Thursday 21 June 2018

Directors at Lisney share €2.6m after profits surge

Lisney boss Duncan Lyster
Lisney boss Duncan Lyster

Gordon Deegan

Sixteen directors at property firm, Lisney last year shared a pay bonanza of €2.63m.

The directors at the Dublin-based firm were well rewarded after pre-tax profits increased by 31pc to €923,978.

The increase in profits came in spite of revenues decreasing by 5pc, going from €12.58m to €11.94m.

Numbers employed by the company last year totalled 111 with staff costs of €8m.

Pay to directors was made up of €2.449m in pay and pension payments of €190,228 and the average pay to the directors was €164,988.

This was down on the average pay of €203,000 to 15 directors who shared €3m in pay and pensions in the prior year.

Numbers employed by the firm last year decreased from 115 to 111 with 66 professional staff, 29 in administration and support staff and 16 executive directors.

Staff costs last year - including pension payments - declined from €8.6m to €8m.

The profit last year takes account of non-cash depreciation costs of €247,267.

At the end of March last year, the firm had accumulated profits of €3.2m. The firm's cash during the year decreased from €1m to €500,609.

Operating profits at the business last year increased by 29pc going from €752,959 to €974,518.

In a recent report on the property sector here, Lisney stated that the investment market turnover here was €2.24bn in 2017 along with more than €600m in forward funding deals.

The property firm - headed by MD Duncan Lyster - is forecasting that it is likely that this figure will be lower for this year.

The report states: "Given the supply shortages in the sector, new buildings are required and these are only beginning to come on stream.

"In offices, demand is very strong, particularly from international tech companies. They continue to seek space and of the new buildings due in Dublin in 2018, 55pc of the accommodation is already taken."

The report stated that in relation to the office market in Dublin, the market remains buoyant heading into 2018 and 2017 was another strong year - with the second quarter of 2018 the strongest quarter on record.

On new office buildings, Lisney record that 15, comprising 172,500 sq m, were completed in the city and suburbs in 2017.

The report states that this will intensify this year to about 20 in the city and five in the suburbs.

The business recorded post-tax profits of €775,565 after paying tax of €148,413.

The business also recorded an actuarial gain of €37,150 on its pension scheme last year.

Irish Independent

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