Business Irish

Tuesday 23 July 2019

AIB IPO hikes Goodbody profits to €5m

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Gordon Deegan

FEES from the €3.4bn AIB IPO helped pre-tax profits soar by 45pc to €5.5m at Goodbody Stockbrokers in 2017.

New accounts filed by Goodbody Stockbrokers Unlimited Company show that the business recorded the pre-tax profits after revenues increased by 7pc from €63.96m to €68.9m in 2017.

According to the directors' report "investment banking experienced a strong performance, driven by corporate activity during the year, most notably the AIB IPO and a number of other corporate advisory transactions in Ireland and the UK".

The 296 staff at Goodbody Stockbrokers shared salary payments of €34.34m in 2017 which works out at €116,016 each on average.

They also reveal that Goodbody Stockbrokers paid a dividend of €6m to Goodbody Holdings UC during the year.

The group's profits were hit by €407,000 in restructuring costs, €257,000 in finance costs while its profits were boosted by a €2.4m share of profit in an associate entity.

Key management personnel at the business shared pay of €4.798m during the year.

Directors' pay in 2016 included termination benefit of €719,000. At the end of 2017, accumulated profits totalled €46m.

Irish Independent

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