Sunday 21 April 2019

Dalata boss paid €1.5m as 2018 performance earns him full bonus

Dalata CEO Pat McCann
Dalata CEO Pat McCann
John Mulligan

John Mulligan

Dalata CEO Pat McCann was last year awarded the highest possible bonus he could receive under his remuneration scheme, bringing his total pay package to €1.51m in the 2018 financial year.

It included a conditional €280,000 long-term incentive plan award.

He also told shareholders in the hotel group's annual report as Brexit approaches, that the company "never wastes a good crisis".

Mr McCann received a basic salary of €586,000 last year and a €645,000 bonus. Dalata - the country's largest hotel group - saw its revenue rise 11.8pc to €393.7m in 2018. Its adjusted earnings before interest, tax, depreciation and amortisation were 14pc higher, at €119.6m.

The package he received by Mr McCann last year was lower than the €1.76m he got in 2017, which was lifted as a result of higher share option awards under the company's long-term incentive plan. He owned 1.27 million shares in Dalata at the end of 2018, currently valued at €7.2m.

In the group's annual report, Mr McCann told shareholders that the decision by the Government in the last Budget to return the special 9pc Vat rate for a number of sectors including hotels to 13.5pc was a "big blow to the industry", particularly for rural hotels.

He added that there continues to be "so much noise" about Brexit that it's "impossible" to prepare for it. "Until we have a better sense of a final outcome, we will continue to monitor closely what's going on," said Mr McCann.

"We are very good at adapting our business model to suit any circumstance that may confront us. Over the years we have proved that we never waste a good crisis."

Irish Independent

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