Dan Dooley profits dip as board pay doubles
Pre-tax profits at car hire and garage firm the Dan Dooley Group last year dipped by 4pc to €1.74m.
The Limerick-based group sustained the drop in pre-tax profits largely as a result of the pay to directors at the company more than doubling from €316,263 to €700,063
The business enjoyed another bumper year as revenues went up by 4pc, going from €32.75m to €34m in the 12 months to the end of November last.
Earlier this year, the Irish subsidiary of US car rental group, Enterprise bought the rental business of the Dan Dooley group for an undisclosed sum.
The directors of Dan Dooley state that the increase in turnover in 2016 was offset by an increase in the cost of sales of 1.66pc and an increase in administrative expenses of 12.5pc resulting in a slight decrease in profit after tax by 3.96pc.
The directors state that they are satisfied with the results for the year.
The company's operating profit last year declined by 11pc - going from €2.3m to €2m.
The firm recorded a pre-tax profit of €1.74m after taking into account net interest charges of €320,877.
Shareholder funds at the end of November last stood at €13.6m. The company's cash reduced from €8m to €6.2m.
The profits take account of non-cash depreciation costs of €163,494.
Numbers employed increased from 96 to 98. Staff costs at the company, inclusive of directors' salaries, increased from €3m to €3.6m.
The directors are listed as James Dooley, Patrick Dooley and Daniel Dooley and pay to directors increased from €316,263 to €700,063.