Lessons from the month of May

May, we hardly knew ye. From a brief heatwave to a US court deeming Trump’s global tariffs to be “exceeding presidential authority,” a lot has happened in this rare five-week month. Let’s dissect, shall we?

1. Dublin hosted the inaugural Tech Week, May 23 – 30.

First things first, Dublin launched its inaugural Tech Week. One can imagine it was largely influenced by Web Summit, the now-infamous meet-up of tech moguls, young and old. However, Dublin’s Tech Week seemed to go off without a hitch. The programme, which included Smart Dublin’s ‘The Connective Detective’ – build your own smart city; ‘All We Feel is How it Moves’ – a live audiovisual work driven by real time data at the Hugh Lane Gallery; a session on the Cultural Audit and Culture Near You Map by the Dublin City Council Culture Company as well as a number of key note speakers such as Sarah Friar, CFO of Open AI, the event kickstarted what is destined to be a well-lauded and attended event. See you next year? Almost certainly.

2. The Real Deal 2025.

Speaking of large-scale events, we were involved with our own annual summit this month: The Real Deal 2025. In partnership with Renatus and Bank of Ireland, The Real Deal is Ireland’s premier annual event for SME owners and management, which sees people come together from all over the country to connect and share ideas. Unique, light-hearted and genuinely beneficial for tips, networking and expert-led commentary, this year’s edition was one of our best, if we do say so ourselves. The highlight? Our trusty steed and MC Matt Cooper having a one-on-one discussion spotlighting the extraordinary journey of our headline speaker, Jimmy Martin, Co-Founder and CEO of AMCS Group. Jimmy is one of the quiet heroes of Irish tech and business, and, in 2024, global private equity giant EQT acquired a majority stake in the Limerick-based firm. It’s rare to find someone, especially in Ireland, who has founded and led a company to a true multi-billion euro scale. Raging you missed it? Keep an eye on the event page to book in for 2026: https://therealdealevent.com/

3. SMEs Face Rising Costs Amid Economic Uncertainty.

A survey by Chartered Accountants Ireland and GRID Finance reveals that 77% of Irish SMEs have experienced increased costs over the past six months, with staffing expenses being the primary concern. Additionally, only 40% feel prepared for the upcoming auto-enrolment pension scheme set to launch in January 2026.

The inaugural survey, which is now set to be repeated every six months, measures the experiences, confidence and sentiment of a range of SMEs, including small accounting practices, doing business in Ireland today. In news that will shock no one, it found that 77% of respondents say business costs have increased in the past six months. And that staff costs are the biggest financial challenge affecting nearly two in five (37%) SMEs surveyed.

As per Eoin Christian, CEO of GRID Finance: “These findings align with our own research conducted earlier this year – rising costs, particularly staff-related expenses are creating significant pressure on Irish SMEs. While these challenges are real, they also represent an opportunity for SMEs to take stock, streamline operations and invest in smart, sustainable growth strategies.” Full survey here.

4. International buyers out in force as Marlet shortlists portfolio bids.

The Irish property market has become hot property for international funds and private equity buyers, who are presently circling it ahead of a possible rebound. According to the Sunday Times, Pat Crean’s Marlet is on the cusp of a deal for its €120 million portfolio of three retail parks after receiving ten initial bids. Four international companies were shortlisted in the first round of proposals last week – California-based Realty Income Reit, French property funds Iroko Zen, Corum Asset Management, Sienna Investment Managers, a Luxembourg-based investment manager – all of which have been snapping up retail parks around Europe, including Ireland.

The three parks comprise Belgard retail park in Tallaght; M1 retail park outside Drogheda, Co Louth (along with 22 acres of adjoining land); and Poppyfield retail park in Clonmel, Co Tipperary. Marlet paid €78 million for the parks in 2021 and ­carried out upgrades on all three.

Despite the recent increase in ­property investment sales in its latest report – with €547 million worth of deals done in the first three months, a huge jump on the €162 million worth of deals in the same period last year –  Savills said: “There remains ­considerable distance to go before the market achieves the kind of liquidity ­witnessed before the rise in interest rates in 2022.”

5. Inflation & Employment .

In news that will surprise no one, the prices of goods and services have officially gone up. As per the Central Statistics Office, Ireland’s EU Harmonised Index of Consumer Prices rose by 1.4% year-on-year in May 2025, down from 2.0% in April. The latest flash estimate indicates that energy prices are estimated to have decreased by 1.3% in the month and fallen by 2.6% since May 2024. Meanwhile, food prices are estimated to have grown by 1% in the last month and increased by 4.1% in the last 12 months. Transport costs have also fallen by 3.0% in the month and decreased by 2.4% in the 12 months to May 2025.

As for unemployment, Ireland’s seasonally adjusted unemployment rate dipped to 4.0% in May 2025, down from 4.1% the previous month and 4.4% a year earlier. Male unemployment edged down to 3.9%, while female unemployment fell slightly to 4.1%, both improving on April and year-on-year figures. Youth unemployment (ages 15–24) dropped to 10.9%, from 11.2% in April, showing some progress for younger workers. However, the unemployment rate among those aged 25–74 crept up slightly to 3.1%, compared to 3.0% in April.

6. Trump tariffs blocked by US Federal Court.

Earlier this month, a US federal court ruled that President Trump’s sweeping tariffs on imports exceeded “any authority granted to the president,” citing that only Congress has the constitutional power to regulate foreign commerce. The US trade court ruled the slate of tariffs was illegal near the end of the month, in a dramatic twist that could block the controversial global trade policy. As a result, an appeals court agreed to a temporary pause in the decision pending an appeal hearing. The Trump administration is expected to take the case to the Supreme Court if it loses.

Tariffs typically need to be approved by Congress to be written into law, but Trump has so far bypassed that requirement by claiming that the country’s trade deficits amount to a national emergency. As of June 3, the Organisation for Economic Co-operation and Development insists that global economic growth is set to be slower this year, largely because of Trump’s US tariffs. It blamed a “significant” rise in trade barriers and warned that “weakened economic prospects will be felt around the world, with almost no exception”.

7. Nvidia sees sunshine and sees rain.

Nvidia reported a huge boost to its revenues in Q1 2025, with sales of its chips rising more than 69% compared to the same period in 2024. However, the US company, whose chips have played a significant role in the AI boom, also witnessed the rise of a dark cloud earlier this year by way of Trump’s tariffs, which saw their stock and share prices plummet.

Analysts say its strong set of results has “eased concerns” around tariffs, with stock rising post the Trump tariff ban, boosting confidence in Nvidia towers somewhat. “Global demand for Nvidia’s AI infrastructure is incredibly strong,” said the company’s chief executive, Jensen Huang in a press release, adding that he expected demand for AI computing to “accelerate”.

8. Hot stuff, baby, this evening.

A number of weather agencies, including the World Meteorological Organisation and the UK Met Office, have forecast that Earth is likely to experience many more years of record-breaking heat due to human-driven climate change. As per The Associated Press, there is an 80% chance the world will break another annual temperature record in the next five years, and it’s even more probable that the world will again exceed the international temperature threshold set 10 years ago.

On top of this, scientists worry that before the end of the decade, the world’s annual temperature will shoot past the Paris climate accord goal of limiting warming to 1.5 degrees Celsius and hit a more alarming 2 degrees Celsius of heating since the mid-1800s. “Record temperatures immediately become the new normal,” Stanford University climate scientist Rob Jackson told the publication.

9. M&A’s.

Hold onto your (acquired) hats…

Professional services firm Xeinadin acquires KBG Accountants

The firm’s largest acquisition in Ireland to date, KBG has six offices in Cavan, Longford and Leitrim and a team of over 80 professionals. It provides a broad range of accounting, audit, tax, and advisory services to businesses and individuals across the Midlands and beyond. “We are delighted to have them as part of our team of experts,” said Derry Crowley, CEO of Xeinadin.

Leinster accountancy practice Quinlan & Co. merges with AVID Partners

Prominent accountancy practice Eilis Quinlan & Co. has merged with AVID Partners, in a deal joining two Leinster greats. Established in 1992, Quinlan & Co. specialises in audit, tax, planning, insolvency and corporate recovery, and is led by Eilis Quinlan, an accredited commercial mediator and a representative in the ACCA Global Forum for SMEs.

AVID Partners was founded in 2001 by managing director Jamie O’Hanlon and specialises in corporate accountancy, business consultancy and management. The firm, which has its headquarters in Portlaoise, employs seven people, according to its latest accounts. Its Dublin office is located in the Beacon Quarter in Sandyford.

Sudeep Pharma Limited Acquires Nutrition Supplies Services

Sudeep Pharma Limited, a leading manufacturer of pharmaceutical and food-grade mineral ingredients, has announced the acquisition of Nutrition Supplies Services, a prominent European premix solutions provider. The acquisition marks a major step in Sudeep’s strategy to strengthen its global presence in the infant formula and clinical nutrition segments.

Ekco acquires Predatech

Ekco, a leading security-first managed service provider, has announced the acquisition of Predatech, a Manchester-based cybersecurity consultancy specialising in penetration testing and assurance services. The move expands Ekco’s cybersecurity capabilities in the UK and establishes a new office for the firm in the North-West.

CubeMatch expands its European presence with the acquisition of BGK

The CubeMatch Group has announced the acquisition of a stake in BGK, a German consultancy specialising in process management and digital transformation. The move allows CubeMatch to further power change, extend its reach into Germany, Austria and Switzerland and reinforce its position in the European market.

In summary:

It’s about that time of year when we all wish we were teachers, isn’t it? Three months ahead, of nothing to do other than not go to work. Sounds like bliss. Alas.

Much like Nvidia, it’s been a bit of an up-and-down quarter for us all. From sunshine to rain, events to M&As, the month of May has brought with it a multitude, not all of it good. Well, at least we can be thankful we’re not Elon Musk, who announced he is leaving Doge, the government department he named after an exhausted meme, after he realised that he somewhat overpromised when he said he was going to slash spending by $2tn. Yes, trillion, with a t.

The real figure has ended up at a cool $1.86tn short of that target, allowing us all to wonder what he’s been doing with his time; photo ops in the Oval Office? Letting his many children run ragged? Insisting that it’s now called X, not Twitter? Who’s to say? Certainly not us. Not least when no one calls it X. And Love Island is about to kick off.

In the meantime, let’s just bask in the reflected glory of imminent Leaving Cert weather (please, please, please) and assure ourselves that things can only get better. If not for us, then someone, somewhere. Probably not Musk, or Leaving Cert students, but someone, surely. Until we find out who that is, we may as well continue on the path we’re going – one that is both sunny and rainy at the same time.

Wear your suncream, and see you next month!

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