Saturday 27 December 2014

Irvine sees accelerated profits

Gordon Deegan

Published 27/02/2013 | 04:00

PRE-TAX profits at the logistics group that is part-owned by the former Formula One racing driver Eddie Irvine went into the fast lane last year, increasing by 10pc to £370,370 (€430,000).

Jenkins Shipping Group, which is based in Belfast and provides cargo-handling services, recorded the increase in profits after its revenues rose by 23pc to £15.4m in the 12 months to the end of last April. Shareholders received a dividend of £173,000.

The directors' report says: "The group is budgeting an increase in sales in the coming year to include the maintenance of current margins, as well as growth from new business, which has already been secured and will commence from January 2013. As a result, we are confident that we will maintain our current level of financial performance."

The numbers employed by the group increased from 171 to 173, with staff costs rising from £3.52m to £3.59m.

Emoluments received by directors, including pension contributions, jumped from £225,964 to £263,934.

Meanwhile, a second Eddie Irvine firm, Chrishardzoe Developments, increased its accumulated profits by £175,327, from £471,579 to £646,906, in the 12 months to the end of October 2011.

Irish Independent

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