Profits soar to €4.68m at car firm
Published 01/10/2016 | 02:30
Pre-tax profits at one of the country's largest car dealerships, the Johnson & Perrott group, rose by 28.5pc to €4.68m while revenues were up from €63m to €77.2m last year.
New figures show that the Whittaker family, who own the business, last year received a dividend of €615,000.
This followed a dividend payout of €410,000 in 2014.
The group operates seven car franchises in Cork including Honda, Jaguar, Kia, Land Rover, Opel, Peugeot and Volvo and two commercial franchises, Opel and Peugeot.
Operating profits at the group last year increased from €4m to €5.59m.
The group wrote down the value of non-investment land and buildings by €5.3m and wrote up the value of investment properties by €4.8m.
Along with finance costs of €449,751, this resulted in the pre-tax profits of €4.68m.
After a corporation tax bill, the group had post tax profits of €2.26m.
Numbers employed by the group last year increased from 98 to 105 with staff costs increasing from €4.5m to €5.1m. Directors' remuneration last year totalled €475,250.
The profits last year take account of non-cash depreciation charges of €7.4m.
Shareholder funds totalled €60.32m and this included €59m in accumulated profits. The group's cash increased to €11.44m.