Monday 25 September 2017

Profits double to €7.3m at MJ Flood

Numbers employed by the group rose from 497 to 540 and staff costs last year increased from €18.3m to €21.3m
Numbers employed by the group rose from 497 to 540 and staff costs last year increased from €18.3m to €21.3m

Gordon Deegan

Pre-tax profits at business technology provider MJ Flood more than doubled to €7.3m last year.

Revenues at MJ Flood Group increased by 60pc to €82.75m though the revenues of €51m recorded in the prior year was for an eight and half month period.

Pre-tax profits increased by 107pc. According to the directors' report, the company delivered a strong performance during the year with sales growth and improving margins.

Numbers employed by the group rose from 497 to 540 and staff costs last year increased from €18.3m to €21.3m.

In the prior year, documents show that directors John Power and Michael Power Jnr enjoyed the vast proportion of a €10.7m dividend payout and last year the two directors received aggregate remuneration of €737,494.

Shareholder funds at the group last year totalled €28.4m that included cash of €6.3m.

The directors said that they are satisfied with the result for the year. They stated: "Sales for 2015 are expected to exceed prior year levels and the directors expect profit before tax to be marginally better than recorded for 2014."

Some €52.98m of the group's revenues were generated in Ireland with €29.6m in 'Rest of European Union'.

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