Ambition Issue 68 by Ulster Tatler

MAGAZINE OF NORTHERN IRELAND CHAMBER OF COMMERCE AND INDUSTRY

AMBITION JANUARY/FEBRUARY 2025

DRIVING SUSTAINABLE SUCCESS Norbrook CEO Andrea Iucci discusses his vision for the global veterinary pharmaceuticals firm.

ISSUE 68 £2.95

FROM BOARDROOM

TO BOARDING

BELFASTCITYAIRPORT.COM

JANUARY/FEBRUARY 2025 ISSUE 68

Contents

CIPR NI MAGAZINE OF THE YEAR FINALIST 2024

Celebrating the Past, Building the Future The Construction Employers Federation (CEF) marks its 80th anniversary in 2025 and there is much to celebrate.

Managing Editor: Olivia Stewart Interviews: Emma Deighan Publisher: Chris Sherry Advertising Managers: Lorraine Gill & Julie Patterson Editorial Assistant: Joanne Harkness Email addresses: olivia.stewart@northernirelandchamber.com / l.gill@ ulstertatler.com / j.patterson@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: Khara Pringle.

At a Glance

71 72

NEWS: 06 Member News 08 Member News

74 76 79 80

COLUMNISTS: 10 Jane Shaw 12 Faye Thomas 14 Gordon Lyons MLA 16 Kieran Donoghue 20 Dr Tonya Cullen 28 Jason Calvert 88 David Armstrong 96 John Campbell

NI CHAMBER: 33 CEO Update 34 NI Chamber Events Gallery 36 President's Banquet 38 Chamber News 42 Quarterly Economic Survey

FEATURES: 18 The Digital Revolution in Northern Ireland 30 Celebrating the Past, Building the Future 46 Eyeing Up Innovation 50 Navigating the New Reality – Tax and Succession Planning 54 Tackling Currency Risk 56 Leading the Charge 60 Destination Down Royal 64 Banking on Growth 67 Growing Your Business With Equity Funding 68 Derrylin Pizza Brand's Global Rise

Steer Clear of Cyber Attacks New Logistics Partnership Brings Trading Benefits For NI Businesses Cutting Through the 2025 Tech Hype Redefing Plastic Use Zing Group: One to Watch NI Chamber Members Win Great Awards Building Profit Through Purpose

APPOINTMENTS 86 Carson McDowell Strengthens Leadership Team LIFESTYLE: 89 Business Class Motoring James Stinson 94 Fashion - Joanne Harkness 95 Dine & Wine Gavin Murphy

22 Cover Story 60

68 3

EDITORIAL

President’s Perspective

Time to Get Down to Business

the months since, the NI Audit Office has announced a strategic review of the role of the Planning Appeals Commission (PAC), whilst Minister John O’Dowd has made a bid to fund the appointment of independent commissioners to alleviate pressures on it.

For the first time in over a decade, in 2025, the Northern Ireland Executive will have a budget, a legislative programme and a Programme for Government. 2024 saw some progress, which was both welcome and overdue. NI Chamber was the voice of business that publicly supported Executive parties in calling for a new fiscal framework for Northern Ireland, which included an evidence-based fiscal floor. Early in the year, we published our recommendations for urgent reform of the region’s planning system, which received broad political buy-in. In

BUSINESS CONDITIONS Business confidence in Northern Ireland is not where it should be, and we are concerned that it has dipped for consecutive quarters. Having kept a watching brief on it, we are certain that action should be taken immediately to curb the decline by picking up the pace of delivery on sustainable infrastructure including wastewater, planning, skills, childcare and digital connectivity. From meeting housing needs to driving sustainable economic growth, 2025 must be a year that the Executive takes swift action, on wastewater infrastructure in particular, and our members

n her New Year message, NI Chamber President Caitroina McCusker has outlined why policymakers need to ‘get down to business on delivering for the economy.’ Citing the need to address falling business confidence and boost Northern Ireland’s competitiveness, she has called for an ambitious, long-term economic plan for the region.

EDITORIAL

and the cost of borrowing and you get a clearer picture of why so many members enter this new year with understandable concerns. INTERVENTIONS After a difficult UK Budget, we hope the draft NI Budget will help deliver greater certainty for firms here. Whilst we recognise that tough choices need to be made, with more money available to Northern Ireland than ever before, in the next financial year we hope to see real progress in areas like wastewater, childcare and decarbonisation. The Chancellor announced a wide range of initiatives designed to incentivise economic growth across the UK in high-growth sectors such as defence, aerospace, life sciences and clean energy. We must ensure that Northern Ireland gets its fair share of this, too. We welcomed the opportunity to respond to the draft Programme for Government and, in broad terms, our members support the approach taken by the Executive. Amongst its nine priorities are many cross-cutting issues including affordable childcare, healthcare waiting times, housing and the transformation of public services, all of which have direct consequences for business and economic growth. What the Programme for Government needs now is a greater sense of ambition. With an additional £1.5 billion having since been made available, we urge the Executive to turn the relatively modest draft Programme into a more ambitious blueprint, particularly when it comes to developing the levers for long-term growth. In the past, Northern Ireland has been beset by short-termism and this is the year that must change. This region needs a longterm economic plan which not only recognises the stark realities facing businesses but determinedly tackles them head on, supporting them to invest, innovate, export and succeed. OPPORTUNITIES This must be a year of ambitious thinking where business, policymakers and the third sector establish a truly renewed partnership and, through collaboration and co-design, work together to deliver on our untapped potential. This year, let us look at the opportunities presented by positioning Northern Ireland as a global leader in using Artificial Intelligence (AI) to transform the public sector and start working now to establish a dedicated workforce development agency that ensures we have the skills needed for a digital economy. It is also time to get back on track with our climate change targets; unlocking the door to that wall of green capital, as well as enabling young working parents to get on with their careers, unhindered by the burden of unaffordable childcare. With the Windsor Framework in place, some of Northern Ireland’s most innovative businesses have already taken advantage of the unique opportunity that barrier-free access to the EU single market and GB presents. And whilst there is a general sense of stability, and progress has been made in recent years, our evidence base shows that there are still too many businesses that continue to find the supply of goods from GB challenging under the arrangements as they stand today. Business wants to ensure that radically reducing red tape is at the centre of discussions in any reset of EU/UK wide relations. There is much more that can and should be done to both support growth and protect the consumer in a challenging economic environment.

are ready to work in partnership with the Executive on finding a financially stable and politically palatable landing zone. Undoubtedly, the Chancellor’s Autumn Budget has left many members with difficult decisions. While they acknowledge the need to stabilise public finances and support investment in public services, the acceleration of the tax burden on business will concern many. In the absence of material growth, it could add to already high business costs. It is impacting confidence and likely to impact investment intentions. The overwhelming sentiment from NI Chamber members around the increase in the business tax burden remains one of apprehension. The UK government has stressed that its core mission is economic growth, which is what will ultimately bring longterm stability to our overall financial position. However, the decision to increase the tax burden on businesses in a fragile economy means there could be some difficult choices for employers this coming year. Many are struggling to ascertain where that money will come from, during a time when the need to invest in skills, automation, digitisation and decarbonisation cannot be ignored. For those trading in a globally competitive marketplace, who are already responding to lower demand, passing on the cost could be detrimental to their competitiveness. Add these constraints to the existing cost pressures that businesses were already facing from energy, wages, raw materials

RAISING OUR AMBITION Business is asking what kind of economy we want by 2035, what is it that will set us apart on the global stage, and what are the building blocks on that journey? This is a conversation we need to accelerate in 2025. With the right approach and a clearly articulated, specific long-term plan that is supported by the Executive as a whole, it just might deliver the injection of confidence that we all need to see.

Caitroina McCusker, President, Northern Ireland Chamber of Commerce and Industry

NEWS

Danske Bank recognised as ‘worldclass’ place to work Danske Bank has again been named by Best Companies UK as a 3-star ‘world-class’ employer, the highest standard of workplace engagement. The Bank also ranked as one of the top five financial services companies in the UK to work for, and among the top 50 large companies to work for. Vicky Davies, CEO of Danske Bank UK, said: “We strive to ensure Danske Bank is a great place to work, so it’s really special to be recognised again as a leader in employee engagement. More importantly, the Best Companies results are based entirely on colleague feedback. Listening to colleagues and acting on that feedback to create an even better place to work is at the heart of our people strategy and helps ensure every colleague feels connected and supported.” Caroline van der Feltz, HR director at Danske Bank UK, said: “The Best Companies engagement survey is a great way for us to gain feedback into what our colleagues think. We believe a culture of openness is critical to our success and the survey feedback gives us clear focus and insight on taking the right actions to make a real difference for our colleagues. We had our highest ever colleague participation levels in the survey underpinning how important this is to our people.”

Henry Brothers recognised through Northern Ireland environmental benchmarking survey Henry Brothers has achieved Platinum Level in Business in the Community’s 2024 Northern Ireland Environmental Benchmarking Survey for the fifth consecutive year. Showcasing the company’s commitment to sustainability, the Northern Ireland Benchmarking Survey assesses the extent to which environmental business practices have been embedded within Henry Brothers’ corporate strategies and operations. Commenting on the achievement, Ian Henry MBE, CR director at Henry Brothers, said: “Sustainability has been at the heart of our operations for nearly three decades, with industry-leading environmental practices ingrained across our business long before it was a legal requirement. “Our ambitious, yet achievable, plan to become carbon-free by 2050 is well underway, with significant steps taken to build on our reputation as a responsible business making a lasting, positive impact on the environment and our communities.”

MJM Marine completes largest cruise ship refurbishment MJM Marine has announced the completion of a landmark project for Aroya Cruises. The collaboration marks the largest refurbishment ever undertaken in the marine cruise outfitting industry. MJM Marine was awarded a contract for the upgrade of all cabins, building of new suites, opulent dining areas and state-of-the-art entertainment facilities. “This project underscores our dedication to delivering the exceptional, and leading cruise outfitting in the marine industry,” said Gary Annett, CEO of MJM Marine. “By working closely with Aroya Cruises, their stakeholders and our trusted partners, we have created a vessel that not only delivers on our client’s vision of “Remarkably Arabian,” but also celebrates the opening of a new sector within the industry.”

SuperCupNI scores landmark multi-year agreement with Flogas’s Budget Energy Northern Ireland legend Pat Jennings has announced a landmark three-year partnership between the SuperCupNI and Budget Energy, naming the NI-based electricity provider as the tournament’s Official Main Partner. The three-year agreement will see one of the world’s most prestigious youth football tournaments renamed as the Budget Energy SuperCupNI. The 2024 Budget Energy SuperCupNI is set to take place from Sunday 27 July to Friday 1 August, showcasing over 1,200 players across 60+ boys’ and girls’ teams. John Rooney, managing director of Budget Energy, added: “Budget Energy is proud to partner with SuperCupNI and play a key role in the future of this incredible tournament and helping to nurture the next generation of footballing talent. “This partnership reflects our commitment to supporting youth sport, empowering young people to chase their dreams, and making a meaningful impact in communities across the island of Ireland.”

Leasing a

SUPER

gement na

ﬂeet ma nd

d e in N

SIMPLE

SALARY

SACRIFICE Save money, Reduce emissions, Boost employee benefits

Get your employees on the road to zero emissions with our local Electric & Plug-in Hybrid Salary Sacrifice scheme. With a huge selection of cars plus local all‑inclusive service and expert support, our simple solutions will help you save more.

From a fleet of one, to a fleet of many.

Talk to us today about how our Salary Sacrifice scheme could help your organisation.

028 9084 9777 fleetfinancial.co.uk

NEWS

Belfast Harbour launches transformative five-year strategy with £313m investment programme Belfast Harbour has unveiled a bold new strategy setting out an ambitious programme to invest more than £300m in capital projects across the port and Harbour Estate over the next five years. The strategy – Advance Regional Prosperity 2025-2029 – outlines Belfast Harbour’s plans to invest £208m in significant port improvements and £105m in the ongoing regeneration and development of the Harbour Estate and waterfront. As a Trust Port, Belfast Harbour is selffinancing and invests all post-tax profits in developing the port and estate to benefit the city and region. The strategy includes the largest single capital project ever undertaken by Belfast Harbour, a proposed £90m investment in a new deepwater quay which will be able to accommodate some of the world’s largest cruise vessels and also expand the port’s capacity and capabilities for offshore wind turbine assembly and installation. Stage one of the deepwater quay build, which will initially support cruise tourism, is expected to be delivered by 2027-28. Through the project, Belfast Harbour aims to boost cruise tourism to the region, currently worth an estimated £20-25m to the local economy annually.

Northern Ireland to celebrate Equality, Diversity and Inclusion with the inaugural Northern Ireland Hummingbird Awards The inaugural Northern Ireland Hummingbird Awards have been launched to recognise and celebrate the exceptional efforts of individuals and organisations dedicated to advancing Equality, Diversity, and Inclusion (EDI) across the region. The awards luncheon will take place on Thursday 20 March 2025 at Belfast City Hall, showcasing 10 carefully curated categories designed to honour and celebrate outstanding contributions to EDI in workplaces and communities throughout Northern Ireland. Speaking about the significance of the awards, Jude Copeland, head judge of the Awards and legal review manager at Cleaver Fulton Rankin solicitors, said: “Promoting Equality, Diversity, and Inclusion within workplaces and communities is essential for creating environments where people of all backgrounds and abilities feel valued and empowered. “Equitable and inclusive practices are not just the right thing to do; they are vital for fostering creativity, sparking innovation, and driving sustainable business growth. We are proud to launch this event, which not only highlights the importance of EDI but also inspires others to embed these principles into their everyday work and interactions.”

Belfast venues set to eliminate single-use plastic cups in UK first Belfast’s entertainment venues have joined forces in a drive to eliminate single-use plastic cups at gigs and events in 2025. The move aims to remove 2 million single-use plastic cups from nights out in Belfast and eliminate 40 tonnes of plastic waste annually.It’s set to be the first multi-venue scheme of this kind in the UK and Ireland. The Waterfront Hall, Ulster Hall, The SSE Arena, Oh Yeah Centre, Black Box, Voodoo and The MAC have all invested in the scheme and will introduce reusable cups over the coming months. Iain Bell, acting chief executive of ICC Belfast, Waterfront Hall and Ulster Hall said, “The task force behind this brilliant new initiative, the Venue Sustainability Forum, are setting out to tackle one of the biggest sustainability challenges affecting us all – single-use plastic. “The switch from glass to plastic remains an important health and safety concern for gigs and entertainment venues, so this is a very positive step towards a solution which addresses both safety and sustainability.”

Minister Paul Givan visits Microsoft Dream Space to promote AI in Northern Ireland schools

Minister for Education, Paul Givan, joined Microsoft at its innovation and education hub, Microsoft Dream Space, at W5 LIFE in Belfast as it unveiled a number of initiatives that aim to advance skilling and enable the responsible use of AI in education across Northern Ireland. Microsoft has committed to providing all primary and post-primary students and teachers across Northern Ireland with digital and AI skills through its STEM-based learning experience, Microsoft Dream Space. This is part of the company’s ambition to provide every student and teacher across the island of Ireland with the opportunity to develop their digital and AI skills.

BALLYCASTLE

Coastal Conferences

PLAN YOUR 2025 BUSINESS AWAY DAY BY THE BEACH FROM £140 PER PERSON SHARING TEL 028 2076 2222 MARINEHOTELBALLYCASTLE.COM | EVENTS@MARINEHOTELBALLYCASTLE.COM

Columnist Jane Shaw Health Coach & Therapist

Noticing the Small Wins S

ometimes it is the small wins that can make a real difference. In the realm of psychological and emotional wellbeing, there is a growing appreciation for concepts that help us better regulate our nervous system and promote feelings of safety, calm, and connection. One such concept that has gained traction in recent years is “glimmers”, a term coined by Deb Dana (2018), a licensed therapist and expert in the Polyvagal Theory. Glimmers are essentially the antidote to the better-known concept of “triggers”, which activate a stress or survival response. The term refers to tiny, fleeting moments that spark feelings of safety, joy, and wellbeing— moments that nourish us. Glimmers are a natural byproduct of Stephen Porges’ Polyvagal Theory, which explores how our autonomic nervous system responds to cues of safety and danger. What are glimmers? Glimmers are subtle, often understated experiences that evoke a sense of safety, connection, and contentment. They are the opposite of triggers, which activate our fight, flight, or freeze responses. Glimmers can be as simple as feeling warmth from the sun on your skin, hearing a bird’s song, noticing a smile from a stranger, or experiencing the calming presence of a loved one. These moments activate the ventral vagal state of our autonomic nervous system, associated with feelings of connection, safety, and wellbeing. Deb Dana introduced the term “glimmers” in her work to help people shift their focus toward positive microexperiences that often go unnoticed. While triggers can be loud, intense, and easy to identify, glimmers are quiet, delicate, and require mindful attention to appreciate. The Role of Polyvagal Theory To understand glimmers, it helps to briefly explore the Polyvagal Theory, that explains how the autonomic nervous system is continuously scanning the environment for cues of safety and danger. This process,

called “neuroception”, occurs unconsciously and influences our physiological state. Put simply, according to Polyvagal Theory, the autonomic nervous system has three primary states: safety, danger, and life threat. 1. Ventral Vagal State (safety): This state is associated with feelings of safety, connection, and social engagement. When we are in this state, our nervous system is calm, and we feel connected to others and the world around us. 2. Sympathetic State (danger): This state is associated with mobilization and the fight-or-flight response. When we perceive a threat, our body prepares to respond by increasing heart rate, releasing stress hormones, and heightening alertness. 3. Dorsal Vagal State (life threat): This state is associated with immobilisation, withdrawal, and shutdown. When a threat seems overwhelming, our nervous system may respond by shutting down to conserve energy. Glimmers help us access and remain in the ventral vagal state, promoting feelings of safety, connection, and wellbeing. By actively noticing and savouring glimmers, we train our nervous system to spend more time in this state, improving our overall mental and emotional health. Some wellbeing benefits of glimmers include... Increased Emotional Resilience: When we experience frequent moments of safety and connection, our nervous system becomes better equipped to handle stress and adversity. Instead of getting stuck in fight, flight, or freeze responses, we can more easily return to a state of calm and engagement. Reduced Anxiety and Stress: Glimmers serve as a counterbalance to the daily stressors that can activate our sympathetic nervous system. By consciously noticing these small positive moments, we help regulate our nervous

system and reduce anxiety. Enhanced Mindfulness and Presence: Presence is required to notice glimmers. It involves tuning into the subtle details of your environment and internal experience. This practice of mindfulness helps ground you in the present moment, reducing rumination and worry about the past or future, and this builds over time. Strengthened Relationships: Glimmers often arise in social interactions, such as a warm smile, a kind word, or a moment of shared laughter. Recognising these moments of connection strengthens relationships and reinforces feelings of safety and trust. 1. Slow Down and Engage Your Senses: Take time to pause and notice your surroundings using your senses. Look for small details that bring a sense of joy or calm, such as the texture of a leaf, the sound of rain, or the scent of flowers. Notice the colours, sounds, textures, tastes, and smells that bring you comfort or joy. 2. Practise Gratitude: Reflect on moments in your day that made you feel safe or connected. Writing these in a journal can help you remember and savour these experiences. 3. Connect with Nature: Spending time in nature provides abundant opportunities for glimmers, from the rustle of leaves to the warmth of sunlight. 4. Notice Social Cues: Be attentive to positive social interactions, such as smiles, eye contact, or friendly conversations. Recognising these moments reinforces feelings of connection. Embracing glimmers is not just about noticing fleeting joys; it’s about building a foundation of resilience, mindfulness, and connection that can transform our overall mental and emotional health. The small wins can make a big difference.

Columnist Faye Thomas Chief Commercial Officer, Vyta

Embracing Sustainability for the Future A

s we face the mounting challenges of climate change, resource scarcity, and shifting societal expectations, it is clear that sustainability is no longer a choice for businesses. It’s a necessity. The environmental stakes are high. The International Panel on Climate Change has issued a clear mandate: global emissions must be drastically reduced by 2030 to avoid the most severe consequences of climate change. Businesses, as significant contributors to emissions and resource consumption, are uniquely positioned to lead this change. By embedding sustainability into their operations, organisations not only mitigate risks but also seize opportunities to create long-term value for their stakeholders, communities, and the planet. At Vyta, our approach to sustainability centres on IT Asset Disposition (ITAD) and the transformative power of the circular economy. By extending the lifecycle of technology assets, we can reduce waste, conserve finite resources, and minimise the environmental impact of new manufacturing. ITAD is not just a solution for managing e-waste, it is a strategic enabler of sustainability. A circular economy reimagines traditional linear systems of production and consumption, prioritising reuse, refurbishment, and recycling over disposal. ITAD serves as a cornerstone of this model by refurbishing and repurposing IT equipment. This process significantly reduces electronic waste, reduces demand for resourceintensive manufacturing, and provides organisations with an opportunity to lower their carbon footprint.

In the last year alone, Vyta’s ITAD services prevented the release of nearly 16,300 tonnes of CO2 emissions. These outcomes underscore the importance of extending product lifecycles, enabling businesses to extract greater value from existing assets while reducing environmental impact. By incorporating ITAD into their sustainability strategies, organisations can contribute to a circular system that benefits both their bottom line and the planet. Circular business models can also open new revenue streams through the resale of refurbished equipment, enhance brand reputation, and build customer loyalty by demonstrating a commitment to sustainability. At Vyta, we’ve seen firsthand how ITAD delivers measurable environmental and economic benefits. Companies adopting ITAD solutions often discover hidden value in assets they might otherwise discard. While the emphasis on circularity is paramount, transparency remains essential to ensuring progress. Businesses must track, measure, and communicate their sustainability efforts to build trust and identify areas for improvement. At Vyta, our Sustainability Report quantifies the environmental impact of our services, offering stakeholders clear insights into our contributions and encouraging continuous improvement. As many organisations are currently planning for the year ahead, business leaders should take time to take stock of their current sustainability commitments and review areas for improvement. Businesses must not only address

their own impacts but also contribute to systemic change through advocacy, collaboration, and leadership. While progress has been made, the journey towards sustainability is very much a work in progress. The road ahead requires bold commitments and continuous innovation. At Vyta, we’ve set ambitious goals, including achieving net-zero emissions by 2050, expanding renewable energy adoption across all our sites, and enhancing our Scope 3 emissions reporting. For businesses, the call to action is clear: sustainability must be at the heart of every strategy, and the circular economy offers a practical pathway to achieving this vision. By prioritising ITAD and circularity, companies can lead the way in transforming challenges into opportunities, ensuring a thriving planet for generations to come.

“Businesses must not only address their own impacts but also contribute to systemic change through advocacy, collaboration, and leadership.”

Did you know? Advertising with our brands can give you access to 50% of the NI population...

Whats On

Sports

Whether your budget is small or large, see who you could reach today! Contact us by emailing create@reachplc.com we'd love to hear from you! reachsolutions.co.uk *Based on data from 6 of the largest commercial news publisher brands for Northern Ireland: Belfast Live, Belfast Telegraph, Belfast News Letter, Irish News, BBC News Northern Ireland and Planet Radio © Ipsos MORI, Ipsos iris Online Audience Measurement Service, 1st November – 30th November, 15+

Columnist Gordon Lyons MLA Minister for Communities

The Economic Impact of Housing Supply N

orthern Ireland is facing a housing crisis. We have a large and growing waiting list for social homes, inflation busting rent increases in the private rented sector, low quality, poor energy efficiency and record numbers in temporary accommodation. The status quo isn’t delivering and change is needed. That’s what I’ve been focused on since coming into office because creating safe, warm and affordable homes not only helps those who will live in them, but will be a key driver for jobs and growth at a time of increased economic uncertainty. So, I have taken a new approach to tackling this issue. I want to ensure that the whole Executive is on the same page and is working collectively to get results. I successfully secured the inclusion of housing as a priority in the PfG and with the approval of the Housing Supply Strategy, for the first time, we now have a cross-Executive commitment for a strategic approach to addressing our housing supply challenges. This new Executive Strategy is grounded in the principle that housing requires a ‘whole system’ approach and acknowledges the wide-ranging factors that impact housing supply here. It sets out the need for a collective and committed response to action and investment in areas such as water infrastructure, improving the planning system and ensuring we have the necessary budget to deliver. The strategy is ambitious. It aims to deliver at least 100,000 homes and more if necessary, across all housing tenures over a 15-year period. The potential for direct positive impacts on

people, families and communities and indeed the wider economy is clear. This isn’t just housing policy; it’s an economic strategy to uplift communities and stimulate growth. However, the last thing we need is a strategy that doesn’t actually change anything on the ground. I think everyone is fed up of fine words and pledges that aren’t going to be delivered or grounded in reality. That’s why I have already started taking forward the actions which will bring this strategy to life. It has required us to do things differently – to try new things and to be more innovative in how we deliver more homes and importantly to get on and get things done. One of the ways in which this is being achieved is through the use of Financial Transactions Capital. For the first time ever, I am utilising this government borrowing to allow private sector operators to build homes for a discounted rent. This will mean an additional 300 homes with tenancies expected to start next year. Housing Associations own and manage 59,371 social housing homes in Northern Ireland. Construction alone in the past five years has seen an investment by DfC of over £769m. This has started 8,341 new social homes and leveraged in additional external funding by Housing Associations, which has resulted in an overall development investment of £1.43 billion. This investment in homes for our communities has been maintained despite cost increases in recent years. Ten years ago, the average Departmental investment (over 3 years) into the programme was c£88m per

year. The average investment in the past three years has almost doubled to c£175m per year. The revitalisation of the Northern Ireland Housing Executive will also play a key role in leveling up Northern Ireland’s ability to further invest in new and existing social housing stock and I am working with Executive colleagues and the UK Government so that this can finally be achieved. I will continue to prioritise housing supply and with the Executive’s commitment, I’m confident we’ll see the positive impacts of these efforts ripple through the Northern Ireland economy, delivering tangible changes and heralding a new era for housing in Northern Ireland and importantly, making a real difference in the lives of people we represent. After all, that’s what we are elected to do.

“This new Executive Strategy is grounded in the principle that housing requires a ‘whole system’ approach and acknowledges the wide-ranging factors that impact housing supply here.”

e r i h u o Y . . . l l y k Je

You get Hyde!

Discover the truth about talent from the number 1 recruitment consultancy in Northern Ireland. At MCS Group, we know the truth about talent. From finding the ideal candidate, to keeping them happy and even just keeping them, we listen to the industry and know what business leaders want. Our understanding of the issues facing today’s employers will help guide you to the right people with the right mindset from the outset. To find out how we can help your business or organisation to find and retain the best people, visit our website or call us on 028 9023 5456 or email us at talent@mcsgroup.jobs

mcsgroup.jobs/talent

Columnist Kieran Donoghue CEO, Invest NI

Unlocking the Potential of Businesses Across NI

e want to help business across Northern Ireland become more productive, innovative, and profitable, and in turn deliver an economy that works for everyone. We recently launched our new business strategy ‘Our Future in Focus 2024-27’. It is a three-year plan focused on raising productivity, creating good jobs, driving sustainability, and promoting balanced regional growth – the four pillars of Minister Murphy’s Economic Mission. The strategy is deliberately designed to re-orient Invest NI around a future in which we support our clients to invest more intellectual and financial capital in their own growth and development and Northern Ireland is also winning more international investment. The strategy has set ambitious targets for growth in the number of investments, new start-up businesses, innovation-active companies, expenditure on research and development and upskilling, external sales, and exports. The execution of the strategy will be accompanied by a significant internal restructuring of Invest NI that will, over time, produce substantial change in the organisation’s leadership, mindset, culture, and overall approach to economic development. The strategy is structured around six key priorities as follows: 1. Boosting business investment The productivity gap between NI and the UK average presents a £7 billion growth opportunity for our economy. To close this gap and to achieve the ambition and the targets in the strategy, we need to incentivise our client companies and businesses across NI more broadly to undertake more

investment. In this context, our target is to support a minimum of 5,000 productive investments by 2027.

investments in energy-saving and netzero technologies will be a key feature of the strategy.

2. Accelerating innovation and skills Investing in innovation and skills is a recognised way to drive productivity and competitiveness. As part of our new strategy, we will support companies to invest in product and process innovation and to adopt new technologies, automation and AI to enhance their productivity and efficiency. Our broad range of training and upskilling programmes will be deployed to ensure that the employees in our client companies are enabled to innovate and utilise new technologies and new ways of thinking.

5. Maximising the impact of City & Growth Deals We believe the City & Growth Deal projects have the potential to be vehicles for both sectoral and regional development and so we have formally included them as a priority within our new strategy. Supporting the successful implementation of the deals and ensuring our clients utilise and benefit from the infrastructure and capabilities derived from them is vital.

3. Driving global ambition We want to position Northern Ireland as a leader among the world’s Small Advanced Economies. To do this we need to exploit the advantage we possess in dual market access, maintain a relentless focus on selling outside of NI and simultaneously attract more highvalue inward investment. Developing our strong base of indigenous SMEs and attracting international investors are not mutually exclusive goals. We need to do both to create the sources of wealth that will produce the positive economic and social outcomes that are the legitimate focus of public policy. 4. Developing and achieving sustainability Forecasts suggest green investment could create over $10 trillion in global GDP by 2050. Therefore, we will support companies to diversify into emerging green markets and supply chains and to lower their carbon footprint. New

6. Promoting places and partnerships We must ensure that communities right across Northern Ireland share in our economic growth. As a result, we are implementing a new regional approach with an expanded network of regional teams and a new Land and Property strategy to improve the geographic distribution of investment. Working together Finally, at Invest NI we recognise that collaboration and partnerships will be key to achieving our strategic goals. Therefore, we will work closely with our clients and other businesses, government departments, councils, the education sector, chambers, and service providers to implement the strategy and share the benefits of its successful implementation.

Invest NI can support businesses like yours to achieve their full potential. You can read our full business strategy at investni.com/businessstrategy-2024-27.

MONTH OF LOVE FROM £84.50 PER PERSON

FEATURE

The Digital Revolution in Northern Ireland Your Practical Guide to Getting Started – A Different Path By Ivan Roche, Founder, Otopoetic.

et’s talk about something that keeps me up at night – in a good way. While everyone is buzzing about AI, I’m fascinated by something even more intriguing in Northern Ireland. I want to focus on practical ways to achieve digital transformation without breaking the bank. From observing our local success stories, I’ve learned that you don’t need massive grants or venture capital to start. Some innovative companies have embarked on digital journeys with creative funding approaches. Here are some real-world strategies that excite me: First, look around! You probably have more resources than you think. I’ve seen brilliant collaborations in Belfast, such as a web developer trading their services with an accountant, getting what they need without spending a penny. Additionally, startups at Ormeau Baths aren’t just saving money on office space but also building valuable networks that fuel their growth. What truly excites me is the “Northern Irish way” of doing things. We’re experts at making the most of what we have. I’ve watched local businesses use free, open-source software to build impressive digital operations. Tools like GIMP instead of Photoshop and LibreOffice instead of Microsoft Office are powering significant business transformations; remember, it’s essential to consider the specific needs of your business and the limitations of software tools in particular scenarios. But here’s where it gets even more interesting – strategic partnerships. Remember where Danske Bank improved its resilience efficiency by 300%, now able to conduct failover tests for over 400 services in just 14 hours. This ensures that banking services remain reliable and available during disruptions, minimising the risk of outages for customers. Many smaller companies are accomplishing similar results by partnering with tech-

savvy businesses. I’ve seen a local food producer transform operations entirely by collaborating with a delivery app startup without a massive investment. For the smaller businesses reading this (and I know you’re out there), here’s your practical action plan: Start With Free Resources: - Check out SKILL UP’s free digital training. - Explore open-source alternatives to expensive software. - Join communities like Catalyst or Shareit-biz, where knowledge sharing is free. Find Your Trading Partners: - Look for complementary businesses in your area. - Consider skill-swapping arrangements. - Join co-working spaces where collaboration happens naturally. Build Revenue First: - Start small with a Minimum Viable Product (MVP). - Use pre-orders to fund development. - Consider revenue-sharing agreements instead of upfront costs. The skills gap? Turn it into an opportunity. I’ve seen companies create internal training cascades – one person takes a SKILL UP course and then trains their colleagues. It’s an effective, practical method, although it can be time-consuming. I am particularly proud to see how we leverage our unique position between the UK and EU markets as an advantage. Smart companies are partnering across borders, utilising the Windsor Framework to access both markets while sharing development costs. Here’s my challenge: seek out partners before seeking funding and consider open-source alternatives before investing in expensive software.

Before hiring external expertise, check if anyone in your network might want to exchange services. The future isn’t about having the biggest budget but being the most creative with available resources. And let me tell you, Northern Ireland is brimming with creativity. Remember, Danske Bank’s transformation didn’t happen overnight, and STATSports didn’t start with a £200 million investment. They began small, focusing on solving real problems, and grew from there. The tools, community, and opportunities are here. Some funding is available through programmes like DTFF, but it’s just one piece of the puzzle. Let’s write this chapter of Northern Ireland’s story together, demonstrating to the world that innovation isn’t about how much money you have but how creatively you can use the resources you have. I can’t wait to see what we build together. This isn’t just about digital transformation – it’s about showcasing the Northern Irish approach to innovation: resourceful, collaborative, and unstoppable. Let’s make it happen. Starting today, starting small, but starting brightly.

Accountancy & Finance Executive Search Business Services Legal HR

HUNTING FOR THE BEST TALENT [SINCE 2014]

PROFESSIONAL

BELFAST

EXECUTIVE

DUBLIN

Columnist Dr Tonya Cullen Lecturer in Human Resource Management (HRM) at Ulster University Business School (UUBS)

The Importance of Employee Wellbeing D

r Tonya Cullen, lecturer in Human Resource Management (HRM) at Ulster University Business School (UUBS), discusses the importance of employee health and wellbeing and the costs to both employees and employers. Many organisations are increasingly acknowledging the vital role of employee wellbeing in fostering employee engagement, job performance and satisfaction, and overall organisational productivity. Recognised as a key factor in business success, employee wellbeing encompasses a complex connection of physical, emotional, mental, financial, social, and economic factors. The COVID-19 pandemic amplified the significance of employee health and wellbeing and brought this topic to the fore of business agendas. The shift to hybrid working, which has continued to be a stalwart of many business operations, has a myriad of advantages and, in a Stanford University report, has been described as a win-win-win for employee productivity, performance, and retention. Flexible working arrangements have enabled many employees to achieve a better work-life balance and enjoy greater autonomy. This increased autonomy has enhanced motivation, job satisfaction, and engagement within the workplace, leading to improved health and wellbeing for employees and greater productivity for employers. That said, the pandemic had an impact on employees’ mental health with challenges like stress and burnout having emerged as major concerns in today’s workforce – burnout has been described as the ‘work-related illness of the 21st century’. According to HSE statistics, 29.6 million working days were lost due to work-related ill health in 2023/24 in Great Britain, and 16.4 million of these were attributed to stress,

depression and anxiety. The notion that investing in employee wellbeing programmes is costly for organisations has been debunked. Two key perspectives underscore the cost benefits of such initiatives. First, poor employee wellbeing often results in significant expenses for organisations, including high levels of attrition, absenteeism, and presenteeism. Second, research from Deloitte in 2024 reveals that for every £1 spent on health and wellbeing interventions, employers gain approximately £4.70 in increased productivity. Recognising the importance of employee wellbeing, organisations should implement strategies and introduce tools or interventions to support the health and wellbeing of their workforce. Beyond the traditionally highlighted aspects of physical, mental, and financial wellbeing, organisations should also focus on fostering psychological connection, workplace community, enhancing emotional competence, promoting growth and development, and cultivating strong, supportive leadership. Fostering employee wellbeing should be an organisation-wide endeavour. Whilst HR professionals can act as a catalyst in designing and supporting wellbeing initiatives, these efforts could fail to reach their full potential if they are implemented as standalone programmes, disconnected from the organisation’s day-to-day operations. Instead, an organisations leadership team has a duty of care for ensuring that health and wellbeing initiatives are disseminated and engagement encouraged. Whilst concerns may be raised from managers in relation to not having the skills or time to fully commit to promoting employee wellbeing initiatives, HR professionals

could provide guidance and support and demonstrate the value that wellbeing interventions have on overall organisational success. To gain a deeper understanding of employee wellbeing and other key human resource management challenges, Ulster University Business School offers an MSc in Human Resource Management (HRM). This highly regarded programme is tailored for graduates with at least one year of HR experience, aiming to enhance career opportunities and future employability. By adopting an applied learning approach, the course delivers significant value by equipping students with the skills to navigate complex workplace scenarios while driving meaningful impact within their organisations. Naomi Smyth-Patterson, Ulster University (UU) MSc HRM graduate, was named by CIPD Northern Ireland as the most Outstanding Student of the Year 2021 and ranked within the top three students of CIPD UK. Now pursing a PhD at UU, Naomi’s research explores employee wellbeing in the tertiary educational sector in NI. Her work emphasises employee wellbeing as a cornerstone of organisational resilience and success. Professional membership of CIPD is also vital for employability in the HR profession. The MSc HRM has been mapped to the new CIPD Profession Map, and students can achieve professional membership alongside the MSc qualification. If you would like to discuss how this programme can add value to your business, or if you are interested in other organisational development opportunities, please contact UUBS’s Business Engagement Team at engage@ ulster.ac.uk.

Your Local Destination for Hair Transplant Surgery Hair loss is a concern that can affect anyone and like many conditions, there is no singular explanation. A hair transplant moves hair to an area of the scalp that is thin or bald. It can be an effective procedure for those who have lost hair and have already tried other hair loss treatments. The hair transplant technique available at Marlborough Clinic Belfast is called Follicular Unit Extraction (FUE). FUE is a minimally invasive treatment (no cutting of a strip) and is carried out under local anaesthetic by Dr Andrew McCleery. Our bespoke hair transplants are designed to meet your individual hair restoration goals, beginning with a comprehensive informative clinical consultation with Dr McCleery.

Andrew McCleery

MB, BCH, BAO, MRCGP, DCH, DRCOG

Why Choose Marlborough Clinic Belfast?

RQIA approved clinic for hair transplant surgery GMC registered hair transplant surgeon Procedure completed in one day Accessible aftercare Local, independently owned

Patient Review “I had spent a considerable amount of time researching various clinics to have a hair transplant carried out. I decided to book a consultation with Dr McCleery at the clinic. The appointment was everything I had hoped it would be, Dr McCleery was extremely helpful, advising me on what he thought would give me the best end result, I decided there and then I would get the procedure done at Marlborough Clinic.”

Contact us to arrange a consultation. 1 Marlborough Park, Belfast, BT9 6XS | 028 9002 2000 | www.marlboroughclinicbelfast.com

FEATURE

Driving Sustainable Success at Norbrook, Newry Like many industries, veterinary pharmaceuticals is increasingly shaped by the growing demand for sustainability, with its evolution closely aligned to this imperative. Andrea Iucci, CEO of the Newry-based Norbrook, talks to Ambition Magazine about leading the way in sustainable practices, cultivating a strong company culture, and driving innovative solutions in this vital sector.

ndrea Iucci, who stepped into the role of CEO at Norbrook in October 2023, brings a wealth of experience and a clear vision to the familyowned pharmaceutical company. Succeeding Liam Nagle, who led the business since 2015, Andrea is eager to lead Norbrook through a transformative yet super sustainable period of growth. “Our goal is to return to growth by adding distinctive value to all our key stakeholders, and I am excited to lead this transformation,” he began.

With a strong background in multinational organisations, Andrea’s leadership journey spans roles at Abbott, Pfizer, Johnson & Johnson, and IDEXX, where he doubled revenues in less than five years as senior vice president of the Commercial Organisation. “My career has always focused on delivering both short- and longterm growth across diverse geographies and markets. At Norbrook, I see the entrepreneurial spirit of the founder perfectly complemented by the strong foundation and structure that Liam Nagle established.”

FEATURE

Norbrook has positioned itself as a global leader in veterinary pharmaceuticals, specialising in differentiated generics for veterinarians and farmers. “We strive to deliver highquality veterinary pharmaceuticals, with a strong commitment to excellence in everything we do,” Andrea continued. “We aim to add exceptional value to our customers while ensuring the utmost focus on our people.” The company’s expertise lies in farm animal care, particularly sterile injectables, with recent advancements in companion animal pharmaceuticals and diagnostic tests. Andrea highlighted these developments as pivotal in broadening Norbrook’s offering. “This continued focus on innovation positions Norbrook as a key player in both the farm and companion animal markets,” he added. A significant aspect of Norbrook’s strategy is its close collaboration with veterinarians and farmers. “Developing high-quality, differentiated generics is only possible through a deep understanding of existing unmet needs and future demands,” Andrea explained. “We maintain very close relationships with veterinarians and farmers, continually learning from their experiences and insights.” Globally, Norbrook operates in key markets including Ireland, the UK, North America, East Africa, and Australia and New Zealand, while strategically targeting emerging markets in Europe, the Far East, and parts of the Middle East. “These territories represent significant growth potential, enabling us to meet the rising demand for high-quality veterinary products,” Andrea said. The company’s commitment to collaboration extends to product development, where input from veterinary professionals is integral. “We actively involve vets in the product development process by seeking their insights and understanding their challenges in realworld practice. In addition, we offer educational resources, technical support, and training to ensure our products are used effectively.” As one of Northern Ireland’s major employers, Norbrook places strong emphasis on fostering a collaborative and innovative workplace culture. It’s a holistic approach that reinforces its success. “We prioritise a supportive and inclusive environment where every team member’s contribution is valued,” Andrea said. Key initiatives, such as the We Care programme, exemplify this ethos. “Our

“We strive to deliver highquality veterinary pharmaceuticals, with a strong commitment to excellence in everything we do.” people give back by donating their time, and this underscores our dedication to creating a positive impact both within and outside the organisation.” The We Care Christmas programme in 2024 saw employees donate 2,400 hours to initiatives including providing food and toy hampers for over 1,000 families, delivering 1,250 meals, and serving Christmas lunch to 240 senior citizens. “It’s a fantastic example of our team’s commitment to making a difference,” Andrea said. He is particularly proud of Norbrook’s sustainability efforts, which align with the company’s long-standing values as a family-owned business. “Over the past year, we have solidified our efforts by aligning with the Corporate Sustainability Reporting Directive (CSRD) and adopting the European Sustainability Reporting Standards (ESRS),” he explained. Norbrook has worked with Intertek to complete a Double Materiality Assessment, identifying its most significant environmental, social, and governance impacts. “Focus areas include environmental stewardship, social priorities such as workforce health and safety, and governance, including animal welfare and ethical business practices.” Sustainability initiatives at Norbrook include recycling 98% of waste, sourcing 55% of energy from green sources, and operating an eco-friendly vehicle fleet. “We have reduced carbon emissions by 10% since 2020,” Andrea said. “Upgrades to HVAC systems, LED lighting replacements, and participation in the Climate Change Agreements scheme have all contributed to this progress.” Its sustainability reporting is meticulous, with annual reviews of greenhouse gas emissions and energy efficiency, alongside detailed analyses conducted

every four years under the Energy Savings Opportunity Scheme (ESOS). “We also provide regular updates to the Northern Ireland Environment Agency on waste, water efficiency, and site management. Every year, we complete a Streamlined Energy and Carbon Reporting (SECR) report, which reviews our greenhouse gas emissions and energy efficiency. “We are committed to reducing our environmental footprint by improving the sustainability of our packaging. This involves regularly reviewing and exploring ways to use less material in our finished product packaging. By minimising waste and optimising resources, we aim to reduce the environmental impact of our packaging while maintaining the quality and safety of our products,” Andrea continued. Looking ahead, Norbrook is increasing its investment in research and development. “We’re investing 50% more in innovation over the next two years,” Andrea revealed. Products like Felanorm® Oral Solution, a revolutionary liquid treatment for feline hyperthyroidism, illustrate this commitment. “Our pipeline extends across many therapeutic categories and dosage forms for both large animals and companion animals,” he added. The veterinary industry faces numerous challenges he points out, including antimicrobial resistance, the demand for sustainable treatments, and the need for advanced diagnostics. “Norbrook is well positioned to address these challenges through continuous innovation, research, and a commitment to providing highquality, effective products,” Andrea said. “Our solutions help farmers manage health and productivity efficiently while ensuring sustainability in farming practices.” He envisions Norbrook as a leader in the global veterinary pharmaceutical industry. “Our vision is to be a worldclass global provider of veterinary pharmaceuticals, enhancing the health of farm and companion animals. Through innovation, collaboration, and a commitment to excellence, we are focused on driving growth and delivering impactful solutions that meet the evolving needs of the veterinary industry.” Andrea’s passion for sustainability, innovation, and collaboration is evident in every aspect of Norbrook’s operations. “At Norbrook, we aim to foster an internal culture of ambition and entrepreneurial spirit, aligned with the ethos of our founder, Lord Ballyedmond,” he concluded.

ONCE

HOME TO THE

WORLD’S

BIGGEST

THINKERS.

STILL IS. ENQUIRE NOW ABOUT EVENT AND VENUE H I R E AT T I TA N I C B E L FA S T E N Q U I R I E S @ T I TA N I C B E L FA S T. C O M

T I TA N I C B E L FA S T. C O M

SPONSORED FEATURE

The Team Laura Cunningham, Partner

Laura specialises in all aspects of information law, including privacy, confidentiality, data protection, the General Data Protection Regulation (GDPR). Laura advises clients across the private and public sector on a wide range of data protection issues including dealing with data breaches; data protection audits; data subject rights requests; liaising with the Information Commissioner’s Office (ICO), the compliant use of Artificial Intelligence (AI), international data transfers, marketing, and cookie issues.

Hannah McGrath, Senior Associate

Hannah acts for employer clients and advises on all aspects of employment law, both contentious and non-contentious including the defence of claims in the Industrial Tribunals and Fair Employment Tribunal and advising employers on policies, procedures and the management of day-to-day employment issues.

Peter Guzhar, Partner

Peter has particular expertise in intellectual property dispute matters, advising parties on both sides in trademark, patent, copyright and design right infringement cases. His expertise extends to a number of sectors including the technology, agrimachinery and materials handling industries, as well as the food and drink and the petroleum sectors.

Fergal McGoldrick, Partner

Fergal is a Partner in the Media, Communications and Reputation team, specialising in libel claims, private and confidential information claims, personal data claims, and pre-publication injunction applications. Acting primarily for media organisations, he also acts for various corporates, SMEs, prominent/public figures and professionals in maintaining, defending and vindicating their reputations.

Pictured left to right, Hannah McGrath, Peter Guzhar, Laura Cunningham and Fergal McGoldrick.

www.carson-mcdowell.com

T: 028 9024 4951

Columnist Jason Calvert Director and Economist, PwC Northern Ireland

The Opportunity to Thrive Under our Transition to Net Zero T

he global business landscape has undergone a period of intense upheaval in recent years, forcing companies to adapt to a volatile economic and geopolitical climate. Despite these challenges, many businesses have demonstrated remarkable resilience, transforming their operations to not only survive but thrive. However, amidst this constant evolution, it’s crucial that both the private and public sectors remain committed to the longterm vision of a net-zero economy. This transition is not merely an environmental imperative to combat climate change; it’s an opportunity to build a more sustainable and prosperous future for everyone. Achieving net-zero emissions requires a fundamental shift in our economic model, and this transformation comes with upfront costs and short-term adjustments. However, viewing these solely as sacrifices overlooks the bigger picture. The green agenda represents a significant economic opportunity, particularly for regions like Northern Ireland. By investing in green skills development and fostering the creation of green jobs, we can unlock innovation, attract investment, and create a more resilient and future-proof economy. Analysis from PwC’s Green Jobs Barometer reveals encouraging signs for Northern Ireland. Despite facing the same economic headwinds as the rest of the UK, the region has seen the volume of green jobs as a proportion of all job adverts increase year on year from 2.4% to 4%, the second highest share of green job adverts in the UK and higher than the UK average of 3.3%. The number

of green jobs advertised in Northern Ireland has also seen a 25.6% increase year on year - bringing the total number to just under 2,800. This resilience, particularly in the face of a cooling jobs market, highlights the growing demand for skills related to sustainability and decarbonisation. We are already seeing companies here utilising the opportunity to grow under our net zero transition. In the past year, Joulen, a leading provider of flexible energy services based in Belfast, announced that it secured its first export contract with a £4m deal in Germany which will lead to the creation of 13 new high-quality jobs, and Omagh firm Lagan Energy announced it will expand to meet the demand for its renewable engineering expertise, stating it would grow its workforce by 70% over the next few years. Many others are making similar investments with plans to expand. It is clear that there are opportunities for further growth here – while our green jobs market is small and needs to be scaled up, there is a lot we can do. DAERA’s Green Growth Strategy, which includes developing a workforce that supports climate action, is a further step in driving us toward creating meaningful solutions for businesses here to benefit from the opportunities of the net zero transition. Ultimately, in order for Northern Ireland to thrive in a low-carbon economy, we need a skilled workforce, and so we must make a concerted effort to create new low-carbon jobs, and adopt a coordinated approach to upskill and reskill the existing workforce. Policymakers also need to

incentivise higher education in fields that will support the green economy, creating better conditions to retain new graduates in the region, ensuring that we are harnessing young people’s passion for the environment and creating the skills Northern Ireland will need to thrive in a net-zero world. While the task may seem daunting, the potential outcomes are compelling. Beyond the ethical imperative of combating climate change, our research demonstrates that green jobs have a significant multiplier effect on the economy. Each new green job is also having a larger knock-on impact on employment than ever before. Nationally, the green employment multiplier has increased to 2.7 – meaning for every 10 new green jobs created an additional 27 jobs are created elsewhere in the economy. This ripple effect has the potential to transform Northern Ireland’s economy, particularly in areas where it already possesses inherent strengths, such as low-carbon technologies. The transition to a low-carbon economy presents a unique opportunity to build a brighter and more sustainable future. However, realising this vision requires immediate action. Businesses must begin planning for the impact of a low-carbon economy on their operations, while policymakers need to create an environment that incentivises innovation and investment in green technologies. By working together, we can harness the power of the green transition to build a more prosperous and sustainable future for Northern Ireland.

Achieve Excellence with our Performance Focused Staff Training 2025 Courses Motivating & retaining staff

Personal & professional development

February 25 04 Feb LinkedIn 04 Feb Fraud & Cyber Awareness (half day) 05 Feb GDPR Staff Awareness 05 Feb Graphic Design using Canva 06 Feb Minute Taking 11 Feb MS Excel Introduction 12 Feb PA Development 13 Feb Sage Cloud Payroll 18 Feb Xero Cloud Accounting 19 Feb MS Excel Intermediate 20 Feb Conducting Investigations 25 Feb MS Project 25 Feb Adobe InDesign (2 days) 26 Feb HR Fundamentals 26 Feb Manager as a Coach 27 Feb Mailchimp Email Marketing 27 Feb Interview Skills for Interviewers

March 25 04 Mar Emotional Intelligence 04 Mar Scrum Master Introduction 05 Mar Introduction to Project Mgnt 06 Mar Assertiveness Skills 06 Mar Mentoring Skills 11 Mar High Performing Teams 12 Mar Influencing & Negotiation Skills 19 Mar Difficult Conversations 20 Mar Business/Report Writing 25 Mar Finance for Non-Financial Mgrs 26 Mar MS Word Advanced 27 Mar Practical Risk Management

April 25 01 Apr Managing Conflict 02 Apr Managing Change 02 Apr Presentation Skills 03 Apr Supervisory & Management Skills 03 Apr Time Management 08 Apr MS Excel Advanced 08 Apr Sage Cloud Accounting 09 Apr PA Development Advanced

10 Apr Customer Service 10 Apr Hootsuite 29 Apr Proofreading

May 25 01 May Minute Taking 06 May Equality & Diversity in the Workplace 06 May Emotional Intelligence 07 May Tender Writing 08 May Business Continuity Planning 08 May People Management 13 May PA Development 13 May Fundamentals of Digital Marketing & Social Media 13 May Effective Communication 14 May Developing Confidence 14 May LinkedIn 15 May Xero Cloud Accounting 15 May Facilitation Skills 16 May Google Ads (half day) 20 May Preparing Management Accounts 20 May MS Powerpoint 21 May Event Management 21 May Graphic Design using Canva 22 May Creating Video on your Mobile Device 22 May HR Fundamentals 27 May Adobe Acrobat Pro 28 May Resilience and Wellbeing 28 May Leadership Development

June 25 03 Jun Supervisory & Management Skills 03 Jun Manager as a Coach 04 Jun MS Project 05 Jun MS Excel Intermediate 10 Jun Assertiveness Skills 10 Jun Introduction to Project Mgnt 11 Jun Conducting Investigations 12 Jun Mailchimp Email Marketing 13 Jun Mentoring Skills 13 Jun Practical Risk Management

Advance through knowledge and understanding Enhancing productivity & effectiveness

In-house & public delivery

17 Jun Managing Conflict 18 Jun Influencing & Negotiation 18 Jun High Performing Teams 19 Jun Adobe InDesign (2 days) 19 Jun Fraud & Cyber Awareness (half-day)

15 Oct Mailchimp Email Marketing 16 Oct Adobe InDesign (2 days) 17 Oct HR Fundamentals 17 Oct Emotional Intelligence

August 25

11 Nov Introduction to Project Mgnt 11 Nov Assertiveness Skills 12 Nov Mentoring Skills 12 Nov Scrum Master Introduction 13 Nov High Performing Teams 13 Nov Influencing & Negotiation Skills 19 Nov Difficult Conversations 20 Nov Business/Report Writing 20 Nov Finance for Non-Financial Mgrs 25 Nov MS Word Advanced 25 Nov MS Word Intermediate 26 Nov Practical Risk Management 26 Nov Tender Writing 27 Nov Developing Confidence 27 Nov Presentation Skills

20 Aug Business/Report Writing 22 Aug Difficult Conversations 27 Aug Finance for Non-Financial Mgrs

September 25 09 Sep Time Management 09 Sep Effective Communication 10 Sep Customer Service 10 Sep People Management 11 Sep Managing Change 11 Sep MS Excel Advanced 16 Sep Proofreading 17 Sep Equality and Diversity in the Workplace 18 Sep MS Word Accessibility 18 Sep Resilience and Wellbeing 23 Sep Presentation Skills 24 Sep Leadership Development 24 Sep Facilitation Skills 25 Sep Competency Based Interview Skills 30 Sep Adobe Acrobat Pro 30 Sep Sage Cloud Accounting

November 25

December 25

02 Dec Supervisory & Management Skills 02 Dec Time Management 03 Dec MS Excel Advanced 03 Dec Sage Cloud Accounting 04 Dec Fraud & Cyber Awareness (half-day) 04 Dec Effective Communication 09 Dec Customer Service October 25 01 Oct Creating Video on your Mobile Device 09 Dec People Management 10 Dec Competency Based Interview Skills 01 Oct LinkedIn 10 Dec Proofreading 02 Oct MS Project 11 Dec Equality & Diversity in the Workplace 03 Oct Minute Taking 11 Dec MS Word Accessibility 03 Oct MS Excel Introduction 08 Oct GDPR Staff Awareness 08 Oct PA Development 08 Oct Xero Cloud Accounting 09 Oct MS Excel Intermediate 09 Oct Conducting Investigations 10 Oct Graphic Design using Canva 15 Oct Manager as a Coach

‘All courses are available for in-house delivery’

Pre-registration now open for the following accredited training programmes. Register your expression of interest today at contact@aku.training to secure your place. PRINCE2® Foundation & Practitioner M_o_R® Foundation & Practitioner MSP® Foundation & Practitioner Better Business Cases APM Project Fundamentals (PFQ) Agile Scrum Master PRINCE2 Agile Practitioner

CISMP Certificate in Information Security Mgt Principles ITIL® v4 Foundation in IT Service Management ISTQB Foundation is Software Testing AgilePM® Foundation & Practitioner Microsoft 365 Accredited courses

For more info and bookings visit: w: aku.training

*Course dates subject to change

FEATURE

Celebrating the Past, Building the Future The Construction Employers Federation (CEF) marks its 80th anniversary in 2025 and there is much to celebrate.

or eight decades, the CEF has steered an industry that not only shapes the physical landscape of our region but also creates jobs and drives economic growth for our collective future. Northern Ireland’s construction industry now employs over 30,000 people directly and supports 65,000 more in the wider supply chain.

CEF members, sub-contractors, and manufacturers have consistently demonstrated excellence, delivering world-class projects both locally and further afield. This 80 year milestone offers an opportunity to look back at the sector’s history, assess the current challenges it faces, and look forward to a bright future.

Building NI post-war The origins of the Construction Employers Federation stretch back to the 1890s, when the Belfast Builders Association was the first organisation formed to represent construction businesses. The Federation as we know it today took form in 1945, under the name ‘The Federation of Building Trade Employers of Northern Ireland Ltd’. Emerging in the

FEATURE

aftermath of World War II, it provided a much-needed unified voice for the industry, as Northern Ireland embarked on rebuilding and regeneration. From those early days, the CEF was committed to improving working conditions. In 1946, the introduction of the Construction Holiday Pay Scheme marked a revolutionary step forward for workers; similarly the Construction Benefits Scheme introduced in 1975 and a new pension scheme in 1982 brought industry job stability and security which hadn’t existed before. In the late 1970s, the federation

embraced a broader remit as the Federation of Building & Civil Engineering Contractors, before eventually becoming the Construction Employers Federation in the 1990s. Over these 80 years, we’ve seen the industry through economic booms and recessions, political instability, civil unrest, regeneration, rebuilding, and modernisation. Celebrating the Strength of the Sector Of the Top 100 companies in Northern Ireland in 2024, a remarkable 20 businesses are in the construction sector

– proof of the sector’s strength, resilience, and ability to compete on a global scale. Whether through urban regeneration, major road and rail upgrades, or essential health and education infrastructure, the construction sector has played a transformative role in shaping the Northern Ireland we know today and is exporting expertise beyond our borders. Current Challenges While there is much to celebrate, the future of the industry faces considerable challenges, in particular, an ongoing skills shortage. A recent CEF survey revealed

FEATURE

CEF Council meeting from the early 1980s.

that 80% of members had experienced a shortage of skilled labour in the past year, a situation compounded by stiff competition from other regions and industries and in many cases, more attractive remuneration. To address this, the CEF, in partnership with the Unite and GMB unions, has established Construction Futures. It aims to attract, develop, and retain talent by fostering closer collaboration between industry and education, promoting apprenticeships, and raising awareness of the diverse opportunities in construction. It will start with school careers services and build outwards. Unprecedented house-building crisis Another critical roadblock for the sector is Northern Ireland’s housing crisis, currently exacerbated by chronic underfunding of wastewater infrastructure. New build housing completions are at a 60-year low simply because new homes can’t physically be connected to the waste water network. NI Water estimates 19,000 homes are currently unable to proceed. This is a pitiful position from where we need to be in 2025. It’s delaying vital investment, holding back development, and risking the loss of skilled workers to other markets. The CEF continues to lead the call for long-term funding solutions and policy changes to overcome this huge challenge. Looking to the Future: Innovation and Sustainability Despite these current issues, the future

of the construction sector in Northern Ireland holds immense promise. The next 80 years will be defined by innovation, sustainability, and technological transformation. The construction sector is already leading the way in delivering greener, smarter solutions to meet the demands of a changing world. Achieving net-zero carbon targets will be central to the industry’s future. From retrofitting existing buildings, to improving energy efficiency, to designing and constructing new eco-friendly infrastructure, the sector is embracing the principles of sustainability. Digital innovation is also transforming how construction projects are delivered. Building Information Modelling (BIM), AI, and advanced manufacturing techniques are improving design accuracy, streamlining processes, and reducing costs. These advancements are being fully embraced to ensure that Northern Ireland’s construction industry remains at the cutting edge of global best practices. A Legacy of Resilience and Achievement And so we celebrate 80 years of the Construction Employers Federation with immense pride. The resilience, adaptability, and ambition of our sector have seen it thrive through adversity and deliver projects which continue to leave a lasting legacy. The strength of our industry lies not only in its output but in the people who make it possible: the workers, businesses, and leaders who have built Northern Ireland, brick by brick, many as

multi-generation family businesses still flourishing today. As we look ahead, the construction sector will continue to shape our economy, our communities, and our environment. By

“Over these 80

years, we’ve seen the industry through economic booms and recessions, political instability, civil unrest, regeneration, rebuilding and modernisation.” investing in talent, embracing innovation, and delivering sustainable solutions, the industry will play a vital role in building a better future for Northern Ireland. We’ll be celebrating our 80th anniversary on 27 March 2025 with a starstudded Northern Ireland Construction Gala Dinner in Titanic Belfast. We’re looking forward to a big night of celebration with friends old and new – contact tracyw@cefni.co.uk to book your tickets or to enquire about the wide range of sponsorship opportunities.

NI Chamber Chief’s

UPDATE Suzanne Wylie, Chief Executive, NI Chamber

he first weeks of 2025 have seen a flurry of activity at NI Chamber, not least because we have welcomed almost 40 new members who have positively kick-started the new year with plans to do more business.

With a packed events calendar now confirmed, there are ample opportunities for members, new and existing, to make the most of our learning and networking platforms. During the first half of the year, we will be exploring some of the most pertinent policy issues impacting business growth and investment, as well as leadership, sales, marketing and HR. In recent weeks, we also published the results of our Quarterly Economic Survey for Q4 24, which highlight significant concerns about the impact of the Autumn Budget. The consequences of the alarming acceleration of the tax burden on businesses are deeply concerning and are likely to have significant longer-term implications once they take effect from April. To encourage more export and investment, businesses in Northern Ireland need an urgent injection of confidence from the NI Executive, which is where a significant amount of our recent policy work has been directed. We welcomed the opportunity to present to the Economy Committee, sharing member feedback on The ‘Good Jobs’ Employment Rights Bill, which covers a wide range of issues, from zero-hours contracts to the role of trade unions. And with the draft NI Budget now published, we are preparing a business response to the Budget, as well as the Comprehensive Spending Review. While we recognise that tough choices need to be made, with more money available to Northern Ireland than ever before, in the next financial year we hope to see real progress in areas like wastewater, childcare and decarbonisation. Our partnership with Dublin and Cork Chambers continues to flourish. During a recent site visit to Dublin, our delegation included representatives from NI universities, ports, government departments and member businesses from a range of high-growth sectors. That partnership is focused on fostering deeper cooperation and connectivity, especially in areas like tourism, innovation and infrastructure. It is one of a number of new local and international partnerships we are committed to maximising as we work to help member companies across the province to invest, innovate, export and succeed.

Welcome New Members Acumen Cyber

Little Heroes

AES Global

Modul Systems UK

Awaken Hub

Monaghan Bros

Beyond AV

Monaghan Freight

Biffa Group

Ortus Energy (IRL)

Bolt Facilities & Contract

Otopoetic

Management

Regency Carpet Manufacturing

Boots

RMI Architects

Centre of Learning

Royal Hotel

Cinemagic

SmartPay NI

Connect Through Service

Specialised Fire and Security

Cranswick Country Foods

Standard Utilities

Diamond Corrugated

Stride Design

Dunluce Lodge

Systems & Style for Shared

Gibson Bros

Success

Greenview

Tribe360 Revenue

Hashtag Business Services

Ten Foundations

Ian Farley R&D Tax Credits

Trustist

.IE

Z Propety Development

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

EVENTS

NI Chamber Events Gallery

2. 3.

4. 5. 6.

Suzanne Wylie (NI Chamber), Katie Doran (Consello), Jonathan Ireland (Consello), The Very Rev Stephen Forde, Dean of Belfast, Caitroina McCusker (NI Chamber) and Cathy Gormley-Heenan (Ulster University). Ulster University hosted a festive reception after the annual Carol Service. Phil Murray (NI Chamber), Kathleen O’Hare (NI Skills Council), Paula Leathem (NIE Networks), Celine McCartan (South West College), Lorna McAdoo (Version 1) and Mark Haughey (Encirc). Business people from across Fermanagh gathered in South West College for a Future of Skills event. Stephen Abram (Competition and Markets Authority) and Kevin O’Neill (SONI). Mark Cunningham (Bank of Ireland), Camilla Long (Bespoke Communications), David Phelan (Digital Catapult), Claire Greenwood (Oxford Instruments), Melanie Naughton (Tesla), Claire Cosgrave (The Odyssey Trust), Peter Smyth (Bidvest Noonan) and Jonathan Campbell (NI Chamber).

EVENTS

7. Kailash Chada, Chris Gray, Kevin O’Neill, Tamsin Fraser and Stuart Anderson joined a panel discussion at the latest Energy Forum. 8. Peter McVerry and Mark Scott attended the Public Affairs Forum. 9. NI Chamber’s Stuart Anderson led a panel discussion at an In Camera event featuring Communities Minister Gordon Lyons MLA and Colum Boyle, Permanent Secretary at the Department for Communities. 10. Bidvest Noonan showcased its ‘Spot the dog’ robot at a business breakfast with Bank of Ireland focused on innovation. 11. Paul McKernan, managing director at STATSports was a guest speaker at GROW with Danske Bank. 12. Máirtín Ó Muilleoir, Cathy Gormley-Heenan and Simon Hamilton at December’s Public Affairs Forum. 13. Mark Ennis (SSE), Suzanne Wylie (NI Chamber), Caitroina McCusker (NI Chamber), Finance Minister Caoimhe Archibald MLA and Neil Gibson, Permanent Secretary at the Department of Finance.

EVENTS

President’s Banquet More than 1,000 guests attended the NI Chamber’s President’s Banquet in ICC Belfast. The most glamorous night in the business calendar was hosted by BBC presenter Alex Jones, who interviewed special guest David Walliams. With a theme of ‘Beyond Imagination’, NI Chamber President Cat McCusker challenged guests to reflect on how they can use their imaginations constructively to identify opportunities that others may overlook, challenge the status quo and raise their collective ambition. The event was sponsored by NI Chamber’s Communications Partner BT, along with supporting sponsors ABL Group, Barclays, Mattioli Woods and Tughans, as well as drinks reception sponsor VANRATH, media partner Bauer Media Group and drinks partners Diageo and Jawbox.

1. Shauna Graham (ABL Group), Paul Murnaghan (BT), Barbara McKiernan (VANRATH), John Mathers (Barclays), Caitroina McCusker, Suzanne Wylie, Fiona Kirkpatrick (Tughans), Iain McKenzie (Mattioli Woods). 2. NI Chamber President Caitroina McCusker addressed over 1,000 business leaders and policymakers. 3. Suzanne Wylie, David Walliams, Caitroina McCusker and Paul Murnaghan. 4. Edel Doherty (Beyond Business Travel), Alex Jones and Holly Poots, winner of the star prize courtesy of Beyond Business Travel. 5. Conor Murphy MLA, Caitroina McCusker and Deputy First Minister Emma Little-Pengelly.

EVENTS

6. Ronan Lappin, Emma Jane Bowen, Holly Poots and Sean Cavanagh. 7. Dalreen Buchanan (Ulster Carpets), Alex Price (Legacy Wealth Management) and Michelle Baird (Ulster Orchestra). 8. TV Host Alex Jones interviewed our star guest, comedian David Walliams. 9. The Ulster Carpets team. 10. Ian McCreery, Shauna Graham and Michael Boyd. 11. Garth Maxwell, Shaun McAnee, Nick Price and Keith Liggett. 12. Demi-Leigh Kelly, Anneka Stewart and Alissa Herron. 13. Guests listened as David Walliams shared his story. 14. Riff Shop entertained guests throughout the night.

NEWS

Chambers Spearhead All-Island Connectivity and Economic Growth Following on from the highly successful mission to Belfast in May 2024, NI Chamber has come together with Dublin and Cork Chambers as part of a triregion partnership focused on fostering deeper cooperation and connectivity. Delegations made up of business leaders and politicians from across the island of Ireland gathered in Dublin at the end of January. Attendees visited Dublin Port, the hub of international trade to Ireland, as well as Accenture’s generative AI studio “The Dock” and An Post’s new cutting-edge HQ the Exo Building. The initiative was welcomed by Economy Minister, Conor Murphy, who met with the group, saying: “This collaboration, led by Chambers of Commerce, is an excellent example of the kind of partnership which will help drive economic prosperity across the island. “Its aims of boosting connectivity, developing strong tourism links, securing investment in ports and fostering collaboration between industry and educators across the island align with my department’s own Economic Plan. It is an important, business-led initiative and we look forward to continued engagement with the group on areas of mutual potential and shared benefit.” Speaking at the event, Cat McCusker, President, NI Chamber added: “At NI Chamber, we are really excited by the enormous potential of this partnership with our colleagues in Dublin and Cork. We are committed to working together to

accelerate the business synergies which exist among our members and make the strongest business case possible for investment in economic game changers which will deliver shared benefits. “Businesses in Northern Ireland are already leading with great ambition. Since this partnership was launched last year, we have welcomed Belfast Harbour’s transformation strategy, which will develop a vibrant economic hub for the region, as well as the opening of Grand Central Station, a multi-million-pound investment in our future connectivity. That is an addition to the many high-potential businesses investing in areas like AI and collaborating to realise the benefits of green growth. In Dublin, the objective is to share our own experience and crucially, develop tangible ways to drive forward

prosperity and competitiveness as partners.” Dublin Chamber CEO Mary Rose Burke said: “We are delighted to facilitate this two-day event here in Dublin, to showcase the vibrant business landscape and innovative companies that call Dublin home. This event, building on the success of the visit to Belfast, is an example of how the business community and the Chamber network across the island is leading on fostering connectivity and economic growth, and we have a great ambition to strengthen ties across the regions. Our delegation, comprised of ministers, business leaders, and representatives from major transport bodies and the education sector, has engaged in open and productive discussions. We are united in our goal to advance our common interests

NEWS

and adopt an all-island approach to economic growth.” Conor Healy, CEO of Cork Chamber, said: “The collective leadership of the Chamber network is advancing key priorities that will shape the future of our island economy. We see significant potential to advance a more integrated approach to economic development, one that harnesses the strengths of each region and creates shared prosperity. From championing higher-speed rail between Cork, Dublin and Belfast to restoring flights between Cork and Belfast, we are focused on strengthening the connectivity that underpins business growth and regional development. By advancing discussion on the opportunities for our ports, fostering all-island innovation clusters, and enhancing tourism links, we are creating the foundations for a modern, competitive and sustainable island economy.” Together, Dublin, NI and Cork Chambers are focused on progressing five key items: • Higher-Speed Rail Cork-Dublin-Belfast: Aiming to create a higher-speed rail link that will significantly reduce travel times and enhance regional connectivity. • Restoration of Cork-Belfast Flights: Restoring domestic flights between Belfast and Cork will enhance business and tourism links, making the island of Ireland a more attractive destination for visitors and investors. • Funding Allocation for Ports: Securing investments to future-proof the three

major ports, ensuring they can support economic growth and industrial advancements. • All-Island Innovation Clusters: Promoting collaboration between industry and education to foster innovation and create competitive clusters across the island. • Enhancing Tourism Links: Developing strong tourism links by harnessing regional strengths, place branding, and evolving the story of Ireland to represent a modern island.

NEWS

STATSports Tells Game-Changing Growth Story Members had the opportunity to learn about the game-changing growth story of STATSports at a recent GROW with Danske Bank event. Headquartered in Newry, STATSports is the world-leading provider of GPS player tracking and analysis equipment with offices in Ireland, London, Chicago and Florida. Attendees heard from Managing Director Paul McKernan and Head of Strategic Partnerships David Tweed, who discussed the journey from inception to international success. Together, they offered firsthand insights into implementing innovative growth strategies, speaking about the power Suzanne Wylie (NI Chamber); David Tweed of understanding their ecosystem and (STATSports) and Julie Skelly (Danske Bank). outlining how STATSports keeps its tech at the forefront of the competitive global sports industry. GROW with Danske Bank is part of NI Chamber’s Learn Grow Excel programme, which is supported by its SME Partner, Power NI.

New Executive Ministers Welcomed Commenting on the appointment of new Ministers at the Departments of Economy, Finance & Infrastructure, Suzanne Wylie, Chief Executive, NI Chamber said: “We congratulate Caoimhe Archibald, John O’Dowd and Liz Kimmins on their appointments, all of which are key to driving a competitive and sustainable economy. As they undertake their new portfolios, we look forward to working in partnership, based on strong existing relationships. “With firms across Northern Ireland reporting concerns about increased business taxation and the cost of labour, there is now an opportunity to act in partnership to restore business confidence by co-designing solutions to challenges like wastewater, planning, skills and the role of AI, alongside an ambitious, long-term plan for growing the economy.”

NI Chamber Takes Networking Series on the Road

Suzanne Wylie (Chief Executive, NI Chamber) and Peter McClenaghan (Head of Communications & Engagement, NIE Networks).

NI Chamber’s 2025 Regional Networking series kicked off with an event in Charles Hurst, Belfast at the end of January. Delivered in partnership with NIE Networks, the popular series provides businesspeople across Northern Ireland with the opportunity to expand their professional networks. As well as networking, members who attended the first event in the 2025 series heard from Lorcan Flanagan, partner at Trustist, who explored the significance of creating successful customer experiences and building strong relationships. Over the course of the year, the Regional Networking series will travel to venues across Northern Ireland, with events planned for Mid-Ulster, Coleraine and Lisburn. With distinct learning themes, each event is designed to bring people working in different sectors together to make valuable new business connections and learn from each other.

AMBITION Available in Small, Medium & Large

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

www.northernirelandchamber.com/ambition

An Ulster Tatler Group Publication

FEATURE

Autumn Budget Hits Investment and Recruitment Intentions NI Chamber members have reported significant concerns about the impact of the Autumn Budget on business growth and investment. Whilst the latest Quarterly Economic Survey reports that business indicators were generally positive in Q4 24, increased business taxation and the cost of labour are driving expectations to raise prices and dampening business prospects for 2025.

Maureen O’Reilly (Economist), Brian Murphy (BDO NI) and Stuart Anderson.

FEATURE

embers are much more optimistic about their own prospects for 2025 than the NI economy. While 50% of members expect their own business to grow in 2025, 25% expect the NI economy to grow in the next year. 29% of members expect their business to contract in 2025 and 47% expect the NI economy to contract. Business Conditions Most businesses that responded to the survey were trading well or reasonably in Q4 24 (83% vs. 78% Q3), while 17% were covering costs/struggling. A significant minority of members, 2 in 5 (39%), are seeing some slowdown in demand for their products/services, although this had been 56% at the start of 2024. For most, the slowdown is small with just 5% seeing any significant slowdown this quarter, down from 13% in Q3 24. Autumn Budget A majority of NI Chamber members believe the Chancellor’s Autumn Budget Statement will have negative consequences for their business and the NI economy. 79% said it will have a negative impact on their own business, while 81% believe it will negatively impact the NI economy. Respondents reported particularly high levels of concern around changes to employer National Insurance Contributions (NICs), with 43% of members highly concerned and 31% very concerned about its impact on their business. Half of members are concerned about the increase in the National Living Wage, while 37% are highly/very concerned about changes to inheritance tax. Almost 3 in 4 (72%) members believe that tax changes arising from the Autumn Budget will have a negative impact on their own business growth and recruitment intentions. 61% believe it will impact negatively on their business investment intentions. Confidence and Investment Intentions The balance of firms confident that turnover will grow over the next year increased for Manufacturers and fell for Services in Q4 24. The Manufacturing turnover confidence balance stood at +48% (+33% Q3), a notable uplift since the previous quarter. In Services it was +38% (+44% Q3). More businesses also expect profitability to improve than to deteriorate. In Q4 24 the Manufacturing profitability balance was +10% (+11% Q3) and for Services +11% (+21% Q3).

Investment intentions remain stronger for Manufacturing than Services. For Manufacturers, investment intentions around plant and machinery are +19% (+18% Q3) while in Services the balance remains negative at -9% (-10% Q3). Prices and Costs There has been a notable increase in the balance of firms expecting to raise prices in Q4 24. The balance for Manufacturers rose to +58%, up from +34% in Q3. The Services prices balance rose to +49% from +34% in Q3. Labour costs remain the most significant internal cost pressure affecting both sectors. In Q4 24 95% of Services firms and 93% of Manufacturers were under pressure to raise prices because of labour costs. While utility cost pressures have eased, they are still putting pressure on 59% of manufacturers and 50% of services businesses. In terms of external cost pressures, there are significant concerns over business taxation, particularly for Manufacturers. 71% of Manufacturers reported it as a pressing concern in Q4 24, compared to 9% in the same quarter last year. 65% of Services firms also reported it as a concern, which is up from 28% in Q4 23. Inflation is still a concern for around half of members but particularly for those in Services (60%). Cash Flow There are mixed fortunes in terms of cashflow position in Q4 24 – a striking improvement in Manufacturing with a positive cashflow balance and continued deterioration in Services, where the cashflow balance is negative. Recruitment The balance of firms expecting employment to grow in the next three months was positive for both sectors in Q4 24, meaning more firms are expecting employment to grow than contract. However, both balances continued to fall, suggesting that fewer businesses are expecting to grow their employment base. The balance of Manufacturers expecting employment to grow in the next three months fell to +16% after a period of increases (+20% Q3). For Services the balance continued a downward trend, falling to +10% (+24% Q3). Recruitment is still taking place, with recruitment intentions stronger among Manufacturers than Services. In Q4 24 79% of Manufacturers and 70% of Services were trying to recruit. Recruitment difficulties, which have grown significantly for more than a decade now, remain persistently high

for both sectors, impacting 76% of Manufacturers and 77% of Services in Q4. Regional Position In Manufacturing, Northern Ireland ranked in the top four UK regions for 10 of the 11 indicators in Q4 24, compared to three in Q3. The Manufacturing sector’s strongest regional position is with the export sales balance for the last three months, ranking first across the UK regions. It is weakest on recruitment intentions over the next three months, although still ranks fifth across the 12 UK regions on this indicator. In Services, Northern Ireland ranks in the top four UK regions for five of the 11 indicators (two in Q3). The Services sector’s strongest regional position in Q4 was for export sales and employment in the last three months, ranking first across the UK regions for both. The Service sector is weakest with cashflow, ranking eighth overall. Commenting on the report, Suzanne Wylie, Chief Executive, NI Chamber said: “This latest report outlines the significant implications of the most recent Autumn Budget. Whilst many of our very resilient members remain optimistic about their business prospects for the year ahead, the consequences of the alarming acceleration of the tax burden on businesses are deeply concerning and are likely to have significant longer-term implications once they take effect from April. “While businesses acknowledge the need to stabilise public finances and support investment in public services, in the absence of material growth, the increased tax burden, with significant increases in employer NICs, will add to already high business costs. This report provides key insights into the significant concerns employers have and highlights the impact it will have on confidence and investment intentions. “Despite the challenges, there are some green shoots of promise. Northern Ireland’s regional performance is generally good and important indicators, including export balances, are encouraging relative to the very low UK average, particularly for Manufacturers. To encourage more export and investment, businesses in Northern Ireland need an urgent injection of confidence from the NI Executive. This requires immediate delivery on challenges like wastewater infrastructure, and a clear, long-term ambitious plan for growing the economy over the next decade and beyond.”

FEATURE

THE BDO COMMENTARY Brian Murphy, Managing Partner, BDO NI

Businesses right across Northern Ireland are starting this year on a much stronger footing than last, with 83% reporting they are trading positively, up from 78% twelve months ago. This is to be warmly welcomed; it demonstrates that local firms are working hard to overcome the prevailing market challenges. As we look to the year ahead, it’s understandable that businesses have concerns about what 2025 may have in store – it’s only human nature to be cautious about our likely performance at this stage of the year. However, it is reassuring that fewer than 3 in 10 expect their business to decline over the year, with 20% anticipating no change, and most encouragingly, half of the respondents predicting growth. Despite the concerns many have about the economic outlook, they overwhelmingly believe their businesses will either hold their own or grow in the year ahead. Respondents believe their turnover will grow more strongly than their profitability, but it should be welcomed that most believe their profits are at least set to remain positive. Of course, we must acknowledge the red flags, with 81% believing the NI economy will be worse off after the Chancellor’s Autumn Budget, announced last October, and with 79% saying their business will be negatively impacted by the measures included. The main worries are the increases in business taxation, through National Insurance Contributions (74% cited concerns), compounded by an increase to the Living Wage and inflation. All of which lead to an expectation that firms will need to consider increasing prices, with 95% of service sector respondents claiming labour costs alone will make this necessary. Although it is anticipated that recruitment plans may be impacted, it should be noted that the employment opportunities for job seekers remain very strong, with 68% of firms currently in the process of actively recruiting. Encouragingly, 33% of respondents still claim they will increase their recruitment plans, so there is still a lot to be positive about. However, from an employer’s perspective, it cannot be ignored that 76% of firms still find it difficult to attract the right candidates. This is a long running theme and requires action from the Department for Economy to help boost the skills and experience of job seekers. Of course, since this survey was conducted, we have witnessed challenges in the markets that may impact confidence. However, it is important to reflect on the fact that although the Autumn Budget has created challenges for local businesses, the vast majority still believe they will trade positively in 2025, with half planning for – and anticipating – growth. We appreciate there is not much the NI Executive can do to influence the macroeconomics of the UK, and its powers of influence over the Treasury’s fiscal policy are limited, at best, however, there are several areas where they could make positive decisions to help businesses here. As a priority, the NI Executive needs to address infrastructure investment, with NI Water being high on the list of priorities. Along with that, planning reform needs to be implemented to enable decisions to be made efficiently. Planning delays cost local businesses much-needed time and money, with many projects ultimately being scrapped or relocated from NI as a result. This quarter’s results show us once again that NI businesses are not afraid to meet challenging market conditions head on. The resultant momentum is a great foundation for the year ahead and by working together with all stakeholders I am hopeful that we can unlock Northern Ireland’s full potential.

I N PART NE RS HI P WITH

NI CHAMBER & BDO NI

Quarterly Economic Survey Q 4 20 2 4

UK Autumn Budget

79%

81%

74%

72%

61%

believe the Budget will negatively impact their own business

believe the Budget will negatively impact the NI economy

are highly/very concerned about the changes to employer NICs

believe tax changes will negatively impact business growth

believe tax changes will negatively impact investment plans

Business & Economy Prospects

50%

25%

29%

47%

of members expect their own business to grow in 2025

expect the NI economy to grow in 2025

expect their own business to contract in 2025

expect the NI economy to contract in 2025

Business Conditions

83%

39%

Most businesses (83%) are trading well or reasonably

are seeing some slowdown in demand, although for most this is only a little

Capacity NI’s regional position on many key indicators is positive, particularly on exports

There is a downward trend in recruitment intentions

Key Concerns

Access to and the cost of labour

Significant concerns over business taxation affecting 71% of Manufacturers and 65% of Services

3 in 4 9 in 10

Spare capacity exists in many businesses with 40% of Manufacturers and 43% of Services operating at full capacity

members are facing recruitment difficulties members are under pressure to raise prices because of rising labour costs

143 members responded the QES) for the 4th quarter of 2024. Note: The ‘balance’ refers to the difference between the % of firms reporting an increase in a key indicator minus the % reporting a decrease.

FEATURE

Eyeing up Innovation A

s Cathedral Eye Clinic Belfast marks its 17th anniversary, Chief Operating Officer Joyce Shaw reflects on nearly two decades of providing top-tier ophthalmic care, earning a reputation for excellence and innovation in the field of eye health. “The key to Cathedral Eye Clinic’s longevity and success over the past 17 years lies in our unwavering commitment to quality care, patient well-being, and continuous innovation,” Joyce Shaw begins. “At the core of our approach is a personal, patient-centric philosophy. We believe healthcare is not just about treating a condition but about building trust, offering reassurance, and ensuring every patient feels valued.” This commitment to customer service is essential, especially in ophthalmology, where many patients, particularly older ones, may feel anxious about eye procedures. “The prospect of eye surgery can be daunting for many, but we take the time to listen, personalise our approach, and ensure every patient feels comfortable throughout their entire journey with us,” she adds. Balancing the personal touch with technological advancements is key to Cathedral Eye Clinic’s philosophy. “While maintaining

a personal touch is crucial, we also recognise the importance of evolving with the times,” says Joyce. “For our younger patients, who may prefer digital solutions, we developed an online portal that allows them to complete forms, make payments, and manage appointments seamlessly.” Located in the heart of Belfast, Cathedral Eye Clinic offers a comprehensive range of services, from routine eye care to advanced surgical procedures. “Our clinic’s highly skilled team includes nearly 50 professionals, from worldclass ophthalmic surgeons to optometrists, nurses, and clinical support staff. We work together to deliver exceptional care for a wide range of ophthalmic conditions.” Among its treatments are those for common eye conditions such as cataracts, glaucoma, and dry eyes, as well as advanced procedures like SMILE (Small Incision Lenticule Extraction) and laser eye surgery. Cathedral Eye Clinic was the first in Ireland to introduce this state-of-theart technique, which Joyce says has revolutionised laser vision correction. “SMILE is a faster, less invasive procedure, offering a quicker recovery time and better outcomes, particularly for patients with higher prescriptions or dry eyes. Our team has over a decade

of experience with SMILE, and our expertise in this field has earned us special recognition from Zeiss for our contributions to advancing this technology.” Joyce also highlights the clinic’s leadership, particularly that of Professor Moore, clinical director, who is passionate about staying ahead of the curve. “Professor Moore has always been committed to investing in the best equipment and staying at the forefront of ophthalmic care,” she says. “His dedication to continual research and development ensures we remain one of the most advanced clinics in Ireland.” Professor Moore’s leadership has also led to the introduction of specialised treatments, such as the innovative CAIRS (Corneal Allogenic Intrastromal Ring Segments) procedure, which Joyce describes as a breakthrough treatment for keratoconus – a progressive eye condition where the normally round cornea thins and bulges into a cone-like shape. “This minimally invasive procedure involves implanting donor corneal tissue into the patient’s cornea, offering quicker recovery times, fewer complications, and better long-term outcomes compared to traditional corneal transplants.” One of the clinic’s most significant achievements is its status as a fully equipped eye

FEATURE

hospital, with two state-of-the-art surgical theatres. “What sets us apart is not just the advanced infrastructure but also the expertise of our team. Our surgeons specialise in different aspects of ophthalmic care, ensuring we can treat a wide range of conditions with the highest level of expertise,” Joyce explains. A major milestone for Cathedral Eye Clinic over the past 17 years was the introduction of SMILE laser eye surgery in 2015, a move that solidified the clinic’s reputation as a leader in the field. “Professor Moore’s vision for bringing SMILE to Ireland was to offer the most advanced and least invasive solution for laser vision correction. Since then, we’ve treated countless patients, making us the most experienced team in Ireland for this procedure.” The clinic’s ongoing commitment to innovation is evident in its recent upgrade to the SMILE Pro system, which “has reduced the laser element of the procedure to just nine seconds, making the process faster, more precise, and more comfortable for our patients,” says Joyce. Cathedral Eye Clinic continues to push the boundaries of innovation with new surgical options for glaucoma patients. “We now offer minimally invasive glaucoma surgeries using the Itrack surgical system. These procedures aim to improve the natural drainage channels of aqueous humour and control intraocular pressure, offering safer and more effective treatment options for glaucoma patients.” Beyond medical tech, the clinic has invested in AI technology, including the TeleMedC AI-powered eye screening device, which has enhanced the clinic’s ability to detect and diagnose a wide range of eye conditions. “This technology allows us to provide exceptional speed and accuracy in diagnosing conditions like glaucoma, diabetic retinopathy, and macular degeneration. With the ability to

offer immediate results, we can intervene quickly, improving outcomes for our patients,” Joyce adds. Another key development in the clinic’s research efforts is its collaboration with academic institutions like Queen’s University Belfast and Aston University. “Through our Knowledge Transfer Partnership (KTP) with Aston University, we are exploring new ways to improve refractive surgery and develop AI-driven models to optimise treatment outcomes. These collaborations ensure that we remain at the forefront of global trends in ophthalmology.” The clinic’s ability to provide personalised care for a diverse range of patients is a hallmark of its success. “We offer specialised care for conditions ranging from simple refractive errors to complex diseases like glaucoma and macular degeneration. Our consultants and surgeons are experts in their respective fields, and we tailor our approach to meet the unique needs of every patient.” Over the years, Cathedral Eye Clinic has attracted patients from all over Northern

“People choose us because of our exceptional results, cutting-edge treatments, and personalised care.”

Ireland and the Republic of Ireland, with many travelling long distances for its world-class care. “Our patient base continues to grow, largely through wordof-mouth referrals and recommendations from other healthcare providers. People choose us because of our exceptional results, cutting-edge treatments, and personalised care,” says Joyce. Beyond clinical care, Cathedral Eye Clinic is actively involved in the community, particularly in supporting local grassroots sports clubs. “We have a long-standing tradition of sponsoring teams and events that promote health, wellness, and the spirit of community. By supporting initiatives that encourage a healthier lifestyle, we strengthen our connection to the local community and help develop young talent,” Joyce divulges. As Cathedral Eye Clinic celebrates its 17th year, she reflects, adding, “Our continued success is driven by our unwavering commitment to quality care, innovation, and a team of passionate professionals. We look forward to the next 17 years of providing the highest standard of ophthalmic care to our patients.”

SPONSORED FEATURE

IGNITE EMPIRE Business coach Mary Maxwell is the only female in Ireland and throughout the UK who is certified to facilitate Grant Cardone’s world-class, exclusive business programme. Best-selling business author, Grant Cardone, featured on the TV show ‘Undercover Billionaire’ and is the mastermind behind a multi-million dollar business. “I am a mother of four and work closely with my daughter, Chloe, who is making a significant impact in connecting Ireland and the UK to America. Myself and Chloe made a power move in December 2024 to travel to Arizona to attend the exclusive 10x stages event, which was no ordinary gathering. It was hosted by the legendary Pat Quinn and Pete Vargas – known worldwide for dominating stages across the globe. Chloe and I were the only two at the event representing Ireland, ready to absorb game-changing insights and tactics to conquer their own stages and leave a lasting impact.

Mary Maxwell.

Are you ready to build a high performance team that will take your company to the next level? Why not join forces with Ignite Empire and the Grant Cardone team in Miami to embrace the power of positivity and watch your potential and business soar. Are you also trying to achieve sustainable growth and strong financial performance for your business? If you are looking to take your business to the next level, our business assessment packages offer comprehensive analysis of your business that will provide valuable insights to help your business grow and succeed. Schedule a free 20-minute discovery call today and uncover your hidden pain points that are holding your business back. Let’s unlock your potential and take your business to the next level... don’t miss out on this opportunity to revolutionise your success.

Chloe Maxwell in Miami.

My mission is to prove that what others deem impossible, is actually within reach. I have defined the odds and shown the world what true dedication looks like. Standing out as a force to be reckoned with, my unique talent, expertise and determination has earned me this prestigious title.” Mary Maxwell, Ignite Empire. Join us at Grant Cardone’s last, exclusive event in Las Vegas, where you will join the ranks of top business mentors from around the globe. Seize this opportunity for unparalleled growth and success. Contact us at: Marym@grantcardoneteam.com “Ambition is the fuel that drives extraordinary achievements let ambition be your guiding force in reaching new heights of success.”

FEATURE

Navigating the New Reality – Tax and Succession Planning for NI Business Owners Alan Gourley and Gemma Johnson, tax experts at leading business advisory firm Grant Thornton, examine the implications for businesses in Northern Ireland following significant changes announced in the Autumn Budget. Considering some common scenarios, Alan and Gemma outline the new challenges business leaders face and steps they can take to manage tax and succession planning and safeguard businesses from potential liabilities.

ver the last 30 years, the UK inheritance tax (IHT) framework has prioritised business continuity, with reliefs such as Business Property Relief (BPR) being at 100%, allowing for the taxefficient transfer of business assets across generations. This is important for Northern Ireland (NI), which has a relatively high proportion of private/ family businesses. Over this period, the typical value of NI businesses has increased significantly, reflecting the global rise in asset prices, the increase in exports from NI businesses, and the growth in sectors such as software, financial services, and cyber security. To date, IHT exposure on business assets hasn’t been widely experienced in NI. However, the changes relating to business assets announced in the Autumn Budget will cause a shift and represent a new challenge for business owners here. This means that from April 2026, BPR will be curtailed significantly. Businesses valued up to £1m (per person) will be eligible for 100% IHT relief, but only 50% relief will be available on any value above this – leading to an effective IHT rate of 20% charged on any value above £1m

(per person) and exposing many business assets to IHT for the first time. Although IHT is a personal tax, where an individual’s estate includes valuable business assets, the tax liability will likely be funded from the business, leading to disruption and funding challenges. Therefore, the interplay between NI’s unique economic backdrop and these new changes to tax law has created an environment which requires business owners to approach succession and tax planning with a fresh perspective. This is best highlighted by considering some typical scenarios facing Northern Ireland’s business community. Scenario 1 – business owners who continue to retain assets Some business owners will have relied on the longstanding position that holding onto their business assets until death would allow for a tax-efficient transfer to their children. This approach, underpinned by the expectation of 100% IHT relief for their business assets, often shaped their financial and estate planning decisions. The fact that, for capital gains tax purposes, assets are rebased to market value on death will have helped to justify this position.

For these individuals; options are limited and continuing to retain business assets until death may come at a cost. The chances of surviving seven years (for a gifted asset to be outside of the IHT net) may be risky for these individuals, gifts made now will be subject to the new rules for deaths occurring after 5 April 2026. These individuals now need to review their position to make informed choices. Scenario 2 – a larger inter generational family business The large intergenerational family business is in many ways the cornerstone of NI’s economy. These businesses often span many generations, with family members taking on different roles as owners, managers, or employees. For such enterprises, succession has traditionally been relatively straightforward from a tax perspective, with leadership and ownership passing from one generation to the next, often through lifetime gifts or using trusts. These families may reconsider the structure and ownership of their businesses going forward. As every individual will have a £1m allowance, which will continue to attract 100% relief,

FEATURE

it may be the case that shareholdings become more widespread amongst the family and that alternative structures are used to restrict control and entitlement to value. Trusts may continue to be used as these can protect against unexpected IHT costs upon the death of a shareholder. Trusts are, however, subject to a tax charge every 10 years, which would result in a charge of up to 3% of the value of business assets. These charges can be modelled and provided for in advance and are often easier to manage than when IHT becomes payable when a shareholder dies. There is a window of opportunity to consider the transfer of shares into a trust before 5 April 2026 and still avail of 100% BPR. After this, creating a trust for such assets may result in an IHT charge. Scenario 3 – those who plan to sell their business in future Another common scenario involves entrepreneurs who build their businesses with the intention of selling in the future. These individuals often focus on growth, with a planned exit as the ultimate goal. However, the period before the sale poses a new risk in the event of an unexpected death. As the business increases in value, it becomes more exposed to potential liabilities. These individuals may want to consider protection for their families and the business in the event of their death, and may consider obtaining life insurance policies or restructuring options to help protect their business and financial interests during this critical phase. Following the sale of their business, these individuals will continue to have exposure to IHT but will have liquidity to cover liabilities. Cash balances typically provide more flexibility for IHT planning should they wish to mitigate their exposure with planning. It is clear that NI business owners face substantial challenges in this new era of tax rules. Options for planning to ensure that businesses are not disrupted by significant and unexpected tax charges should be explored and should ultimately be in line with the business owners’ objectives. By taking a proactive approach to tax and succession planning, NI’s business leaders can protect their families and interests, and ensure continued growth for future generations.

.... .... .... .... Apple Recruitment provide Temporary and Permanent Recruitment Solutions throughout Northern Ireland within the Professional, Commercial, Public and Industrial Sectors.

Trusted Expertise

The Core of Recruitment Excellence

Fast Results Top Talent

Est. 1952 .... .... .... ....

Pick Your Perfect Hire Today! caroline.parker@applerecruitment.com 028 9024 9747 www.applerecruitment.com

FEATURE

Tackling Currency Risk Kevin McNaboe, FX Sales Associate at Argentex, is at the forefront of the company’s expansion in Northern Ireland. With a deep understanding of the unique challenges faced by local businesses trading in multiple currencies, he is dedicated to helping companies manage currency risk and potential effectively. By Emma Deighan.

rgentex, a global expert in currency risk management, provides bespoke financial services to medium-sized businesses, helping them navigate currency

fluctuations. Since its 2012 founding and London Stock Exchange listing in 2019, the company has expanded internationally, with significant growth in Northern Ireland.

Kevin McNaboe, business development executive at the company, joined 18 months ago, bringing with him an understanding of the financial landscape in Northern Ireland. He begins, “The reason Argentex came about was because we identified a gap in the market where medium-sized businesses weren’t getting the services they needed. Smaller businesses were being well serviced by competitors, and larger companies were getting attention from their banks. This left a grey area in the middle, with businesses ranging from £5 million to £100 million in turnover, which were influential but not quite

FEATURE

presence in Northern Ireland.” Argentex offers a tailored approach to currency risk management. “A onesize-fits-all approach simply isn’t helpful,” Kevin continues. “We sit down with the CEO or COO of a business, get to know the ins and outs of their operations, and work out exactly what support they need. This way, we can offer something truly bespoke, especially for businesses that don’t have a finance team dedicated to managing currency risk. We essentially become their outsourced treasury department.” As Kevin explains, businesses in the import/export sector face particular challenges with currency fluctuations, and Argentex works closely with these companies to create risk management strategies that shield them from the volatility inherent in international trade. “We offer a number of products, and the key is understanding the unique needs of each business. Some businesses come to us with a fixed exposure, others with a strategy for budgeting rates that protect them from currency fluctuations.” Despite being a global company, Argentex ensures that it provides localised expertise to businesses in Northern Ireland. “Being from Belfast, I have a unique insight into the business environment here. I know where the pain points are,” he says. “While we’re a global company with a presence in multiple countries, we’re able to provide the tailored support that local businesses need.” For businesses operating across diverse geographical regions, the challenges of currency management can be significant. Northern Ireland, for instance, faces the unique situation of having two currencies on one island creating an inherent currency exposure for businesses that operate across the border. “But Northern

“A lot of companies may rely on technology alone, but at Argentex, we believe in the personal touch. We focus on understanding each client’s unique needs and providing a bespoke service backed up by technology.”

large enough to warrant the focus of traditional banks. That’s where we come in.” Kevin’s connection to Northern Ireland is personal. Having grown up in Belfast, he initially thought that his target market would be local. To his surprise, however, many businesses in the region were already clients of Argentex. “When I joined 18 months ago, I thought Northern Ireland would be my target market, but I quickly discovered that we already had a solid client base here. Since then, I’ve worked to build on that, expanding into sectors like start-ups, biotech, and health tech. Our goal is to continue growing our

Ireland is also a hotspot for foreign investment, which is bringing in euros and dollars,” Kevin explains. “Companies want to protect themselves from losing money on currency exchanges, especially when dealing with foreign investment.” Fintech plays a critical role in enhancing the efficiency and effectiveness of currency risk management. Argentex has invested significantly in technology to support its services, ensuring that businesses benefit from both a personal approach and the latest technological advancements. “We’re always moving forward, keeping pace with technological advancements to ensure that we can offer our clients the best possible service,” Kevin says. However, he emphasises that despite the increasing reliance on technology, the personal approach remains central to Argentex’s offering. “A lot of companies may rely on technology alone, but at Argentex, we believe in the personal touch. We focus on understanding each client’s unique needs and providing a bespoke service backed up by technology.” Looking ahead, Kevin highlights the importance of being proactive in managing currency risks, especially in the face of global uncertainty. “Instability in markets is a key trend that businesses need to be prepared for,” he says. “Whether it’s the instability in France and Germany, the ongoing conflict in Ukraine, or geopolitical tensions in the Middle East, there’s a lot of uncertainty that leads to market volatility.” With 2025 now upon us, Kevin sees continued uncertainty as a defining theme for businesses. “Instability and change are the key factors. Businesses need to be more proactive, have a plan in place, and work with experts like us to protect themselves from currency fluctuations,” he advises. For business owners new to managing global currency risks, Kevin suggests taking a proactive approach. “The first step is to be proactive, not reactive. You need to have a plan in place, set your budgeting rates, and ensure that your exposure is protected,” he says. “If you’re reactive, you could end up losing 5% on a currency fluctuation, which could have a significant impact on your bottom line.” For businesses seeking to better understand and mitigate currency risks, Kevin stresses the importance of working with a specialist. “It’s our job to help you understand and manage currency risks. You don’t need to be an expert – just reach out to us, and we’ll guide you through the process. Our goal is to make sure that our clients are well prepared for the fluctuations that can affect their business.”

FEATURE

Leading the Charge Ciaran Sheehan, managing partner at Clarendon Executive, notes a growing demand for leadership talent in an increasingly competitive market. He and Claire McKee, partner, discuss “Finding Leaders” with Emma Deighan.

larendon Executive, an esteemed executive search firm established in 2001 in Belfast, plays a pivotal role in finding leaders for Northern Ireland’s top businesses. The firm is headed by Ciaran, alongside Claire McKee and Joanne McAuley. With a portfolio comprising 75% private sector and 25% public and community leadership appointments, Clarendon Executive has built a reputation as a trusted advisor in the region’s executive search market. While specialising in executive search and selection, the firm is also renowned for appointing exceptional talent in non-executive roles. It enhances board capabilities by recruiting experienced non-executive board members and providing access to industry specialists who offer insights to help organisations adapt to global challenges. Additionally, Clarendon Executive serves as a specialist board advisor, focusing on developing high-performing boards through strategic appointments.

FEATURE

Reflecting on the past 20 years and the current market, Claire says: “As a business, we see increasing demand for leadership appointments across all sectors.” She attributes this uptick primarily to significant business growth, diversification, and an influx of inward and private equity investment. However, the candidate landscape has become increasingly competitive, with clear tensions across the market. Ciaran adds: “The pace of change in leadership demands has been unprecedented in recent years – transformation and innovation are central to almost all engagements we’re retained on, whether focusing on finance, digital, or people. ESG, regulation, and compliance have also evolved to have a seat at the executive level – roles that didn’t exist in company structures just five years ago. Over the same period, I’ve also noticed many local SMEs scaling and becoming world-class. These businesses are serious about investing in the best leaders.” So, how does the firm go about finding leaders, especially for roles that are new to the market? Ciaran explains: “It’s really about our ability to connect with people who might not be obvious or visible. Our process starts by shaping the brief from the client, whether it’s for a board or executive role. Then we go to market, leveraging our research capabilities and technologies, tapping into networks of people already on our radar, and discreetly connecting to present the opportunity. Our approach to executive search has been significantly enhanced by innovative assessment techniques and technologies, transforming what we offer.” He adds: “We often present these roles to people who aren’t actively looking, which can spark new thoughts about career moves. Northern Ireland has immense potential for significant economic growth, and while there are leadership challenges, we’re seeing that when people understand the opportunities, they’re inspired to take action.” In a market where the available leadership talent pool is in short supply, Clarendon Executive has its work cut out. Claire continues: “We have a broad, wellestablished network that we work hard to cultivate and are constantly in touch with.” With advancements in technology, Clarendon Executive has integrated AI-powered tools into its headhunting process, transforming the search for top candidates. “We have sophisticated search capabilities using diverse data sets,” Ciaran explains. “We can identify candidates beyond LinkedIn and our own contacts, so if you’re in a specialist job in a high-growth

sector, the reach is limitless.” However, he notes that the real challenge is “not just finding them; it’s making them excited about roles,” with companies increasingly aware of the global competition for top talent. “We’ve still got work to do to open minds and create meaningful opportunities.” The pandemic has also shifted the landscape, with many professionals returning to Northern Ireland while maintaining roles with businesses elsewhere. Claire says: “We’ve seen many come back and continue roles in places like GB or beyond – COVID allowed people to return.” This shift, she explains, presents “a whole new audience” to Northern Irish firms, who can now tap into this talent pool. “It’s about harnessing and attracting that interest into indigenous Northern Irish firms and on the island as a whole,” she says, creating fresh opportunities for local businesses and returning talent alike. And on the subject of working across multiple jurisdictions, Claire is optimistic about NI Chamber’s mission for business growth that includes an all-Ireland task force. “We’re seeing a growing number of roles with an all-island focus, with people employed on an all-Ireland basis, and that dual market is a real advantage. The Chamber’s call for an All-Ireland Mobility Task Force aims to facilitate talent movement and ensure a connected approach from the top down.” The need for greater collaboration within the market is also evident, to truly drive the region’s competitive advantage.

Success has been seen across sectors such as manufacturing and fintech, where clusters of excellence have driven innovation. There is still much potential for greater collaboration on an all-island basis, particularly between the public and private sectors. Looking to the future, Clarendon Executive sees agility, resilience, and a strong grasp of technology as essential traits for emerging leaders. “The pace of change is incredible, and the demand for transformation, particularly in the private sector, is intense,” says Ciaran. “Leaders who can embrace change, adapt to technology, and demonstrate resilience are in high demand.” Clarendon Executive is also seeing the value non-executive directors bring to the table. “When we place the right nonexecutive directors on boards, the growth potential for Northern Ireland companies is exceptional. We have many examples where the appointment of non-executive directors has been transformative. We continue to see rising demand from SMEs to build solid governance structures that enable sustainable or transformational growth, and this is something we’re genuinely excited about,” he adds. As a long-established market leader, Clarendon Executive takes pride in its executive search approach. “We’ve led the executive search market for over 20 years, but we continue to work hard to develop and evolve in a very dynamic and competitive market.”

“We often present these roles to people who aren’t actively looking, which can spark new thoughts about career moves. Northern Ireland has immense potential for significant economic growth, and while there are leadership challenges, we’re seeing that when people understand the opportunities, they’re inspired to take action.”

First Choice Selection Services

028 9031 3693 info@ﬁrst-choice-rec.com www.ﬁrst-choice-rec.com

MAKE US YOUR FIRST CHOICE FOR RECRUITMENT We are a diversified staffing organisation dedicated to providing the highest quality staffing services, with a commitment to excellence for our clients. We offer temporary, permanent, and contract staffing solutions to a range of companies throughout Northern Ireland within the Industrial, Healthcare, Commercial, and Professional sectors.

Industrial Healthcare Commercial Professional

FEATURE

Destination Down Royal: a corporate event with a difference F

or a standout corporate event, Down Royal Racecourse is the great choice. With a mix of heritage, modern facilities, and easy access, it’s redefining the corporate event experience. Chloe Ferris, the new commercial director there, explains. Chloe Ferris joined Down Royal as commercial director in November last year, bringing with her over 15 years of experience in brand development and strategic growth across various industries, including large-scale tech events and roles with the Northern Ireland Chamber. For Chloe, the role at Down Royal is more than just a job – it’s a passion. “I’ve been an avid race fan for years, so coming to Down Royal is a perfect blend of work and personal interest for me, and my family,” she says. “The venue’s heritage, its iconic status, and the opportunity to grow the business and brand are incredibly exciting.” She says her first taste of a race meeting on Boxing Day solidified her enthusiasm for the role. Down Royal Racecourse has been a hub of activity since the 17th century, bringing the ‘Sport of Kings’ to generations here. While its historic roots are undeniable, the venue also boasts state-of-the-art facilities that cater to modern needs, including the needs of the corporate event organiser. “Down Royal is the only racecourse in Northern Ireland that hosts both jump and flat racing. With 14 fixtures year round, including prominent events like the Grade 1 Ladbrokes Champion Chase in November and the Boylesports Ulster Derby in June, it’s a destination for racing enthusiasts and a landmark in Irish sporting culture,” Chloe continues.

FEATURE

While Down Royal is renowned for its racing heritage, its corporate offering is equally impressive and there for the taking. The venue’s versatility allows it to cater to a wide range of events, from intimate board meetings to largescale conferences and team-building days. “We tailor everything to meet the specific needs of businesses. On race days, companies can enjoy corporate hospitality, combining the thrill of racing with a memorable day out for teams and clients. On non-race days, our many spaces transform to host events for anywhere between 40 and 500 people, with the capacity to scale up to 2,000 using outdoor areas and marquees,” Chloe says. Situated 20 minutes from Belfast and 35 minutes from Newry, Down Royal is easily accessible via motorway, with ample free parking on site. It’s this convenience that is a significant draw for businesses looking to escape the congestion and parking challenges of some other options on the menu. “We’re ideally located for cross-border business too,” Chloe adds. “It’s just over an hour and a half from Dublin, and with great links from Newry, it’s a fantastic option for companies.” The venue’s flexibility extends to its catering options, provided by Craft Catering. From sit-down three-course meals to lighter fare like tea and sandwiches, Craft can accommodate any dining experience, ensuring it matches the sophistication of the event. Down Royal’s picturesque surroundings and adaptable spaces encourage creativity and innovation in event planning and it’s these USPs that Chloe is excited to sell to the business market. “We understand that each event is distinct,” she adds. “Our goal is to support clients in bringing their visions to life, whether it’s a unique networking event, a team-building day, or a formal corporate gathering.” The venue’s outdoor areas add another

dimension, offering opportunities for large-scale gatherings or activities. “NI’s weather can be unpredictable, but our marquees ensure the event can go on.” Down Royal’s versatility is exemplified by the diverse events it hosts, even beyond the horse racing world. “In addition to racing, we’ve successfully held events like the Dog Royal dog show and the Down Royal Motor Show,” Chloe notes. “These events highlight the range of possibilities our venue can accommodate.” Chloe’s extensive background in event planning gives her a unique perspective on client needs. “Having worked on the other side, I know what it takes to make an event successful,” she says. “Our team is committed to supporting clients every step of the way, ensuring their events run smoothly and meet their expectations.” This dedication to excellence is part of Chloe’s vision for expanding Down Royal’s corporate market. “We’re looking ahead to 2025 and beyond, aiming to attract more businesses to experience what we offer. We want to encourage those who haven’t sampled racing before to come and feel the electric atmosphere on race days. Even on non-race days, we’re here to host

their events. It’s about showing businesses what’s possible.” The combination of Down Royal’s historic charm and modern amenities makes it a standout choice for corporate events. Chloe is keen to emphasise this: “Where else can you find a venue steeped in history that also offers cutting-edge facilities? Down Royal is a place where heritage meets innovation, and that’s something we’re incredibly proud of.” For Chloe, the most rewarding part of her role is helping organisations bring their event visions to life. “There’s nothing quite like seeing a meticulously planned event unfold successfully. It’s fulfilling and rewarding to be part of that journey,” she says. “We’re here to ensure every detail is perfect, from the initial planning stages to the final execution.” As Down Royal continues to grow its corporate offering, Chloe has a clear message for businesses: “Come and see what’s possible. Whether it’s a race day or a bespoke corporate event, we have the facilities, expertise, and passion to make it unforgettable. Escape the city, avoid the traffic, and discover the charm and convenience of Down Royal.”

Would you like to reach over 12,000 business people in Northern Ireland? NI Chamber provides members with the opportunity to target individuals from the NI business community via a dedicated eshot service.

Get in touch

Send Email

Schedule a date for your email to go out.

We will send your email out to a database of business contacts.

Reach 12,000

Send Stats

Reach the inboxes of senior business people.

Track the success with a report on the click throughs and opens.

ONLY £900 + vat

TO B O O K CO N TAC T TH E M E M B E R S H I P T E A M E: Caroline.Coyle@northernirelandchamber.com T: 028 9024 4113 Advertising Terms & Conditions Apply

FEATURE

Banking on Growth John Mathers has taken the helm as head of Barclays Corporate Banking in Northern Ireland, bringing with him a wealth of experience and a clear vision. Here, he talks to Emma Deighan about the bank’s plans for growth.

FEATURE

ohn Mathers’ role as head of Corporate Banking was announced last year, marking his transition into the position at a pivotal time for both the bank and the wider Northern Ireland business community. With his background, expertise, and enthusiasm, he is poised to build on Barclays’ strong foundation and propel the corporate banking division to new heights. John began his career as a chartered accountant, training with Deloitte before transitioning to banking in 2007. His career includes an eight-year tenure at Bank of Ireland (BOI), where he worked within the business and corporate banking team. “At BOI, I was focused on the mid-corporate space,” John explains. “When I joined Barclays in 2015, the opportunity was to expand that mid-corporate offering. At the time, Barclays in Northern Ireland was historically known for large corporate, big-debt deals.” Initially tasked with growing Barclays’ midcorporate client base, John successfully expanded the client base before moving into the large corporate team. His journey through these roles has provided him with a comprehensive understanding of Northern Ireland’s business landscape and the challenges and opportunities it presents. “I’ve been fortunate,” he reflects on his career to date, “I had the chance to work on some deals before the financial crash. The opportunity, and challenge, to grow market share made the move to Barclays feel like a natural progression.” When asked what excites him most about his new role at Barclays – a bank that has grown its corporate client base here dramatically since entering the market two decades ago – John is quick to highlight the team’s strength and the strategic opportunities for growth. “We have a fantastic team,” he says. “Adrian Doran, my predecessor, was instrumental in building a team that is experienced, hardworking, and enthusiastic.” John’s expectation for growth and success isn’t just a Northern Ireland aspiration; those at the top are equally inspired by the potential the bank has here. “Barclays’ executive committee recently held their offsite in Belfast, and I presented on the opportunities here. We’ve almost doubled our client base in the last three years and are making a significant investment in continuing to profile our local industry expertise and hiring new talent following our recent move to the Ewart office.” Team growth is a critical component of John’s strategy. Barclays has recently expanded its Corporate Banking team and plans to recruit

further. “We’re actively hiring for the best talent,” he adds. “We’re looking for people with strong client service skills, financial analysis expertise, and a deep understanding of credit. Ultimately, it’s about being responsive to our customers.” This expansion reflects Barclays’ broader ambition to strengthen its position in Northern Ireland. “In England, Barclays is one of the primary banks,” John says. “Here, our market share is smaller but has been growing strongly with room for further growth.” Barclays has made remarkable strides in Northern Ireland - John attributes this success to the bank’s comprehensive offering and its ability to adapt to market challenges. “We navigated some tricky times well, including the impact of the pandemic on our clients,” he says. “Some businesses were facing tough conversations with their banks, and I feel that we earned a solid reputation for how we managed that time.” The bank’s technology platforms have also played a crucial role. “With the recent changes to base rate, our clients have the potential to earn interest on surplus cash,” John explains. “Our treasury management systems are designed to help clients to manage their cash efficiently, which has been a key differentiator.” Recent high-profile deals further illustrate Barclays’ impact. “We supported Pivotal, a local cash management business, in its acquisition of a GB-based business and also funded the operators of Belfast’s oldest tavern, Whites, to acquire the freehold of the complex,” John says. “These are just a couple of examples of how we’re helping businesses achieve their goals.” Barclays’ commitment to research and thought leadership is another area where the bank stands out. “We’ve recently conducted a Northern Irelandspecific survey in partnership with The Times,” he says. “Almost half of the businesses surveyed said they plan to expand, while 86% identified embracing digital transformation as a key challenge. We’ve used these insights to engage with trade bodies like NI Chamber and the CBI, advocating for pro-business policies.” The bank’s industry-aligned research spans sectors such as manufacturing, technology, and education. “We previously published a report on AI in the tech sector, featuring a case study from KX, a business headquartered in Newry. It’s this kind of thought leadership that allows us to bring valuable insights to our clients, leveraging Barclays’ extensive network and expertise.”

“We’ve almost doubled our client base in the last three years and are making a significant investment in continuing to profile our local industry expertise and hiring new talent.”

FEATURE

With a significant uplift in new funding limits approved through 2024, Barclays is actively enabling businesses to dust off investment plans. “The last eight years have been marked by uncertainty,” John says. “But as conditions have stabilised, we’ve started to see a resurgence in business confidence. Investment plans previously shelved are now coming to fruition.” We’ve also seen recent growth in both the renewables and sustainability sectors with some of our clients investing in machinery that is more energy efficient and solar panels to control costs, and this trend may continue.” He also highlights the potential for Northern Ireland’s retail and wholesale sectors, particularly in light of the Windsor Framework. “With access to both UK and EU markets, Northern Ireland is uniquely positioned to attract investment, including from US companies looking for a base here,” he explains. Improving economic conditions, such

as easing borrowing rates and slowing inflation, are influencing businesses’ confidence to invest. “To help unlock growth, our £22bn Barclays Business Prosperity Fund is available for refinancing of existing facilities and new lending. This is available for new and existing Business Banking customers and UK Corporate Banking clients, and we’re committed to ensuring Northern Ireland benefits from this.” Digital transformation is another priority for Barclays. “Our goal is to help businesses embrace digital technologies, particularly in sectors like manufacturing where automation can drive efficiency.” Looking ahead, he’s optimistic about 2025 and beyond. “2024 was a year of investment and change for us – new leadership, new offices, new hires,” he reflects. “In 2025, we’re well positioned to build on this momentum and continue growing our market share.” A commitment to client satisfaction remains at the heart of Barclays’

approach. “We regularly conduct independent client satisfaction surveys, and I’m proud of the strong feedback the team in Northern Ireland receives. Clients value our proactive approach and responsiveness, which I believe sets us apart in the market.”

“Our goal is to help businesses embrace digital technologies, particularly in sectors like manufacturing where automation can drive efficiency.”

Growing Your Business With Equity Funding

FEATURE

By Gemma Hamilton, BGF

quity investment can be a powerful engine for business growth. It is a form of finance in which an investor provides capital to a business in exchange for an equity/ ownership stake. The capital provided can help your business accelerate its growth plans and provide that funding required to expand, innovate and compete, or provide cash out to de-risk and help with succession planning. However, it’s not only the money the investor will bring, but often they will bring valuable expertise and networking opportunities. Some business owners are still unsure of what taking equity investment might mean for them. So, alongside NI Chamber we hosted an event in the autumn at which we discussed with Woodland Kitchen’s CEO, Connor McCloskey, his experience with equity funding and the journey he went through to successfully acquire JTC Furniture Group. Woodland Kitchens, a prominent Northern Irish manufacturer and supplier of kitchen, bedroom and bathroom furniture, had their first encounter with equity funding early last year when they agreed a deal to acquire Dundee headquartered JTC Furniture Group in a transaction backed by BGF. BGF is one of the largest and most experienced growth capital investors in the UK and Ireland, backing entrepreneurs and innovators across different industries and sectors with investments between £5m-30m. BGF has a local team based in Belfast and has invested over £90m into 10 companies across Northern Ireland. Starting as a discussion about potential succession planning, the conversation changed to look at funding to complete an acquisition in Scotland, which grew from open and honest conversations around new opportunities which could be available in the market. Woodland had a long-term track record of growth, reaching £25m in turnover before their acquisition. The partnership with JTC was a move that made perfect

sense in terms of scale, common values, capabilities and level of ambition. Both businesses complemented the other’s offering, and they weren’t direct competitors because they operated in slightly different markets, but together they would be able to win an even larger proportion of market share. BGF supported Woodland from the initial information gathering right through to the due diligence process and finding the right non-executive director. Initial hesitations around equity funding aren’t uncommon and Connor highlighted during the event that as a family business he was unsure about having an external investor and “outsider” on the board and if it was the right move for them. After conversations with others who had secured equity funding and shared their experiences, he decided that BGF provided more value than just the money. The expertise that BGF would bring to Woodland would be essential for the business to complete a successful acquisition and strengthen their growth plans. BGF only takes minority equity stakes in businesses, so Connor was reassured that the family would retain majority ownership and control, and Woodlands wouldn’t lose its culture and spirt.

With the help of BGF, Woodland Kitchens successfully acquired JTC. The acquisition has allowed both Woodland and JTC to capitalise on the benefit of the group’s newfound scale to continue to enhance its product range and service levels to their respective customer bases. The combined business now has turnover in excess of £50m. Reflecting on the acquisition during the event, both parties highlighted the importance of preparing for an equity investment. Before completing a deal, investors will want to carry out due diligence to understand your business and operations and also the future potential and overall growth strategy. Bringing on an investment partner is a big decision for a company, especially a family-owned one, so it was also imperative to talk to others who have been through the same journey and learn from their experiences. Equity investment fosters sustainable business growth by aligning investor interests with company success and provides the essential capital needed while unlocking valuable expertise and networks. We are seeing more and more companies in Northern Ireland being backed by capital investors like BGF and we are excited for the future supporting more businesses in Northern Ireland.

FEATURE

Derrylin Pizza Brand’s Global Rise Crust & Crumb, Ireland’s largest manufacturer of pizza and garlic bread products, has grown from humble beginnings to become a global industry leader. Mark McCaffrey, director of Crust & Crumb, speaks with Emma Deighan about the company’s remarkable journey and its ambitious plans for a future that’s already making a global impact.

FEATURE

f you’ve eaten a pizza or flatbread from a supermarket or symbol group’s own range, whether that’s its ‘finest’ model or regular brand range, you’ve most likely sampled the wares of Derrylin-based Crust & Crumb, the firm whose ascent is as impressive as its product portfolio’s success. “We started in 2013, making chilled pizzas in an old schoolhouse in Derrylin Village,” Mark McCaffrey, director of the business, recalls. “Our primary market was retail here, but by 2015, we expanded to the Great Britain (GB) market.” This growth led to the opening of a second site in Derrylin, as the company broadened its market reach. In the years that followed, Crust & Crumb’s dedication to innovation helped it stay ahead of the curve. “We converted the old site into a gluten-free facility, which was a game-changer as glutenfree products surged in popularity,” Mark explains. The company’s product portfolio now includes tortillas, wraps, and a wide range of gluten-free and vegan options, reflecting changing consumer preferences – a move that has undoubtedly kept it at the top of its game. Today, Crust & Crumb operates seven state-of-the-art factories and employs over 1,000 people. “Our fastest growth has been in the GB market,” Mark says. “It wasn’t easy to get into that market because there were a lot of competitors already there, but our products were on trend, and we started supplying the discount market first which helped. Our ability to adapt and innovate has been key to our success.” He says that step into the discount market came at a time when spending sentiment was low, not long after the recession, and when consumers really turned to the discounted supermarkets. The company’s innovation centre serves as a hub for creativity, keeping Crust & Crumb at the forefront of food trends. “Our innovation team tracks global trends, processes data, conducts field trips, and develops products tailored to market demands,” Mark explains. “For example, our protein-infused product range, which incorporates protein isolates into dough and toppings, has been very popular.” Food trends, much like fashion, evolve rapidly and the team in that innovation centre are ahead. Mark continues, “We’ve seen everything from deep-pan pizzas to thin Italian crusts and now cheese-stuffed crusts. Staying ahead requires constant

“Our innovation team tracks global trends, processes data, conducts field trips, and develops products tailored to market demands.” innovation.” The company’s commitment to that innovation ensures that its offerings, from vegan to high-protein options, cater to diverse consumer needs. Sustainability is a cornerstone of Crust & Crumb’s operations. “In 2018, we installed our first wind turbine to power the factory in Derrylin,” Mark says. “We also introduced wood-fired ovens using timber waste from Italy, replacing fossil fuels.” The company’s waste management system converts production waste into animal feed for local farmers, embodying a circular economy approach. Crust & Crumb’s green initiatives also extend to electric company cars and charging points. He says sustainability isn’t just a buzzword for the business but part of the company’s makeup, much like its culture and ethos. Crust & Crumb doesn’t use agency staff or zero-hour contracts. It has tailored its workforce to encourage disabled people into the workforce and it offers flexible employment opportunities to really allow it to tap into talent locally. ‘Many of our managers started from the ground up, and we’ve developed a strong leadership team,” Mark adds. The business is also rooted in its community. “We engage with local schools, women’s groups, and clubs,” Mark adds. “Schools often visit our factory, where children can make their own pizzas and learn about our operations. It’s a way to lift the community and inspire the next generation.” The company’s commitment to regeneration extends to supporting local projects and creating employment opportunities. “Being on the border, we’ve opened sites in the south of Ireland to access a broader talent pool,” Mark adds. “This flexibility has been crucial in

overcoming workforce challenges.” Like many businesses, Crust & Crumb has faced significant challenges. “Brexit has made the UK a more difficult place to do business,” Mark says. “The lack of availability of a workforce, corporation tax, and rising national insurance costs add pressure to our cost base.” Despite these hurdles, the company continues to expand. “We’re strong in the Middle East, Europe, and Australia,” Mark notes. “Our next big growth area is the US.’ He hints that the company would consider opening a base there where it already “has people on the ground”. Crust & Crumb’s agility and customerfocused approach have been critical to its success. “Our customer base is like a partnership,” Mark explains. “We work closely with them, from daily conversations to bespoke product development. This adaptability allows us to grow while meeting retailer demands.” Looking to the future, Crust & Crumb plans to build on its success. “We have seven factories now, and there’s no reason we can’t have 10,” Mark says. “Our growth will follow market demand, and we see significant potential in chilled products and international markets.” Mark’s vision extends beyond business growth. “I want Northern Ireland to be an attractive place to do business,” he shares. “Recent moves have made it challenging, but being from here, I want to see my home as the best place for business. That’s what drives us to keep growing and innovating, but with things like rising corporation tax, National Insurance, a reduced labour market, it may not be possible to do more of that here.” The company’s future growth is most likely to be global, but at the heart of that growth will always be its Derrylin beginnings, and base from which it will continue to set industry standards alongside a focus on sustainability, a strong ethical foundation, and a commitment to innovation.

“We have seven factories now, and there’s no reason we can’t have 10.”

FEATURE

Steer Clear of Cyber Attacks T

he Northern Ireland Cyber Security Centre (NICSC) assists small organisations, charities, voluntary sector and citizens to protect their technology, systems and data from cyber attacks. The Cyber Security Breaches Survey 2024 reported half of businesses (50%) and around a third of charities (32%) report having experienced some form of cyber security breach or attack in the last 12 months. A cyber attack can be devastating for a business, with loss of data and finances, disruption to services and reputational damage. Cyber criminals study human behaviours and look for vulnerabilities in businesses’ IT security to gain access to sensitive data – such as customer email addresses, contact details or bank details. They will use this information to exploit organisations and their employees, through ‘phishing’ emails and fake ‘smishing’ text messages. The most common cyber threats are relatively unsophisticated, so government

guidance advises businesses and charities to protect themselves using a set of “cyber hygiene” measures, including updated malware protection, password policies, cloud back-ups, restricted administration rights and network firewalls. The NICSC provides free cyber security awareness training and promotes best practice to support small organisations to be more cyber safe, secure and resilient. Please contact the NICSC on info@ nicybersecuritycentre.gov.uk to find out more details on how we can help your business or visit our website www. nicybersecuritycentre.gov.uk CYBERNI WEEK Mark your calendars. The NICSC is leading the coordination and delivery of the CyberNI Week initiative which will take place across Northern Ireland from 3 -9 March 2025. A wide range of events will be taking place across government, industry, academia, and the charity and voluntary sector, with the aim of further strengthening our collaborative

commitment to raising cyber security awareness locally. One event of note for small organisations – ‘Protecting Your Organisation in the Digital Age’ – will be held virtually on Monday 3 March. This event is designed to help equip organisations with the knowledge and practical steps to enhance their cyber security posture and build resilience against common cyber threats. Participants will gain an understanding of current cyber threats, learn basic security best practices and discover steps to safeguard their data. Visit the CyberNI Week section on our website www. nicybersecuritycentre.gov.uk for more information on this event and others taking place during CyberNI Week 2025. Follow the NICSC social channels to find out more confirmed events over the coming months on X at @ NICyberSC, Facebook and LinkedIN using the handle NI Cyber Security Centre.

FEATURE

New Logistics Partnership Brings Trading Benefits For NI Businesses Trading with mainland UK and other European markets has just become much easier for Northern Ireland businesses, thanks to the benefits of a new logistics and distribution partnership involving one of the province’s most successful transport companies.

oodside Logistics Group has become the latest member of the award-winning Palletforce express distribution network, the market leader in the delivery of palletised goods. The partnership provides NI companies, especially those involved in manufacturing, retail, FMCG and eCommerce, with exciting trading and growth opportunities by opening up seamless connections across UK, Irish and European customers.

Headquartered in Ballynure, and with operational depots in Preston and Dublin, Woodside Logistics Group was established in 1967 by Robert and Ian Woodside. The group employs over 700 staff and operates over 300 vehicles and 850 trailers across general haulage, car transportation, bulk powder and liquid logistics. It also provides a range of customs services and global freight forwarding solutions. Today Robert’s son Simon is managing

director of the Woodside Distribution division, a specialist in the movement of palletised freight between UK and Irish markets. As the exclusive Palletforce member for Ireland, it will handle the network’s operations in both Northern Ireland and the Republic of Ireland, using a dedicated fleet of Palletforce branded trucks and delivery vehicles. The Palletforce network consists of 120 member businesses operating from over 150 depots across the UK.

FEATURE

quality distribution service that enables business growth and prioritises sustainability, by reducing delivery miles. Each member business delivers full trucks of freight to the central Palletforce SuperHub, where it’s sorted and dispatched to all areas of the UK. “The 620,000 sq ft SuperHub is the largest of its kind in Europe and benefits from the latest technology allowing us to offer a new level of freight visibility to our customers to keep them connected to their goods at every step of the way. “From live tracking updates, real-time ‘pallet selfie’ images of every pallet of freight passing through the SuperHub, the use of AI to predict potential delivery problems before they happen and delivery point images, Palletforce is renowned for leading the sector when it comes to pioneering technology.

With collections and deliveries to every UK postcode every day, Palletforce handles goods for 15,000 daily customer accounts. It offers a sustainable and costeffective distribution solution for both SMEs and larger business, with customers having the flexibility to easily scale up and down their delivery volumes with no commitment. “We are delighted to have joined the Palletforce network. As a family business, we share similar synergies around customer care, service excellence and providing a hassle-free approach,” explained Simon Woodside. “The Palletforce network operating model focuses on delivering a high-

“It’s also the only network of its kind able to offer emissions reporting for each individual consignment, helping customers report on their Scope 3 emissions.” Woodside’s decision to join Palletforce was based on the close alignment of business values around trust, service and a culture of delivery excellence. The new partnership will also help create operational advantages for Woodside and its customers as they benefit from the extensive Palletforce network, infrastructure and expertise across mainland UK and into Europe. “Palletforce members share a similar ethos to us by focusing on delivering a quality service by adopting a customercentric approach. They are all wellestablished regional logistics specialists so customers can be assured of the highest service levels, with the goods delivered by local experts with unrivalled market knowledge. “Palletforce has daily connections into most European countries so we will be able to offer our customers across NI a seamless way to connect to a range of domestic and international markets, once again enabling growth opportunities. “So whether you’re sending anything from half a pallet of freight to a full truck load, we have a range of costeffective and sustainable solutions to help B2B and B2C businesses reach their customers.” The partnership also provides Palletforce customers in the UK with hassle-free deliveries across Ireland, with

“Palletforce has daily connections into most European countries so we will be able to offer our customers across NI a seamless way to connect to a range of domestic and international markets, once again enabling growth opportunities.” Woodside’s simplified processes and enhanced customs clearance providing them with a marketplace advantage and an unrivalled and streamlined service for freight distribution across the island of Ireland. “Our expertise in handling freight crossing the Irish Sea and focus on simplifying the processes around customs clearance will provide Palletforce members with the confidence to offer a market-leading solution across Ireland, opening up new trade opportunities and optimising supply chains. “We’ve invested in additional vehicles, extended our cross-dock facilities in Ballynure to handle more freight and recruited additional staff to bolster our customs clearance and customer service resource. “We are excited by the opportunities it creates for us as a business and the additional benefits it brings to our own customer base with access to a marketleading network. Movement of goods into and out of NI has been simplified and now we are in a prime position to help NI businesses really capitalise on the trading opportunities that were maybe seen as being too difficult or too much hassle previously. “I genuinely believe we offer a fantastic range of logistics solutions that bring an unrivalled level of service and expertise to our customers and help drive their continued growth and success,” added Simon.

FEATURE

Cutting Through the 2025 Tech Hype Tim Richardson, VP & CTO at Telefónica Tech UK&I

FEATURE

im Richardson works at the intersection of business and technology, helping to solve complex business challenges through the innovative application of technology. It’s the time of year when conversations among technologists, like me, are awash with predictions about how the latest technology will revolutionise business. From Agentic AI and Spatial Computing, to polyfunctional robots, human machine interfaces, and quantum computing breakthroughs, the discussions are full of exciting possibilities. It’s easy to get wrapped up in the hype and overlook the fact that the key to navigating this landscape lies in focusing on problems first, then aligning the right technologies to address them. Take some of the early forays into generative AI; these often focused more on the desire to deploy any AI capability for the sake of having it, rather than the value it would provide. The most impactful advancements are unlikely to be those that consume the most airtime, but those that address pressing business needs with practical solutions, and that deliver measurable outcomes by building on the infrastructure and capabilities that already exist. Take artificial intelligence, for instance. While the idea of Agentic AI, goal-oriented systems that autonomously make decisions and act upon them, is already consuming much of the conversation, its practical application will be out of reach for most businesses in 2025. The problems we’re still helping many businesses with include improving their levels of data literacy, and getting their data into shape so that they have the high-quality, reliable, and accessible data which is the lifeblood of AI. Only then will they be able to meaningfully apply its capabilities for high-value initial use cases, predominantly in content creation, customer service and support enhancements, and business decision support. Very real problems for 2025 are rising labour costs and persistent skills shortages. Rather than businesses opting for AI agents in place of humans, they will increasingly adopt AI Copilots to assist workers, shifting the mundane activities to AI, and elevating the value of the human effort. There will be more focus this year on the structured approaches for identifying highvalue use cases and measuring ROI, which can often be complex and nuanced. Equally critical is the emphasis on change management to integrate AI effectively into workflows, and the governance of AI, ensuring that the technology is well understood, embedded seamlessly, trusted, and used responsibly. This will address major shortcomings from last year, when deployments often failed to meet expectations or raised concerns about their practical use and governance, ultimately preventing many

initiatives from progressing beyond the pilot stage. The same problem-first approach applies to cyber security. The immediate priority in 2025 remains tackling the increasing number of sophisticated cyber threats, resulting in part from ongoing geopolitical instability. Unsurprisingly, AI has a part to play here too. As digital ecosystems become more interconnected, risks from cyber threats like data breaches and disinformation campaigns have increased. Advancements in AI-enabled tools, capable of detecting and responding to anomalies in real-time, and identifying AI-generated disinformation, are of increasing mid-term value. Especially when coupled with zero-trust architectures that assume no user or device should be trusted by default, even if they’re inside your network. Cloud computing is another area where practicalities need to remain at the forefront. AI dominates the tech trends conversation here too with its integration into cloud services, impact on energy consumption, development of more powerful compute infrastructure, and even the concept of nuclear-powered hyperscale data centres. However, many businesses we work with are still tackling a more fundamental challenge: controlling their cloud spend. There’s a clear synergy between controlling costs and minimising environmental impact. Modernising applications inherently reduces their resource consumption. Businesses can not only lower their spending but also decrease the energy usage and in turn the carbon emissions associated with cloud operations. This is where GreenOps, the practice of optimising cloud infrastructure to minimise its carbon footprint, is set to become more prominent in 2025. Sustainability is now a near-term business imperative, with emerging regulations pushing companies to adopt ecofriendly practices and cloud solutions that meet both operational and environment sustainability goals. By contrast, technologies like spatial computing, polyfunctional robots, and neurological enhancements offer exciting potential. However, their mainstream practical impact in 2025 will be limited because they are not yet addressing widespread, urgent business problems. For most businesses, they remain areas to watch, but not to prioritise. While these emerging technologies may captivate attention, we need to remember; problem first, then technology. What ties these practical technologies together is their focus on solving real problems. They don’t demand an overhaul of existing systems but build on what organisations already have. They align with current priorities – growth, efficiency, resilience, sustainability, and deliver results that can be measured within months, not years.

FEATURE

Greiner Packaging: Redefining Plastic Use Paul Millar, general manager at Greiner Packaging’s manufacturing facility in Dungannon, County Tyrone, knows that plastic often gets a bad reputation. Yet, under his leadership, the company is working tirelessly to change perceptions and pave the way for a more sustainable future.

FEATURE

“

e’re a €2.2 billion business, owned by the Greiner family for 150 years,” Paul begins. “Our Dungannon site, operating for over 50 years (a few of those decades were under Wilsanco before Greiner’s acquisition), plays a crucial role within the group as the only location supplying the UK and Ireland markets. Here, we specialise in plastic packaging for fast-moving consumer goods, with a particular focus on the dairy industry, like yoghurt pots, and more recently branching into non-dairy, chilled foods and meat products.” Plastic is undeniably a versatile material, but its environmental impact is a major concern. Greiner Packaging aims to address this through a circular approach, having already invested heavily in ways to make its products more environmentally friendly. “Plastic gets a huge degree of negative press, but it’s an incredible material when used responsibly,” Paul continues. “Our focus is on creating circular streams where plastic can be brought back, reused, or remade into new products. This isn’t just about recycling—it’s about rethinking how we use plastic.” The company is investing heavily in systems to make this vision a reality. For instance, it is pioneering efforts to develop reuse models and reduce the weight of its plastic products. “We want to create a network for cups and trays that brings them back into the system, but the current recycling infrastructure isn’t there just yet,”

Paul explains. “In the meantime, we’re working on consumer engagement and keeping production as localised as possible to minimise our carbon footprint.” With 300 employees, the Tyrone branch is a hive of activity, from shop floor operatives to highly technical engineers and R&D teams. “We’re a collaborative site,” Paul says, highlighting the benefits of being part of a global operation. “Shared learnings across our sites enable us to move faster and innovate. It gives us the ability to see what’s coming, not just in Northern Ireland, but globally.” This global perspective drives the Tyrone base’s sustainability efforts. While Europe is leading the way with packaging directives, Greiner Packaging faces challenges in aligning these advancements with UK regulations post-Brexit. “Retailers often focus on removing plastic entirely, but we’re working on improving its footprint instead. For example, plastic lined paper cups might look sustainable, but there is very limited technology and facilities in the UK that can recycle them, and the majority end up in landfill as a result. That’s not as green as it seems,” he adds. Greiner Packaging’s commitment to sustainability extends to significant investments in infrastructure. “We’ve been investing heavily over the past few years and will continue to do so for the next five years,” Paul adds. In recent years, the company has invested in the installation of more

FEATURE

purpose-built machinery for processing plastics, commissioning of a new manufacturing hall, and the expansion of its warehouse. “We aim to enhance our facility’s efficiency, competitiveness, and capability to support new opportunities. This growth will also bring in new skill sets and job opportunities,” Paul says. He hints that as the world of plastic packaging evolves, so too will the careers within its manufacturing sector. A prime example of this evolution is the company’s leadership in the r-PET (recycled polyethylene terephthalate) market, producing sustainable cups and trays. “We’re one of the leading players in r-PET,” Paul states. “It’s part of our ethos to do the right thing, and that’s where we stand out.” The USP of r-PET is its strong availability, food-grade status, and high quality. Greiner Packaging is continuously optimising the material itself and driving the methods used for processing it. It is currently the only mechanically recycled material that can be used for food applications, given the strict requirements imposed by the European Food Safety Authority (EFSA). The packaging industry faces numerous challenges, particularly the negative perceptions of plastic. “Plastic contaminating the environment is unacceptable,” Paul acknowledges. “But as a nation, we have to work collaboratively. Manufacturers, users, and governments must work to create effective systems for recycling and reuse. Without that, we won’t succeed.” Emerging technologies, such as AI and digital watermarks—codes embedded in packaging to aid in sorting—offer

hope for better waste segregation and recycling. However, Paul admits that the solutions are still in their infancy. “We’re trying to get ahead of the curve, but it’s a long road,” he says. Beyond its operations, Greiner Packaging takes pride in engaging with the local community. “We’re not just about paying wages,” Paul explains. “We proactively work with schools during recycling week and support local charities. Operating here means giving back, and we’re always keen to do more.” He envisions a future where plastic remains integral to packaging but in a more sustainable, circular form. “The next 10–20 years will be transformational,”

“Shared learnings across our sites enable us to move faster and innovate. It gives us the ability to see what’s coming, not just in Northern Ireland, but globally.” he predicts. “Plastic packaging won’t disappear, but we’ll see collaborative efforts to make it circular. Consumer behaviour will shift towards reusing products, starting with industrial networks.” Greiner Packaging is positioning itself as a leader in this transformation. “We’re not perfect, but we’re thinking ahead,” Paul says. “Our direction is clear: we want to become a sustainable source while meeting the needs of our clients and the environment.” As Greiner Packaging continues to innovate and invest, one thing is certain: the company is not just manufacturing plastic but reshaping how we think about it. With a focus on collaboration, sustainability, and community, the Tyrone branch is at the forefront of creating a circular future for plastic packaging.

FEATURE

Zing Group NI: One to Watch

stablished to offer a range of integrated building services, Zing Group is a highly experienced facilities management company supporting public and private clients to optimise their property operations across Northern Ireland. Our success at Zing Group is evident in the remarkable growth of our business by 150% since the start of 2023. We continually review our business objectives and opportunities to measure our success and opportunities for improvement. As a customer-focused services contractor, our mission is to work together to protect the trust and ensure that the innovations we provide meet the requirements of our clients. We strive to design and deliver dedicated services that improve our client investments in terms of value, reliability, safety and quality. Our company values are to invest in our employees to maximise their career development, ensure that Home Safe is at the forefront of all our actions and continue our commitment to reduce our carbon footprint. We prioritise committing to a sustainable future, improving the social, economic and environmental wellbeing of our workforce and wider community. In 2024, we started working with Mitsubishi Electrics, a world-leading supplier of HVAC solutions for lowcarbon, energy-efficient buildings. As well as having our commercial manager attending the Business in The Community Climate Action Programme to learn more information on our environment.

We run a responsible business while committing to continuous improvement, establishing a quality management system with NQA. Certifying an Integrated Management System assures our processes are documented successfully and independently, providing a framework for measuring and enhancing performances, allowing our business growth to develop fluidly as our employee and client operations have doubled within the past 12 months. This ongoing success led to the achievement of our company being entered as one of five finalists for the Business in the Community ‘One to Watch’ Award in 2024. Zing Group embeds health and wellbeing at the heart of our business strategy. Our people are our greatest asset and we recognise that a healthy, happy and committed workforce is vital to our business success. Our wellbeing programme ensures we maximise the benefits to our employees which is demonstrated as the first company in our sector to provide a private health plan to all employees with sector-leading salaries and leading work allowances. Our workforce is involved in community initiatives including our schools enhancements and charity fundraising/ volunteering. As a considerate contractor, we have positive impact on community involvement by working with best practices such as Business in the Community, IWFM, Considerate Constructors scheme and charities such

as the NI Hospice and Cancer Fund for Children when elaborating a responsible business. We contribute to educational environments through our School Enhancement programme. This year, Bunscoil an tSléibhe Dhuibh Primary School was selected for the programme, which involved collaborating closely with the school’s principal to identify impactful improvements. The outcome included complete exterior landscaping, building wash and fresh internal painting of the dining hall and corridors. Mark Barr, director of Zing Group, said: “Zing Group is dedicated to enhancing the educational and recreational experiences of children by selecting one school each year to receive these resources and make a positive difference in the kids’ learning and play. This reflects the company’s commitment to community engagement and social responsibility.” Pilib Misteil, school principal at Bunscoil an tSléibhe Dhuibh, shows his appreciation: “Zing carried out an excellent job, for free, of such a high standard from a very professional, knowledgeable, and friendly staff. The school looks amazing now, where a year ago it looked a bit dreary and run-down. We are very grateful to the Zing Group for their generosity and for being such a community-facing company.”

FEATURE

The UK, Ireland and Beyond: NI Chamber Members Win Great Awards Multiple NI Chamber members have gone above and beyond to achieve awards spanning everything from the Deloitte ‘Fast 50’ list and Wholesaler of the Year to the UK and Ireland’s most sustainable visitor destination. 80

FEATURE

a variety of tourism industry partners after a drive to put sustainability at the forefront of Belfast’s tourism and growth development. This effort has truly paid off, as the city secured 9th place amongst 100 international destinations in the 2024 Global Destination Sustainability Index. Belfast Lord Mayor, Councillor Micky Murray, welcomed the results, stating: “Just over three years ago, Visit Belfast and Belfast City Council launched the world’s largest-ever green tourism city partnership. Today, more than 76% of Belfast’s hotel bedrooms are sustainability certified.” Gerry Lennon, Chief Executive, Visit Belfast, commented on this achievement: “As a key driver of our local economy, creating and sustaining thousands of jobs, tourism will continue to play a vital role in Belfast’s growth, vibrancy and regeneration for many decades ahead. Our vision is one of growth of sustainable and inclusive tourism, and we have been working tirelessly with our industry and stakeholders to play our part in creating a more sustainable city.”

ULSTER UNIVERSITY Ulster University has been recognised as the top higher education institution in the UK and Ireland, having won the renowned ‘University of the Year 2024’ award; Times Higher Education’s most prestigious title. Ulster University Vice-Chancellor Professor Paul Bartholomew said: “We are incredibly proud and delighted to be announced as University of the Year by Times Higher Education. These prestigious awards attract hundreds of entries from top institutions across the UK and Ireland, and this recognition reflects the hard work of our staff and the support of our student community across our campuses. “Ulster University is a research-led, people-centric, community-focused and values-driven institution that believes in equality, celebrates diversity and fosters inclusion.” In June 2024, the University was recognised as the highest-ranking UK university for outreach activities, and fifth in the world overall, in the Times Higher Education Impact Rankings 2024. HENDERSON FOODSERVICE At the London-based Federation of Wholesale Distributors (FWD) Gold Medal Awards 2024, Henderson Foodservice won

the title ‘Wholesaler of the Year’. Judges were impressed with the growth Henderson Foodservice has been committed to for the past 12 months. Cathal Geoghegan, managing director at Henderson Food Service, said: “Our growth is a direct result of our unwavering focus on delivering exceptional service, unmatched product availability and innovative solutions that make a difference for our partners. Our entire team is invested in driving our growth through expanding our product and customer base, streamlining our operations and never faltering on our high levels of customer service, which is what makes all the difference in our industry.” Henderson Foodservice has achieved an impressive growth level of 10.3% compared to 2023, with figures up to end of Q3 2024 showing a turnover of £203 million. VISIT BELFAST Belfast has been recognised as the UK and Ireland’s most sustainable visitor destination, according to 2024’s GDSIndex. This ranks Belfast alongside the likes of Sydney, Singapore, Oslo and Copenhagen in the official Top 10 of 2024. This recognition is a joint effort made by Visit Belfast, Belfast City Council and

DELOITTE FAST 50 LIST: FIBRUS, HALO TECHNOLOGIES AND CATAGEN Nine companies from Northern Ireland have made it onto this year’s Deloitte Technology Fast 50 list, which celebrates innovation and entrepreneurship in the technology sector across the island of Ireland. NI Chamber member winners include full fibre broadband provider, Fibrus, which secured one of the top places, taking the number two position on the Fast 50 list, along with CATAGEN and HALO Technology, winning places in the top 10. Along with the primary list of top companies in the tech sector, the Deloitte Technology Fast 50 awards include several special award categories. CATAGEN was named the winner of the Impact Award, in association with Meta, which recognises a company that has made a significant impact within the current year. Aisléan Nicholson, Deloitte Partner and Fast 50 lead, said: “Congratulations to all the companies and individuals whose hard work and innovation have earned them a welldeserved place on this year’s list. Northern Ireland’s reputation as a hub for creative, homegrown technology companies continues to grow and the success of those who have made the Fast 50 demonstrates the talent, expertise and vision of the innovative leaders in our local technology sector.”

FEATURE

BUILDING PROFIT THROUGH PURPOSE Bangor-based Smart Sustainability has become the go-to consultancy for businesses eager to adopt sustainable practices. Co-founded early 2024 by Duncan Emery and Brian Roche, the firm aims to bridge the gap between ambition and actionable solutions. Speaking with Emma Deighan, Duncan explains how the consultancy is empowering businesses to navigate the sustainability landscape.

FEATURE

ustainable practices are no longer just a moral imperative; they’re rapidly becoming a legal requirement, especially as European regulations influence domestic policies. However, Duncan, co-founder of Smart Sustainability, reassures businesses that sustainable transformation doesn’t have to involve unsustainable costs. “There’s a misconception that you need to invest heavily upfront, but that’s not true. The cost of sustainable investment is decreasing, and the payback is often quicker than many realise,” says Duncan. “For those ready to take the first step, we can also guide them through available grants and funding opportunities. The grants landscape is constantly evolving, and while the Republic of Ireland may be ahead of the UK in this regard, there are still options here, and I always encourage clients to ask the question.” Duncan notes that the UK’s current political climate might signal an increase in funding for sustainability. “Keir Starmer has made a firm commitment to tackling climate change. At COP29 in recent months, he pledged to cut emissions by 81% by 2035 and achieving this will require significant investment.” Regardless of when financial backing becomes more accessible, Smart Sustainability is ready to help businesses take action now. “We founded Smart Sustainability to address a major gap in the market,” Duncan explains. “Many consultancies offer theoretical advice but fail to deliver practical, actionable solutions. Brian and I built this business to change that.” With a PhD related to sustainable technologies earned more than 25 years ago and extensive experience as a global operations director in advanced materials and chemicals, Duncan brings a wealth of expertise to the table. Managing over 100 service and manufacturing sites, he spearheaded environmental transformations long before sustainability became a corporate buzzword. “From my experience, many companies talk about sustainability but fail to act. Given the energy they consume and the people they employ, there’s an ethical obligation to do more,” says Duncan. This deep understanding underpins Smart Sustainability’s tailored approach. “Our process starts with understanding the client’s priorities – whether strategic, financial, or operational. From there, we create a plan that works for them. Our team has real-world leadership

“Sustainable practices often make businesses more profitable. Efficient suppliers cost less, and sourcing locally not only cuts emissions but also boosts the local economy. It’s about finding opportunities to do good while saving money.”

experience, so we ask the right questions and guide organisations through transformational journeys.” The consultancy’s launch couldn’t have come at a better time. “We’re seeing a surge in enquiries. Most companies want to be sustainable but don’t know where to start. The sheer volume of information out there can be overwhelming,” he adds. With a team of four seasoned professionals, Smart Sustainability cuts through the noise. Duncan also addresses the common concern about the cost of going green. “There’s this idea that sustainability demands huge investment, but small changes like improving energy efficiency or optimising raw material use can deliver fast paybacks. Turning off unnecessary lights, for example, costs nothing but immediately reduces energy bills.” The benefits of sustainability extend beyond compliance and brand enhancement. “Sustainable practices often make businesses more profitable. Efficient suppliers cost less, and sourcing locally not only cuts emissions but also boosts the local economy. It’s about finding opportunities to do good while saving money,” says Duncan.

One of the biggest hurdles for businesses is the perception that sustainability is optional or a future concern. Duncan refutes this notion: “This isn’t optional. Climate change is real and accelerating. Businesses must act now. Every organisation has levers they can pull, and we help them identify and activate those.” He also emphasises the importance of looking beyond direct emissions to address supply chain impact. “Focusing on sustainable suppliers can reveal hidden efficiencies and cost savings,” he adds. Smart Sustainability has already delivered results for a wide range of clients. One standout project involved EPIC, The Irish Emigration Museum in Dublin. “They’re a small team of fewer than 100 people, but they’re making impressive progress with simple, clear recommendations we provided. It’s inspiring to see,” he continues. At the other end of the spectrum, the consultancy supports large industrial players. “These are household names that understand the need for expert guidance to meet their sustainability goals.” The growing influence of EU legislation also underscores the urgency for businesses to act. The Corporate Sustainability Reporting Directive (CSRD), which requires large companies to disclose their environmental and social impacts, could soon set a precedent in the UK. “In the EU, large companies must already report their sustainability efforts. While the UK is slightly behind, similar legislation is likely, so businesses need to prepare now,” says Duncan. For Smart Sustainability, sustainability isn’t just about environmental impact – it’s also about social and ethical responsibility. “Companies must do right by their employees, communities, and suppliers. Treating people fairly and ensuring ethical sourcing practices not only mitigate reputational risks but also enhance brand value,” says Duncan. What advice does he offer to businesses at any stage of their sustainability journey? “Companies that embrace sustainability often see significant boosts in profitability and brand value. I’ve seen it happen in many businesses I’ve worked with. Sustainability makes financial sense – it’s not just about doing the right thing.” He concludes: “There’s always something your organisation can do, no matter its size or sector. We’re here to help with a tailored, practical approach to ensure your efforts are both effective and impactful.”

BANK OF IRELAND ANNOUNCES £4M INVESTMENT IN INVOICE FINANCE PROPOSITION Bank of Ireland UK has announced a major investment to enhance its invoice finance proposition for corporate, business and commercial customers. The investment in the new technology delivers enhanced security and improved self-serve capabilities for the bank’s new and existing business customers, enabling them to: - Access invoice finance systems 24/7 via laptop, tablet or mobile phone - Request and receive daily cashflow funding quicker and more frequently - Avail of full currency flexibility with fast access to the mix of currencies they need - Create personal dashboards tailored to individual management information needs - View their Stockline supplier payment facility information and available funding - Control all aspects of user access for their business - Benefit from enhanced reporting and export functionality Commenting on the investment, Liz McKee, head of commercial finance, Bank of Ireland UK, said: “We know the vital role working capital solutions play in the cash

management mix and our offering of both invoice discounting and supplier payment facilities is proving increasingly attractive to many businesses. “This multi-million investment equips colleagues and customers with the latest technology, making it easier and faster for them to access the solutions they need alongside the support provided by our dedicated, local commercial finance team who work closely with businesses to fully understand and meet their cashflow needs.” Profast Group, who supply fasteners, fixings, window and door hardware to the construction and manufacturing sectors across Ireland and the UK, use Bank of Ireland’s invoice finance products to support their growth plans. Stephen Clarke, CEO, Profast Group, said, “We have ambitious plans to grow and expand into new markets so it’s important that we have access to financial products that are flexible and make our cashflow as efficient as possible. “Having access to Stockline which increases our purchasing ability as well as more mainstream invoice discounting facilities means we have support when

ELEVATE YOUR NEXT CORPORATE EVENT Titanic Hotel Belfast, where heritage, elegance, and exceptional cuisine come together to create a truly distinguished experience. Whether it’s a gala dinner, client reception, awards ceremony, or private networking event, our iconic venue offers a setting that is unforgettable. Dine beneath the breathtaking vaulted ceilings of the historic Drawing Offices, or opt for an intimate gathering in one of the sophisticated private dining spaces. Their award-winning chefs craft bespoke menus showcasing the finest locally sourced ingredients, paired with an exceptional selection of wines and spirits. With impeccable service, a prestigious Titanic Quarter location, and a setting steeped in history, Titanic Hotel Belfast is the perfect choice for events that leave a lasting impression. To book today contact: events@titanichotelbelfast.com

buying and selling, all of which is tailored to suit our business needs. “The team at Bank of Ireland have helped us make the most of the invoice finance facilities and the investment in the systems now means we can access the facilities and tailor the reports we need any time we want. It’s a real asset to our business planning.” Earlier this year, Bank of Ireland announced investment of £3m in a major upgrade to its local ATM network. The Bank has also invested £7m in new technology services and upgrades to its customer and colleague areas across its 13 branches in Northern Ireland. Find out more about Bank of Ireland’s support for business at: Business - Bank of Ireland UK

APPOINTMENTS

NEW

PPOINTMENTS IN THE BUSINESS COMMUNITY

WILL YOUNG

NEIL CROCKETT

NICOLA QUINN

JOHN MCGUINNESS

Director, Consulting Services, Baker Tilly Mooney Moore

Chairman, Catalyst

Head of Business Industry and Support, South West College

Business Relationship Manager, Progressive Building Society

JOHNNY TREMLETT

JOHN FRANCIS COLLINS

MOLLIE IRELAND

SINEAD MCNICHOLL

Digital Marketing Executive, Cove Collective

Director of Sales and Marketing, Dunluce Lodge

Business Development Manager, NI Chamber

Sales Manager, 3T Power

APPOINTMENTS

Carson McDowell Strengthens Leadership Team Independent law firm Carson McDowell has announced seven partner promotions. Laura McKee (Healthcare), Niall Hargan (Real Estate), Timothy Cockram (Professional Indemnity), Laura Cunningham (Commercial), Stuart Nelson (Real Estate), Lucy Clarke (Commercial Litigation), and Fergal McGoldrick (Media, Communications, and Reputation) have all been promoted to partner. With these appointments Carson McDowell now has a team of 40 partners, making it the largest partner group amongst law firms headquartered in Northern Ireland. “When it comes to our firm’s ability to serve clients, there is no greater asset than our people,” said Roger McMillan, managing partner. “These new partners have demonstrated exceptional skills and drive, reflecting our commitment to excellence in client service. They not only strengthen our partner team, but their individual expertise will also continue to contribute to the firm’s growth and the development of their practice areas. On behalf of all our partners, I am delighted to welcome our new partners and congratulate them on this significant milestone. I wish them, along with our other newly promoted associates and senior associates, continued success in their new roles at the firm.”

Senior Promotions at HNH HNH has made a number of senior promotions in its Belfast office following a sustained period of growth across all service lines. In the Deal Advisory team, Chris Hylands has been appointed as director, while Lucas Batchelor and Chris Hayes have been promoted to associate directors. HNH managing partner Wayne Horwood said: “We are pleased to announce three senior promotions in our Deal Advisory team, as we experience exponential growth in demand for our services from SMEs and business owners across the UK and Ireland. Already among the most active advisory teams operating locally, our senior team has been growing in strength in recent months with appointments of Roger Mayor in Edinburgh and Pam Gillies in Belfast as partners in 2024, with some further recruits starting with us in January. These promotions represent another important step in delivering on our ambition growth plans, matching an increase in demand from businesses, many of them seeking to make a transaction or seek investment for the first time.”

Rodney McCaughey, Lucas Batchelor, Chris Hayes, Chris Hylands and Paul Gleghorne.

Columnist David Armstrong CEO of b4b Group

The Backbone of Business Success I

n today’s hyper-connected world, technology is no longer just a supporting function for businesses; it is the foundation on which modern organisations are built. For businesses of all sizes, telecoms and IT solutions are critical to driving efficiency, enabling innovation, and ensuring resilience in an increasingly competitive landscape. Northern Ireland’s business landscape is diverse, encompassing everything from innovative tech startups to longestablished manufacturers. At b4b Group, we’re proud to serve this vibrant business community, providing the solutions that help businesses thrive. Whether it’s coordinating with remote teams, engaging customers, or maintaining supplier relationships, businesses need reliable, scalable telecoms solutions to stay connected. For small businesses, cloud-based telecoms systems such as Voice over Internet Protocol (VoIP) provide cost-effective ways to communicate without the expense and complexity of traditional phone systems. For larger enterprises, unified communication platforms enable employees across multiple locations to collaborate in realtime, breaking down silos and fostering innovation. In a world where customer expectations are higher than ever, seamless communication isn’t just about efficiency – it’s a competitive differentiator and its value should not be underestimated. Recent times have seen the working landscape undergo a radical transformation. Hybrid and remote work models have become the norm, and employees now expect tools and systems that enable them to work securely and productively from anywhere.

This shift has further solidified the position of telecoms and IT at the heart of business operations. High-speed internet, robust mobile connectivity, and cloud-based platforms have become essential for empowering remote workforces. In our experience, businesses that embrace these tools create flexibility and resilience, ensuring continuity even in the face of disruption. Additionally, providing employees with the right technology to work effectively wherever they are fosters satisfaction and loyalty, helping businesses attract and retain top talent in an increasingly competitive market. Although digital infrastructure brings with it significant opportunities, it also introduces risks. It is unfortunate that cyberattacks are growing in both frequency and sophistication, and no business is immune. From ransomware attacks to data breaches, the consequences of inadequate cybersecurity can be devastating, particularly for small and medium-sized enterprises (SMEs), which often lack the resources to recover. Robust IT solutions offer the protections businesses need, from advanced threat detection systems to employee training that creates a culture of vigilance. For every business, investing in cybersecurity is not just about protecting data, it’s about preserving trust, reputation, and operational stability. Innovation is the key to staying ahead in any industry, and telecoms and IT solutions are the enablers of that innovation. Emerging technologies such as 5G, Internet of Things (IoT), and artificial intelligence (AI) offer unprecedented opportunities for businesses to transform how they operate and serve their customers. The business landscape is

unpredictable, but telecoms and IT solutions offer a level of agility and scalability that helps businesses adapt. This scalability ensures that businesses can respond to growth opportunities or market changes without overextending their budgets. It also provides a futureproof foundation for long-term success. Telecoms and IT solutions can no longer be considered “nice-to-haves”. They are fundamental to the success of businesses of every size and in every industry. These technologies enable seamless communication, empower remote work, boost productivity, protect against cyber threats, and drive innovation. Businesses that prioritise these tools are not just equipping themselves for today’s demands, but also building a foundation for long-term growth and success. The future of business in Northern Ireland is bright, but it requires investment in the right tools and technologies to unlock its full potential. At b4b Group, our deep understanding of local markets allows us to offer solutions that are not only cutting-edge, but also aligned with the specific needs of businesses in our region. We’re more than a service provider; we’re a partner in your success, committed to helping you achieve your goals through the power of technology. Whether you’re looking to upgrade your IT systems, enhance your communication infrastructure, or safeguard your business from emerging threats, our dedicated team is here to help.

Supplement

BUSINESS CLASS MOTORING. MOTORING WITH JAMES STINSON

In association with

Leasing for Everyone 028 9038 6600

agnewleasing.com

LIFESTYLE

James Stinson

New Santa Fe Big on Space and Luxury Hyundai has produced a high-end SUV without the premium price, writes James Stinson.

he pace of change in the motor industry is frightening. Who’d have thought 10 years ago that Hyundai would be making highend SUVs to rival the likes of Volvo, Audi, Land Rover and others? The previous Hyundai Santa Fe had been an acceptable but unremarkable seven-seater SUV. A sensible rather than a desirable buy. The latest model couldn’t be more different. It’s big and boxy but in a good way. Big means space, comfort and practicality while the boxy styling, mixed with a number of striking colours, gives the Santa Fe an imposing, upmarket feel. It feels closer to a seven-seater Discovery or XC90 but remarkably undercuts those two by as much as £20,000. The Santa Fe comes as a self-charging or plug-in hybrid. At its core is the same 1.6 litre turbocharged petrol motor. That looks a bit small for a car of this size but the Santa Fe feels plenty quick enough with the standard 252bhp hybrid version reaching 62mph from a standing start in under 10 seconds. We managed around 40mpg on our test run.

The hybrid, from £47,000, also comes with the option of all-wheel drive while the more powerful plug-in version with 253bhp, from £53,000, features all-wheel drive as standard. Fitted with a small 13.8kWh battery it offers a pure electric range of around 34 miles. Whether this is an option depends on your driving and how you finance the purchase. Charge at home or work and use it for mostly short journeys and you’ll rarely have to visit a petrol station. It’s also a more sensible company car option, thanks to the favourable benefit-in-kind tax benefits though these aren’t as striking as say, a Skoda Kodiaq. Private buyers who frequently do longer journeys should opt for the simpler and cheaper hybrid. On the road, it feels smooth and capable, despite the modestly-sized engine. There’s plenty of grip in the corners and the body doesn’t lean too much. The steering is light and easy. It’s a big car and some may find it a bit of a handful in and around town and in tight spaces. On the upside, all-round visibility is pretty good and all cars get a reversing camera and the mid-spec ‘Ultimate’ model gets a full surround-view camera as well as a digital rear-view mirror. Inside, the Santa Fe feels big and luxurious. The boxy, squared off lines means there’s lots of head and shoulder room throughout while the second and third rows of seats have plenty of legroom. The middle row bench slides while the

seats also recline and split 60:40. Access into the third row is good; you just have to press a button on the shoulder of a middle-row seat and it folds forward electronically. Even with all the seats in place there’s still a reasonable boot. Storage space, meanwhile, is virtually unparalleled with an amazing 18 cup/bottle holders in total. Cabin materials have a high-end feel and equipment levels are generous. Even entry-level models come with dual 12.3-inch displays, a powered tailgate, wireless Apple CarPlay and Android Auto, a wireless smartphone charging pad, keyless entry, electrically adjustable heated front seats and a suite of driver assistance tech. Upgrading to Ultimate costs around £3,500, and adds a Bose premium sound system, a glass sunroof, head-up display, heated rear seats and ventilated front seats, plus dual charging pads. It’s also available with the optional Pecan Brown and Supersonic Grey interior themes. Range-topping Calligraphy cars start from nearly £53,000 in hybrid guise, and feature Nappa leather upholstery. There are ‘Premium Relaxation’ front seats, plus gloss black exterior trim and wheels, while a UV-C sterilisation tray that can sanitise small items such as phones and keys with ultraviolet rays is added to the upper glovebox – the Santa Fe is the first production car to feature such a system. The styling, presence, space, tech and comfort are all top notch. It looks a surefire winner.

TAKING THE HARD WORK OUT OF LEASING 90

028 9038 6600 agnewleasing.com

Leasing for Everyone

TAKING THE HARD WORK OUT OF LEASING

028 9038 6600 agnewleasing.com

LIFESTYLE

James Stinson

Small is Beautiful

Kia’s Picanto reminds us of the joy of small cars, writes James Stinson.

ars are getting bigger and we are driving more big cars… Not only are we buying more SUVs – high riding 4x4 lookalikes – but small cars just aren’t small anymore. The result of all this upscaling is that daily we have to negotiate our way through narrow streets and car parks not designed for our supersized vehicles. It’s only when you step into a genuinely compact car that you realise how stressful those things are to drive. By contrast, small cars are fun and completely liberating in and around town. They breeze through traffic and squeeze into the tightest of spaces. They’re also cheap, practical and fun to drive. But the truth is that there aren’t really that many to choose from nowadays. The Toyota Aygo, Fiat 500, Hyundai’s i10 and this Kia Picanto are pretty much it. Despite Kia making a splash with its larger SUVs in recent years, it remains committed to its pint-sized hero, having just given it a midlife makeover. The new model features a major exterior redesign and significant updates to the interior, echoing elements of Kia’s flagship EV9 and other recent Kia models inside and out. The car remains as compact as ever, but continues to offer drivers a range of advanced technologies and features. Inside, there’s Apple

CarPlay and Android Auto, an 8-inch touchscreen navigation and multiple USB charging ports, all of which are standard on every variant. There are four trim levels to choose from – ‘2’, ‘GT-Line’ and ‘3’ – as well as a sportier GT-Line S version. All bar the GT-Line S version are fitted with a little 62bhp 1.0 litre three-cylinder petrol engine. It will deliver mpg in the high fifties while a 0-60mph time of around 14 seconds means it’s best suited to urban driving rather than long motorway slogs. The GT-Line S features a punchier 77bhp motor. On the road, the GT-Line feels extremely agile with sharp, kart-like steering while body roll is minimal. Standard equipment on the ‘2’ includes alloy wheels, heated door mirrors, rear parking sensors, manual air conditioning, a leatherwrapped steering wheel, a digital instrument panel, an 8-inch touchscreen including navigation, Bluetooth, Apple CarPlay and Android Auto. A '3' gets you bigger wheels, heated front seats, heated steering wheel, keyless entry and wireless phone charging. 'GT Line' and 'GT Line S' mainly add styling stuff – fancier wheels, body kit, gloss black trim and a few visual upgrades for the interior. Prices start at £15,595 and rise by about a thousand with each trim level, with the range topping out at £19,145 for the GT-Line S version.

TAKING THE HARD WORK OUT OF LEASING 92

028 9038 6600 agnewleasing.com

Leasing for Everyone

HIRING A COMMERCIAL VEHICLE WITH AGNEW LEASING Looking for the ideal commercial vehicle for your business? At Agnew Leasing, they provide a wide range of options to meet your needs, from versatile panel vans to eco-friendly electric models, reliable pick-ups, and tippers. Their leasing solutions are designed with flexibility and affordability in mind, ensuring you get the perfect vehicle without the financial strain of an outright purchase. For businesses managing multiple vehicles, their fleet management services offer unparalleled convenience. They handle the logistics, so you can focus on what matters most – growing your business. With our award-winning fleet management system, you’ll enjoy streamlined processes, competitive funding solutions, and access to cutting-edge technology. 5 reasons to choose Agnew Leasing: • Professional service tailored to your business requirements • Reduced fleet costs with their competitive funding solutions • Efficient processes to ensure quick turnaround on issues or queries • Exclusive access to their award-winning innovative fleet management system • Bespoke fleet management tailored to your own needs Let Agnew Leasing simplify the process of hiring a commercial vehicle. Contact their expert team today at 028 9009 7282 to discover how they can support your business!

SUMER NORTHERN IRELAND; ADDING VALUE TO YOUR BUSINESS

MCS GROUP LAUNCH 2025 SALARY SURVEY: ESSENTIAL INSIGHTS FOR EMPLOYERS & JOB SEEKERS In partnership with CIPD, MCS Group are proud to present their 2025 Annual Salary Survey Report. This report offers valuable insights into current market trends and salary benchmarks across the specialist sectors they serve. From their research, the majority of companies in 2025, from SMEs to multinationals, plan to maintain or expand their workforce, particularly in technology and engineering. Flexible working, including hybrid and remote models, is a key priority for employers competing for talent.

Members of Sumer NI’s Tax team, Cathy Kennedy, Richard Blakeman, Nicola Averell and Caroline Keenan, pictured alongside Managing Director, Brian Clerkin.

In today’s fast-moving business world, accuracy and insight are key for success. Sumer Northern Ireland specialises in delivering accountancy services to keep your business thriving. From auditing and accounting to tax, restructuring and insolvency services, their skilled team of professionals will help you to achieve your business goals. Servicing a range of sectors including hospitality and tourism, manufacturing, not-for-profit and the public sector to name but a few, at Sumer Northern Ireland, they understand the unique challenges currently facing businesses. Whether you’re an SME seeking tax guidance or an individual that requires efficiency, let them help you on the road to success. Partner with Sumer Northern Ireland today.

The report features salary ranges for various roles, along with expert market summaries, helping employers and job seekers make informed decisions in a competitive job market. To access the salary guides visit:

m.scott@mcsgroup.jobs www.mcsgroup.job 028 9023 5456

sumerni.co.uk

LIFESTYLE

Joanne Harkness

On The Fringes

Whistles.

Ulster Tatler’s Fashion & Beauty Editor, Joanne Harkness, looks at all things fringe.

Black fringe knit cardigan, £60, River Island. Green fringe jacket, £125, Monsoon.

Fringed suedette shacket £49.99, New Look. Tan fringe jacket, £35, Peacocks. Stone suede fringe boots, £50, Next.

Green fringe pencil skirt, £85, Monsoon.

Gavin Murphy Executive Head Chef

ROAST BREAST OF PHEASANT & CONFIT LEG, RED CABBAGE, APPLE & MUSTARD SAUCE Ingredients: (Serves 2) 1 med pheasant plucked, gutted and cleaned 1 red apple 1/2 head of red cabbage 100ml red wine vinegar 100g brown sugar 1 cinnamon stick 2 whole cloves 100ml orange juice 400ml of good beef stock 200ml red wine 400ml vegetable oil 50g caster sugar 2 tbsp’s of wholegrain mustard Salt and pepper

Method: 1. Put beef stock and red wine into pot over heat and allow to reduce. 2. Meanwhile remove legs from pheasant and place in a pot, cook very slowly in the vegetable oil for approximately 2 hours. 3. When legs are nearly cooked, put cabbage, red wine vinegar, brown sugar, orange juice, cinnamon stick and cloves into a saucepan over heat and cook until cabbage is tender approximately 30min. Check for seasoning. 4. For the apple, cut in half and remove core, caramelise the caster sugar on a hot pan and place apple flesh side down, cook until apple is tender but keeping its shape. 5. Pan fry the pheasant crown on a pan with a little of the oil from the confit until golden brown. Put into oven at 180°C for 9 minutes. 6. When cooked remove and leave to rest for 5 minutes. To Serve: To plate put half apple onto each plate, add a generous spoonful of the red cabbage, remove legs from oil and place one on each plate. Carefully remove the breasts from the crown and place one on each plate. Check sauce for consistency and flavour, remove from heat and add mustard, pour over 2 plates.

theoldinn.com

THE LAST WORD

Columnist John Campbell BBC NI’s Economic & Business Editor

Economical Predictions H

ow much do we know about what is happening in the local economy from quarter to quarter and how can we estimate what is likely to happen next? Over the last decade or so we have been able to get better answers to those questions. It was in 2013 that the local statistics agency, NISRA, launched the Northern Ireland Composite Economic Index (NICEI). Before it existed the only official measure of overall economic output was the annual regional Gross Value Added (GVA) report, provided by the Office for National Statistics. It is produced with a long time lag, meaning every December we would find out how the economy had performed in the previous year. From my professional perspective this was not ideal – the long lag meant it was more like history than news. So the NICEI means we’re now used to having a timely official estimate of short run local economic performance which gives a frame of reference to policymakers, businesses and commentators. The NICEI is not a perfect measure, notably its estimate of public sector output is much cruder than in the UK GDP measure. But it is a very useful tool. And it has now been joined in the toolbox with a new economic model for Northern Ireland. A model is basically a simplified representation of the economy that uses maths to map the relationship between economic variables. Simplified is a relative term here – a model can’t capture every single economic variable and action but it will contain some sophisticated maths and reflect the judgements of experienced practitioners. It can be used to simulate how the economy might respond to policy changes imposed by government or external shocks such as a spike in energy prices.

The Northern Ireland model has been developed by the Republic’s Economic and Social Research Institute (ESRI) and the UK’s National Institute of Economic and Social Research (NIESR). The ESRI maintains a model of the Irish economy, known as Cosmo, while the NIESR’s NiGEM model is used globally by policymakers and the private sector. The genesis of the Northern Ireland model lies in Brexit. Economists were able to use Cosmo to provide quantifications of the possible impacts on the Republic’s economy. But Northern Ireland was a blind spot. The absence of a dedicated macroeconomic model meant it was difficult to get comprehensive estimates of the impacts. This prompted an interest in the ESRI in developing a model for Northern Ireland. The Republic’s main business organisation, Ibec, came on board as a funder and NIESR brought their expertise in UK regional economics. It has taken three years to develop the model and now we have its first outputs. They include a forecast for the local economy which suggests a relatively good performance in 2025 with growth of 1.7%. That is based on a projection of average wages rising faster than inflation, helping to boost consumer spending. Growth is then expected to slow back to trend over the rest of the decade, giving an average growth rate of 1.2% between 2023 and 2029, assuming policies do not dramatically change in the meantime. However, the really interesting stuff is how the model has been used to estimate the impact of various hypothetical scenarios for the Northern Ireland economy. There is an attempt to answer the question: ‘Does Northern Ireland benefit from a consumer boom in the Republic?’ The modelled scenario is a 2.5% increase in Irish consumption over

two years: arguably we lived through something like this is recent years. The result suggests there is an initial positive impact with economic output, exports and employment in Northern Ireland increasing. However, these effects dissipate over time with output and employment returning to baseline and little effect on private sector investment. There is another modelled scenario which points to a policy which could increase investment, a necessary component for productivity growth. The model is used to estimate the impact of a one percentage point increase in the income tax rate in Northern Ireland with the additional revenue used for public investment. The result suggests this creates a ‘crowding in’ effect for private investment as the spending creates opportunities in complementary sectors. This leads to an overall positive impact on the level of Northern Ireland’s economic output and unlike consumption-fuelled growth the impact is sustained. There is a slight trade off when it comes to jobs. Employment initially rises above but ultimately ends up marginally below baseline in the longer term. This occurs as the increase in government investment and the boost to private sector investment make employment more productive, so more output can be produced without proportionally increasing labour demand. It is hardly a revelation to suggest that reducing some current consumption in favour of investment will lead to stronger economic performance in the longer term. We are seeing the flipside of that play out in real time as our chronically underinvested water system acts as a brake on growth. Will any policymakers now use this new tool to make the case for increased investment?

TO BOARDING ? - IBC

HOST ICONIC EVENTS IN A LEGENDARY LOCATION Titanic Hotel Belfast, where stunning heritage spaces, flawless service, award-winning cuisine, and a prime Titanic Quarter location come together for an unforgettable experience.

BELFASTCITYAIRPORT.COM

Get in touch today: events@titanichotelbelfast.com or +44 (0)28 9508 2000 www.titanichotelbelfast.com

FROM BOARDROOM