Thursday 20 June 2019

DKM directors share €358k loss-of-office payout after EY sale

Departing directors at consultancy firm DKM Economic Consultants shared €358,774 in compensation for loss of office last year. Stock image
Departing directors at consultancy firm DKM Economic Consultants shared €358,774 in compensation for loss of office last year. Stock image

Gordon Deegan

Departing directors at consultancy firm DKM Economic Consultants shared €358,774 in compensation for loss of office last year.

This followed the purchase of the consultancy by EY Ireland last year, which was EY Ireland's first acquisition here.

The final set of accounts for DKM Economic Consultants Ltd show that the firm recorded a profit of €664,200 on the sale of certain business assets sold to Ernst & Young Services (Ireland) Ltd and Ernst & Young Chartered Accountants Ltd in February of last year. DKM Economic Consultants Ltd's revenues for the 18-month period totalled €604,900.

The accounts show that directors, Brendan Dowling, Annette Hughes and John Lawlor all stepped down from the board on January 3 2018 and were replaced by Luke Charleton and Shane McSweeney. In addition to the €358,774 in compensation for loss of office, directors received €127,427 in emoluments and €35,873 in pension contributions.

The profit on the sale of assets along with reorganisation costs of €358,774 contributed to the firm recording a pre-tax profit of €122,113 last year.

As part of the EY purchase, the DKM team relocated operations from Grand Canal Wharf to EY's Dublin office.

The accounts show that DKM last year paid out €163,912 in onerous lease commitments. Partner in transaction advisory services, EY Ireland, Simon MacAllister said yesterday that EY Ireland has recorded five consecutive years of double-digit growth and "EY-DKM is performing strongly and has contributed to this sustained growth".

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