars, electric folding door mirrors and logo puddle lights. Also included as standard are automatic air conditioning, a frameless electro-chromatic rear-view mirror, rear-view camera, front and rear park assist, heated front seats and steering wheel, paddle shifters for regenerative braking, automatic wipers, multi-sense with ambient lighting, the ingenuous rear armrest and electric boot opening. Advanced driver assistance systems include intelligent adaptive cruise control, traffic and speed sign recognition, driver attention alert, distance warning alert, lane departure warning, lane keep assist, lane centring, active emergency braking system with pedestrian and cyclist detection and blind spot warning. Prices start from £40,995, rising to £45,495 for the range-topping Iconic E-Tech, which looks very competitive compared to the likes of the Hyundai Ioniq 5, which has inferior range.

Scenic Take on the Future The Scenic name conjures up fond memories of Renault’s past but the French car maker is hoping this new Scenic will pave the way for its all-electric future. The all-new Scenic forgoes the MPV-styling of previous versions, instead opting for the de rigueur SUV-type silhouette. Fully electric and brimming with useful and intuitive technology, its all-electric powertrain features a compact 87kWh battery and a 220bhp motor, capable of delivering a 379-mile range. The Scenic is also fitted with a heat pump as standard, in a bid to provide increased efficiency in cooler conditions. The peak charging speed is 150kW and Renault says it has worked hard to ensure that the Scenic stays north of 100kW for as long as possible. Clever use of new materials and a complete absence of leather in the interior are part of a renewed focus on sustainability. In fact, up to 24% of the Scenic E-Tech 100% electric’s materials are recycled while 90% of its mass – including the battery – is recyclable.

Small is Beautiful The Suzuki Swift is a wonderful antidote to the prevailing thinking that everyone needs and wants a big car when the opposite is true for many of us. For evidence of this, look no further than the nine million Swifts that have been sold since it first went on sale back in 2003. The latest fourth-generation version arrives in the Spring and brings the little Swift bang up-to-date, with lots of neat styling touches as well as more modern tech designed to increase its appeal among the smartphone generation. On the outside, the new Swift boasts more curved, softer edges, a larger grille, as well as new headlights and an L-shaped lighting signature. Other tweaks include a new set of tail lights and a more aggressive rear bumper, plus the new Swift features a proper set of rear door handles, rather than burying them in the C-pillar like the current model does. There’s a new dashboard design featuring a new nine-inch touchscreen. It comes with Apple CarPlay and Android Auto smartphone connectivity. Below that you’ll find the climate control switches and, further down, some USB charging ports. Safety features on the new Swift include a braking assist system that uses radar and a camera to detect vehicles, bicycles and pedestrians in front of the car, and will apply the brakes if the system thinks a collision is likely. The new Swift also gets lane keep assist, lane departure warning,

blind spot monitoring, adaptive cruise control and a camera built into the instrument panel to monitor if the driver is drowsy or not paying attention to the road. A new engine has also been developed for the fourth-generation Swift. It’s a 1.2-litre three-cylinder petrol unit, which Suzuki says offers more torque at low speeds, improving responsiveness and performance. As before, the Swift’s engine gets mild-hybrid assistance from an integrated starter generator that helps when accelerating and with efficiency. Like the current model, the new Swift will be two-wheel drive as standard, with four-wheel drive and Suzuki’s AllGrip Auto traction system available as an optional extra. Prices haven’t been revealed yet but will likely be around the £18k mark, making it one of cheapest superminis around.

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BUILD A POSITIVE CASH CULTURE By Nigel Walsh, Commercial Director, Ulster Bank Northern Ireland When setting out priorities for the new year, it’s important that businesses consider carefully how working capital may impact their operations throughout the course of the next twelve months. Business leaders are working incredibly hard to navigate their way through ongoing challenges and bring some stability back to their operations, so it is sensible to expect your working capital is also working in the best way possible. Neglecting this area can have a negative impact on the day to day running of a business and while its impacts initially at least may be more subtle than other examples of mismanagement, we are encouraging business owners to look hard at how they are approaching their finances with a view to unlocking even greater potential. In order to thrive, businesses need to have a great deal of clarity around their payment procedures and as budgets are being drawn up around this time of year, it is the perfect opportunity to scrutinise existing functions companies have in place. Are you totally across your purchasing, sales, finance and treasury processes and are you confident current procedures are maximising your cash

flow? Not just for the short-term but also for longer-term planning. For the first time in recent years, businesses can take advantage of attractive new interest rates which could offset some challenging headwinds coming up in other areas. We at Ulster Bank are currently offering a marketleading rate for savers and businesses that have cash reserves at different times which could prove to be very beneficial to those companies who have surplus cash at their disposal. The key is to carefully assess what exactly your business needs right now and the coming months. If investing in new premises, stock or equipment isn’t on the cards for you straight away, then why not explore ‘instant access and term deposit’ options which will generate a much greater return further down the line. Maintaining good financial health is about much more than overseeing your incomings and outgoings. Successful companies will be trying to forecast what’s on the horizon and planning ahead with as much confidence as possible. Our teams are encouraging our business customers to consider the following questions. Should you pay down

debt early so you are minimising your overall costs? Should you focus on saving cash for a rainy day? And could placing surplus cash in a deposit system yield an even greater return? If you think the answer to any of these questions is yes, then it is time to get in touch and learn more about the options available. It may seem like a daunting task but through closer collaboration with your various business functions, you will have a better understanding of your future expenditure and learn to maximise the value of your cash by investing it properly. After an exceptionally challenging period for businesses and plenty of volatility still hanging over some sectors, managing cash effectively can be one of the most useful armours to protect you in times of crisis. But it’s time to stop overlooking the fact that this will also underpin business growth. Take a look at your own cash ﬂow and carefully consider if it is being maximised or could you introduce new measures to build a positive cash culture. Doing this effectively will certainly pay off.

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LIFESTYLE

Joanne Harkness

Brighten Up

Textured roll neck in green, £109, Whistles.

Ulster Tatler’s Fashion & Beauty Editor, Joanne Harkness, looks at how you can brighten up your winter wardrobe.

Adele shirred midi dress, £69, Fatface.

Orange Fluffy Cardi £60 and Midi Skirt £55, Oliver Bonas. Organic gem clasp necklace, £12, Accessorize. Horizon red pumps, £85, Dune London.

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Gavin Murphy Executive Head Chef

PLOUGHMAN’S LUNCH FOR TWO For the scotch egg: 200g sausage meat 200g plain flour 1 egg 200ml whole milk 200g panko breadcrumbs For the gammon: 200g gammon slipper 2 cloves 1 orange 1 tablespoon of sugar You will also need: 200g cheddar cheese Sourdough bread 1 baby gem lettuce 100g of watercress Pickled vegetables Piccalilli Goose fat

Method for the Scotch egg: 1. Put the 2 free range eggs into boiling water and boil for 4 minutes then put into cold water to cool quickly 2. Divide the sausage meat into 4 even balls and using your hands flatten each ball out until it is around 10cm wide or large enough so you can wrap the egg 3. Meanwhile in 3 separate bowls, you need bowl 1 the flour, bowl 2 whisk the 1 egg with the milk, bowl 3 the panko crumbs 4. When eggs have cooled, peel and first coat the eggs with the flour then dip into the egg wash and lastly into the panko crumbs 5. Leave aside to deep fry later Method for the Gammon: 1. Steep the gammon overnight in cold water in the fridge to get rid of some of the sulfites 2. Next day wash off the gammon in cold water and put into large pot, cover with lots of fresh water and add the remaining ingredients and boil for approximately 1.5 hours or until tender and breaking away. When cooked leave to cool in the cooking liquor 3. When gammon has completely cooled, remove excess fat, and tear into large chunks and leave aside To Prepare: 1. Deep fry your egg for 3 minutes or until golden and crispy, leave to cool for a minute 2. Wash the lettuce and watercress 3. Cut the cheese into 4 even wedges 4. Slice the bread thickly, smear with the goose fat and chargrill 5. Cut the eggs in half being careful not to loose all the runny yolk 6. When gammon has completely cooled, remove excess fat, tear into large chunks and leave aside To Plate: On each plate put half the watercress and baby gem, 2 large tablespoons of the pickled vegetables, 2 halves of the scotch egg, 2 of the cheese wedges, a good portion of the pulled gammon, heaped tablespoon of the piccalilli and 2 chunky slices of the goose fat charred bread.

AMBITION Available in Small, Medium & Large

The Magazine of Northern Ireland Chamber of Commerce and Industry, is now available to view on Issuu.

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THE LAST WORD

Columnist John Campbell BBC NI’s Economic & Business Editor

Tale of Two Stories T

here are two possible stories to tell about the state of the Northern Ireland economy as we start 2024. One is a story of an economy stuck in low growth equilibrium with chronically low productivity, significant skills gaps and crumbling public services. The other story is one of remarkable resilience in the face of huge external shocks, a historically strong labour market and a thriving professional services sector which is primed for further growth. Both these stories are true but which one feels right is going to vary quite sharply across our economy this year. Most obviously this applies to pay. The big Annual Survey of Hours and Earnings which was published in November suggests that last year, median full time pay in the Northern Ireland’s private sector outpaced inflation, rising by 1.4% in real terms. Meanwhile median public sector pay was down by 7% in real terms – the sort of cut in living standards more normally associated with a country undergoing an IMF bailout. It seems inconceivable that there will not be some public sector pay settlements, whether or not Stormont is sitting. However, there are unlikely to be deals which will fully compensate for the impacts of inflation over the last two years. Meanwhile, workers in those jobs and sectors that had already returned to real pay growth in 2023 will probably see their standards of living continue to improve as inflation continues its downward trajectory. But private sector workers who rely on typically less well paid jobs and those on working age benefits are going to face a longer wait before they start to see a rise in real incomes and feel their circumstances are improving. There are

also risks ahead for those in less secure jobs as higher interest rates continue to percolate through the economy, hitting demand and consequently jobs and hours. So far the United States has managed the trick of reducing inflation close to target without triggering a rise in unemployment but there are no guarantees this will be repeated in the UK. The flexibility of our labour market means jobs could be cut surprisingly quickly if it becomes apparent that growth is stalling. This is where the Bank of England will face its biggest calls this year. Having been accused of waiting too long before increasing interest rates, how will Bank of England assess its remit on the way down? Will the rate-setters be determined to squeeze every last drop of inflation out of the system or will a stagnating economy mean they cut rates more quickly than anticipated? Even if, as expected, rates do fall from early summer they won’t fall fast enough to help a significant cohort of mortgage borrowers who continue to roll off pre2022 fixed rates and onto much more expensive deals. Interest rate stress is also likely to show up in parts of the local commerical property sector. As debt packages agreed at ultra low rates mature it will mean, at the least, difficult conversations between borrowers and lenders. However I don’t expect a sectoral disaster on the lines of 2008 as lenders have been much more conservative this time around and a lot of the exposure sits outside our High Street banks. At some point in the early months of 2024, somebody – be it a local finance minister or a Secretary of State – is going to have to publish a Stormont budget. If

it is a finance minister the government has promised a package of measures which should get Stormont’s finances back on an even keel, with funding for pay deals and a promise to write off the overspend. What is less clear at the time of writing is whether any of this package will be implemented if Stormont does not return – will there really be appetite to exacerbate the budget crisis by demanding the overspend continues to be repaid? Ideally it would be a threeyear budget matched to a Stormont programme for government but with time so short that now looks improbable. Aside from the budget, a series of important local economic decisions will have to be taken this year, again whether Stormont is sitting or not. Among these is how to support the development of new renewable energy projects, chiefly onshore wind. Without a new support scheme there is no prospect of Northern Ireland hitting its decarbonisation targets, which already look stretching. While renewable energy subsidies are politically controversial, they pale compared to the prospect of more local revenue raising. A series of consultations have been held on public transport fares, water charges and rates. The government has made clear that it expects rates to be increased as part of the financial package which would come alongside Stormont’s return. It would be refreshing to see that accompanied by a real conversation about our need to tilt our economy away from consumption and towards higher investment in both public and private sectors.

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