Wednesday 18 October 2017

McDowell company profits hit €14m

Golfer Graeme McDowell, who has his own clothing range and owns two Florida restaurants, has won $15m on the US PGA tour and €19m on the European Tour in his career so far
Golfer Graeme McDowell, who has his own clothing range and owns two Florida restaurants, has won $15m on the US PGA tour and €19m on the European Tour in his career so far

Gordon Deegan

Accumulated profits at the commercial firm owned by Graeme McDowell last year soared to $16.43m (€14m) as the golfer also enjoyed an upturn in fortunes on the course.

New accounts show that accumulated profits jumped by $3.81m to $16.4m at Boyport Services Ltd in the 12 months to the end of December last.

During the year, 38-year-old 'G-Mac' was able to bank $1.7m in dividends from the company.

The strong performance enjoyed by the firm last year followed the company recording profits of $3.82m in 2015 and a dividend payout of $1.4m that year.

The firm's cash pile last year reduced from $5.1m to $4.1m while the value of the company's tangible assets increased from $2.29m to $4.23m. The value of the company's investments stood at $7.6m.

The rise in fortunes for the 2010 US Open winner came as he enjoyed solid form on the golf course in 2016 as his winnings on the PGA tour in the US last year increased fourfold from $639,770 to $2.596m.

Mr McDowell started playing at seven with his brothers at the urging of his father - and the long hours on the course have paid off handsomely with US PGA prize money to date of $15.35m.

On the European tour, Mr McDowell has fared even better with 10 tour wins across his career and has accumulated €19.25m in prize money on that tour.

Mr McDowell has invested wisely off the golf course and has opened two restaurants in Florida where he lives.

The golfer has also launched his own clothing label, G-Mac Apparel.

Irish Independent

Also in Business