Daft.ie founders share €1m dividend windfall
The millionaire Fallon brothers who established the daft.ie property website have shared a further €1m dividend windfall with other shareholders at their Distilled Media Group.
New accounts filed by the Fallons' Distilled Media Group Ltd show that pre-tax profits at the group declined by 36pc from €1.68m to €1m in the 12 months to the end of December 2014.
However, the chief factor behind the decrease in profits was an exceptional non-cash €1m impairment of goodwill.
Revenues at the Distilled Group increased by 10pc going from €8.32m to €9.2m.
The dividend payout by the group in 2014 is the first since 2011 and 2010, when the Fallon brothers shared a €7.3m windfall with other shareholders.
The brothers established the daft.ie brand in 1997. Eamon and Brian Fallon were just 20 and 15 at the time. The group now operates multiple brands, including boards.ie, adverts.ie, let.ie and property.ie.
Some 2.19 million unique users visit Daft.ie every month generating 220 million page impressions, while nine out of every 10 properties for sale in Ireland are advertised on daft.ie. In a merger involving Distilled Media with the Norwegian-owned online marketplace DoneDeal earlier this year, a value of €80m was put on daft.ie and adverts.ie.
The directors of Distilled Media Ltd are the two Fallons and Paul Kenny. The accounts show that directors' remuneration in 2014 increased by 46pc from €317,400 to €463,912.
The profit in 2014 takes account of non cash depreciation costs of €99,538.
Distilled Media recorded an after tax profit of €789,235 after paying corporation tax of €287,116. The group's accumulated profits in 2014 decreased from €2.7m to €2.57m.