Business Irish

Thursday 23 March 2017

Directors' pay at building firm slumps by 90pc

Gordon Deegan

The Monart Hotel
The Monart Hotel

Directors' pay at one loss-making Dublin building firm has fallen by 90pc since 2007, new figures show.

The sharp cut is revealed in new accounts for Noonan Group Holdings where pre-tax losses increased five fold last year to €4.9m.

The group incurred the sharp increase in losses in spite of revenues increasing from €325,991 to €2.4m.

According to the directors' report, the Noonan group completed 16 house sales with revenues of €2.4m in 2014 and this compared to just two houses sold here in 2013.

Three directors, Kiernan Noonan, Neil Noonan and Barry Cahill, last year received €202,973 in remuneration.

This compares to €3.95m paid out to seven directors in 2007 when revenues totalled €30m.

The group disposed of its €100,000 investment in the Griffin Hotel Group - which includes Monart and the Ferrycarrig Hotel - in 2013.

The investment was valued at €3.8m in 2011.

Irish Independent

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