Sunday 26 May 2019

Daft dividend: Property site's Fallon brothers share in €8m

Web gurus: Eamonn and Brian Fallon set up the property website daft.ie in 1997
Web gurus: Eamonn and Brian Fallon set up the property website daft.ie in 1997

Gordon Deegan

THE millionaire Fallon brothers have shared a further €8m dividend windfall with other shareholders from their online group of companies this  year and last year.

New accounts filed by Distilled SCH Ltd show that the group recorded a pre-tax loss of €457,298 last year. The group narrowed its pre-tax losses from €1.5m in 2016 after revenues rose from €22.4m to €23.8m last year.

The revenues include the income generated by the daft.ie and the Done Deal websites. The pre-tax loss takes account of non-cash amortisation costs of €6.09m and non-cash depreciation costs of €258,086.

The €4.97m dividend pay-out to Eamonn and Brian Fallon and other shareholders last year came ahead of the directors declaring and paying an interim dividend of €3m this year.

The daft.ie property website was established in 1997.

Irish Independent

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