Business Irish

Saturday 29 April 2017

Profits up 13pc at business technology firm MJ Flood

MJ Flood has provided workstations at many well-known firms here including Vodafone and PWC
MJ Flood has provided workstations at many well-known firms here including Vodafone and PWC

Gordon Deegan

Pre-tax profits at business technology provider MJ Flood last year increased by 13.5pc to €8.32m.

This follows revenues at MJ Flood Group last year increasing by 4pc from €82.75m to €86m.

According to the directors' report "sales for 2016 are expected to exceed prior year levels and the directors expect profit before tax to be marginally better than recorded for 2015".

The directors state that in relation to 2015, they are satisfied with the results for the year and that this year, the focus is on continued development of sales, which will deliver long-term sustainable profitable growth.

Numbers employed by the group last year totalled 245 with staff costs totalling €15.79m.

Last year, the company paid dividends of €300,000 to its shareholders - in 2013, John Power and Michael Power Jnr enjoyed the vast proportion of a €10.7m dividend payout.

John Power and Michael Power Jnr last year shared directors' pay of €1.1m - a sharp increase on the €737,494 the two shared in 2014.

The pre-tax profits take account of interest payments of €329,560. Shareholder funds at the group totalled €39.43m with the group's cash increasing from €6.3m to €10.45m.

MJ Flood was first established in 1935 on Dublin's Pearse Street.

Today, along with its Dublin HQ at Baldonnell Business Park, it has seven regional branches in Athlone, Cork, Galway, Limerick, Sligo, Wexford and Waterford.

In a post balance sheet event, the group underwent a restructuring.

The profit last year takes account of combined non-cash depreciation and amortisation costs of €4.3m.

A breakdown of the group's revenues show that €56.53m was generated in Ireland with €29.46m in the rest of the European Union.

The group's capital expenditure totalled €7.2m and this followed €5.9m under the same heading in 2014.

MJ Flood's grandson, Michael Power Snr took over the business in 1964 when it employed just six people.

The group paid rent of €654,214 during the year to co-ownerships under the control of the directors.

MJ Flood has provided workstations at many well-known firms here including Vodafone and PWC.

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