Savills directors share €4.67m as pay dips again
The boom in Dublin's commercial property sector in 2016 resulted in directors at one property firm enjoying average pay of over €290,000 each.
New figures show that the 16-member board who served with Savills Commercial (Ireland) Ltd were paid an aggregate €4.677m in 2016 or on average €292,000 each.
However, the pay to the directors is down substantially on the €6.1m - or the average €383,000 - paid to directors in 2015. The €6.1m in remuneration in 2015 was in turn a reduction on the €8.29m paid out to directors in 2014. The directors sustained the drop in pay in 2016 after pre-tax profits decreased by 18pc - going from €5.856m to €4.815m.
The drop in profit followed a 14.6pc drop in revenues from €32.57m to €27.8m. Numbers employed also increased in 2016 going from 219 to 222.
According to the directors' report, "the company performed very well in a competitive property market. The benefits of the restructuring programme over the previous five years, which saw the company diversify across all property sectors, has maintained a positive impact on the underlying profits for 2016".
They state: "The outlook for 2017 and 2018 is positive based on continued improvements to trading as the transactional market remains vibrant."
The firm recorded a post-tax profit of €4.22m in 2016 after paying tax of €595,218.
Staff costs at the firm in 2016 decreased from €22m to €19.5m.
The company's administrative expenses decreased from €26.8m to €23m. The administrative expenses include lease costs increasing from €626,318 to €675,499.
At the end of December 2016, accumulated profits at the Savills firm totalled €12.98m.
The profit takes account of non-cash depreciation costs of €420,829. The firm's cash during the year decreased from €15.57m to €13m. Shareholder funds totalled €14.96m.