Winners of the 2009 Investor Relations Awards are announced

The winners or the 2009 IR Magazine Ireland Awards in association with PricewaterhouseCoopers and Davy are announced following an independent survey of buy-side analysts, sell-side analysts and portfolio managers. The survey was carried out to determine the winners of the IR Magazine Ireland Awards, recognising excellence in investor relations. Given the market and the survey results, the companies named by respondents truly did stand out as beating the odds.

The IR magazine investor perception studies together make up the world’s largest survey of their kind, canvassing more than 5,000 analysts and investors in more than 14 countries and regions. Survey respondents nominate companies in specific categories and offer their opinions on IR-related topics and trends.

The 2009 winners are:

Grand prix for best overall investor relations
CRH

Best investor meetings and roadshows
Ryanair Holdings

Best adaptation to the needs of IR in the downturn
Paddy Power

Best investor relations officer
Barry Walsh, Irish Life & Permanent

Best investor relations by a CEO/CFO
Myles Lee (CEO), CRH*
* Myles Lee took up his appointment as CEO of CRH in January 2009. He was previously CFO of the company.

Investor Perception Survey Results: Quality of Irish IR sinking with the markets
More than two thirds of European analysts and investment professionals say access to senior management at Irish companies is still sufficient, but many have other serious concerns about the standard of investor relations.

According to the IR magazine survey results, more than two thirds of survey participants also say information provision, guidance and communication of bad news are sorely lacking.

Key survey findings are:

Nearly two thirds (64%) say Irish companies allowed access to a wide group of management members;
Nearly a third (28%) say there was little or no understanding of the importance of being forthcoming with bad news; a further 48% indicate this was variable;
A quarter (24%) say the information required for a bear market was not provided; a further 42% say this was variable;
Nearly half (47%) say companies did not provide sufficient guidance; a further 42% say this was variable.

Kevin Egan, Audit Leader at PwC Ireland, adds:

“The survey highlights that turbulent market conditions are putting additional demands on investor relations activities. As this challenging environment continues, the need for robust and timely communication with investors is more important than ever. Companies that succeed in doing this will put themselves in a much stronger position to rebuild shareholder value and attract capital.”

Overall, almost two thirds of respondents say access to management has remained good. However, for most respondents, the information companies are providing is either variable or insufficient. Guidance, in particular, is deemed to be lacking with only 11% of respondents satisfied with the level provided.

Respondents are most vocal about the presentation of bad news in today’s market conditions. Many say companies failed to deliver relevant, negative information and continued to put forward an over-optimistic outlook. Some even go so far as to say that companies did not understand the impact of the economic downturn, and so were not addressing the effects.

Access to management
Over the past few years Irish companies have established a reputation for a willingness to travel to meet investors and for providing access to senior management both at home in Ireland and on the road. For almost two thirds (64%) of respondents, access to management teams of Irish companies has continued to be good over the past year, despite the difficult market conditions. This represents a slight decrease from last year, when 71% said companies were providing sufficient access to management.

Bad news in a bear market
Most respondents based in Ireland are firmly of the view that Irish companies failed to deliver relevant, negative information and continued to put forward an out-of-date and over-optimistic outlook. Some say companies did not understand the impact of the downturn, and so did not address the effects. Others say some companies recently began putting out a more realistic view; a few respondents, mostly based in continental Europe, say companies did their best to keep investors informed.

Mixed picture
Around half of respondents say the information received was variable. Some say most companies that had previously provided open and relevant information continued to do so; others say there were differences between the sectors, with some less affected than others. Many commented on poor information provision from the financial sector.

Guidance
Almost half (47%) of respondents say companies were failing to provide satisfactory guidance. A further 42% say the amount varied between companies and sectors. A few, 11%, say companies were doing their best to provide satisfactory information.

Ends

Notes to the editor

About the survey
The survey was carried out to determine the winners of the IR Magazine Ireland Awards, recognising excellence in investor relations. Given the market and the survey results, the companies named by respondents truly did stand out as beating the odds.

The target group interviewed consists mainly of fund mangers, buy-side analysts and sell-side analysts, almost half of them based in Ireland. The others, all of whom follow companies in Ireland, are based in the UK or continental Europe. The total number interviewed was 65 and the survey was carried out in January/February 2009.

Award winners are identified by an independent survey of buy-side analysts, sell-side analysts and portfolio managers. The complete results of the survey will be reported in IR magazine’s Investor Perception Study, Ireland 2009, which will be available as a digital publication after the awards ceremony.

About Cross Border Ltd and IR magazine
Cross Border Ltd is the publisher in New York and London of IR magazine, the only global publication focused on the interface between companies and their investors. IR magazine hosts annual awards ceremonies in the US, Europe, Canada, the Nordic region, Asia and Brazil, with a combined annual attendance of around 8,000 investor relations professionals.

About PricewaterhouseCoopers
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. ‘PricewaterhouseCoopers’ refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

About Davy
Davy is Ireland’s leading provider of stockbroking, wealth management and financial advisory services. It offers a broad range of services to private clients, small businesses, corporations and institutional investors, and organises activities around four interrelated business areas: capital markets, corporate finance, private clients and research.

On the securities side of the business, Davy handles almost half of all trading in Irish equities, acts as primary adviser to the majority of listed and unlisted Irish companies, and as arranger on most Irish corporate bond issues.

Davy is an independent company owned by management and staff with its head office in Dublin and three regional offices in Belfast, Cork and Galway.