Losses rise at Ibec in spite of revenue jump
Published 01/12/2016 | 02:30
Pre-tax losses continued to mount last year at industry representative organisation, Ibec in spite of a jump in revenues.
Ibec represents the interest of business in Ireland and provides a range of services to its 7,500 member companies.
However, new accounts for Ibec show that the organisation last year recorded pre-tax losses of €527,072.
The pre-tax loss represents a 6.5pc drop on the pre-tax loss in 2014 that was brought about by restructuring costs of €856,629.
The losses continued at Ibec last year as revenues increased from €17.78m to €18.269m.
The directors state that "overall income is €487,859 higher than 2014 which is mainly due to increased membership subscriptions of €843,107 and an increase in demand for training income of €239,365".
The directors add: "However, other income of €594,613 is lower than 2014 mainly due to the once-off nature of activity in sector-specific activity in 2014."
Last year, Ibec's income was made up of €14m in subscriptions; €1.8m in training income, event income of €1.64m and €699,136 in other income.
Senior management personnel last year received pay of €1.18, including pension payments of €125,321.
Wage costs increased from €7.7m to €8m.