Fish firm HJ Nolan triples profits to €2m
Pre-tax profits at the main firm of family-owned fish distributor HJ Nolan last year more than tripled to €1.9m.
New accounts show that HJ Nolan (Dublin) recorded the sharp rise in profits after revenues increased by 10pc going from €48.37m to €53.12m in the 12 months to the end of April 2nd last.
The firm's pre-tax profits increased by 287pc going from €490,546 to €1.9m
According to the directors' report, they "are satisfied with the results generated in the period, in particular with the continued increase in turnover and ongoing operating profits".
The firm's principal activity is the buying and selling fresh fish, processing fresh and frozen fish and the sale of fish products. It produces over 500,000 kg of smoked salmon, which in the past has been sampled by the likes of Frank Sinatra and John F Kennedy.
The profit last year takes account of non-cash depreciation costs of €793,236.
Numbers employed increased from 280 to 297 with 45 employed here and 252 employed in the UK. Staff costs last year increased by €1m to €9.3m.
Directors George V Nolan and James Ryan saw remuneration last year increased from €337,511 to €458,645 including €307,737 in pension contributions. The firm last year recorded a gross profit of €15.5m compared to €12.8m in 2015.
However, higher administrative expenses and distribution costs contributed to the firm recording an operating profit of €1.95m.