Losses mount at Ballymore firms
Published 28/01/2016 | 02:30
One of Ireland's best known developers, Sean Mulryan last year shared a pay-pot of €295,458 with two other directors as losses mounted at a number of his Irish firms.
The Co Roscommon man's UK business has made a strong recovery in the last couple of years with its UK arm recording stellar pre-tax profits of £154.9m (€217m) last year after a number of exceptional gains.
However, new accounts filed by a number of Mulryan's Irish firms to the end of March last show that they have some distance to go before enjoying the massive profits being enjoyed by Ballymore Properties Holdings Ltd in the UK.
The accounts however filed by Ballymore Properties Ireland Ltd show that the recovery in the Irish business has taken hold.
The directors' report confirms that after a number of years where the general level of activity of the group was severely impacted by adverse conditions in the property market, the group resumed planning, development and sales activities.
The directors state that "this activity grew further in the current year".
The Ballymore firm provides for project management and administration services to its parent company and group companies.
Revenues at the firm last year reduced marginally from €2.68m to €2.64m and pre-tax losses declined by 17% from €5.07m to €4.2m.
The figures show that directors Sean Mulryan, John Sisk and Brian Fagan - who resigned from the board in October 2014 - shared remuneration of €295,458 that included retirement benefit contributions of €43,260 in respect of two directors.
Remuneration to directors last year was down sharply on the €363,305 paid out in 2014.
The accounts of five Ballymore firms lodged show that they all are still nursing hefty accumulated losses from the housing market collapse.
The combined losses at the five firms, Ballymore Properties Ireland Ltd, Ballymore Land Ltd, Ballymore Developments Ltd, Ballymore Residential Ltd and Ballymore Property Investments Ltd last year increased from €297.5m to €307m.
Losses at Ballymore Properties Ltd increased from €93m to €98m with losses at Ballymore Land Ltd increasing from €73m to €83.9m.