Owners of luxury car dealer make €3.7m windfall with property sale
Published 03/07/2015 | 02:30
The Cork-based Whittaker family last year enjoyed a €3.77m windfall after selling a property firm to its motor group, Johnson & Perrott.
The confirmation of the sale of Ballincurrig Properties is contained in new accounts disclosing that pre-tax profits last year at Johnson & Perrott - which has dealerships for brands including Jaguar and Land Rover rose by 36pc to €3.64m.
Revenues soared by 37.5pc from €45.8m to €63m.
Yesterday, the group's CEO, Mark Whittaker, confirmed that the group's business continues to grow this year with revenues increasing by over 20pc.
The group operates a renting and development property portfolio through its Ballincurrig Properties which it acquired in January 2014. Mr Whittaker said the property firm "made a substantial contribution to the profits of the group last year".
The rise in revenues "was driven by a substantial increase in activity recorded at the group's two motor dealerships arising from the increase in the car market in 2014 together with substantial internal changes in these businesses", he said.
"The group's fleet management division, based in South City Business Park in Tallaght, recorded excellent results... assisted by continued growth in its fleet together with strong demand for end of lease vehicles."
During the year, the firm paid dividends of €410,000. Last December, the group was sitting on accumulated profits of €57.34m. The firm's cash pile during the year decreased from €13.84m to €10.88m. Numbers employed fell marginally from 103 to 98 with staff costs rising by 8.5pc to €4.53m.
The profits include non-cash depreciation costs of €7.24m and redundancy and employment cessation costs of €210,378. Five sit on the board and directors' emoluments rose by 64pc from €293,935 to €482,520.