Directors at property firm Savilles share €7.6m bonanza
The boom time in Dublin's commercial property sector in 2015 resulted in a pay bonanza for executives at one Dublin-based property firm.
New figures show that the 16 member board who served with Savills Commercial (Ireland) Ltd were paid an aggregate €7.6m in 2015 or on average of €475,025 each, including pension payments.
The €7.6m in directors' remuneration is made up of €6.12m in pay; €1.32m in pension contributions and €149,354 in benefits under long-term incentive schemes.
The €7.6m in remuneration is down on the €8.29m paid out to directors in 2014.
The owners of Savills Commercial (Ireland) Ltd also enjoyed a windfall in 2015 with a dividend of €8.48m paid out in December 2015.
The directors were richly rewarded in 2015 for increasing pre-tax profits by 4.3pc to €5.86m.
The growth in profit followed revenues increasing by 7pc going from €30.4m to €32.57m in the 12 months to the end of December 2015.
Numbers employed by the firm also increased in 2015 going from 212 to 219.
According to the directors' report, "the company performed very well in an improving property market.
The benefits of the restructuring programme over the previous four years, which saw the company diversify across all property sectors, has had a positive impact on the underlying profits for 2015".
They state: "The outlook for 2016 and 2017 is positive based on continued improvements to trading as the transactional market recovers."
The firm recorded a post tax profit of €4.87m in 2015 after paying tax of €986,353.
The accounts show that former finance director Damien Moloney resigned on September 21 2015 and was replaced on the board on the same day by Peter Callender.
Mr Moloney was the only director to resign in 2015 and the accounts confirm that €130,250 was paid in compensation for loss of office under the heading of directors' emoluments during the year.
Staff costs at the firm in 2015 increased from €20.69m to €23m.
Accumulated profits totalled €16.2m.