Business Irish

Monday 5 December 2016

Chill eyes growth as it records first profit

Paul O'Donoghue

Published 16/01/2016 | 02:30

Chill Insurance: has nearly doubled in size over the last two years
Chill Insurance: has nearly doubled in size over the last two years

Irish insurance broker Chill Insurance made its first ever profit last year, reversing a €1.5m loss.

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In the 12 months to the end of April 2015 the company, which was founded about eight years ago, made a pre-tax profit of €691,928 compared to a loss of €1.51m during the 15 months to the end of April 2014.

Turnover rose from just over €16m to €18.2m while administrative expenses were largely static at €15.7m compared to €15.5m.

The company has nearly doubled in size over the last two years. In April 2013 the firm employed 170 people, however according to documents filed with the Companies Registration Office, the number employed grew substantially from an average of 226 in the 15 months to the end of April 2014 to 291.

According to the director's report, the company had an "excellent performance" during the year to the end of April.

It states: "The company delivered its first year in profit [and] anticipates further substantial turnover and profitability growth over the next year."

Brothers Seamus and Padraig Lynch are the majority owners of Chill Insurance.

According to reports last year specialist debt provider QED Equity, which is owned by billionaire investor Dermot Desmond, is a backer of Chill.

Irish Independent

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