Profits down at transport firm Stobart to €3.1m
Published 18/09/2015 | 02:30
Pre-tax profits at the Irish arm of transport firm, Stobart last year declined by 39pc to €3.1m.
New accounts just filed by Stobart (Ireland) Ltd to the Companies Office show that revenues at the firm last year declined by 28pc from €38.9m to €28m.
The drop in revenues is mainly attributable to last year's period being for nine months as opposed to 12 months in the prior period.
The accounts show that between 2014 and 2015, the firm paid combined dividends of €16.97m made up of €9.44m in 2014 and a dividend of €7.5m paid to Eddie Stobart Group Ltd last August.
The directors state that "the management aims to continue to develop the business by expanding the customer base and by working together with Eddie Stobart Ltd".
The dividend pay-out last year reduced the firm's accumulated profits to €9m. The firm's cash last year declined from €5.66m to €127,000.
The firm recorded €26.5m in revenues in the Republic of Ireland with €1.52m in revenues recorded in the EU.
The firm's cost of sales last year decreased from €26.6m to €19.59m.