Thursday 22 February 2018

Eddie Irvine's firm in fast lane as profits increase three-fold to €2.3m

Eddie Irvine
Eddie Irvine

Gordon Deegan

Pre-tax profits at the logistics group co-owned by former F1 driver, Eddie Irvine powered ahead last year to £1.73m. (€2.28m)

New figures lodged by the Belfast-based Jenkins Shipping Company show that the group enjoyed the three-fold increase to £1.73m after revenues jumped from £11.1m to £17.3m in the year to the end of last April.

The directors state that the businesses of Jenkins Shipping (GB) Ltd, Jenkins Port Services Ltd were hived up to Jenkins Shipping Co Ltd at end of December 2012 and the businesses of all three are combined for the first time for a full year.

Revenues from the 'new' businesses totalled £7.6m last year.

As a result, numbers employed at the Northern Ireland-based firm jumped from 58 to 145 last year.

Irvine is also to enjoy a 30pc share of a dividend payout of £350,000 through his Tidswell Ltd having a 30pc ownership of the group.

Former F1 driver from Conlig near Bangor in Northern Ireland, Irvine raced for Jordan, Ferrari and Jaguar between 1993 and 2002.

During this time Irvine raced in 148 races and scored 191 points with 26 podiums. His most successful year produced his four victories for Ferrari in 1999 when he was runner-up in the championship.

The accounts filed with Companies House in the UK show that the firm purchased a warehouse for £1.6m that was co-owned by Irvine's Tidswell Ltd and Paul O'Hare and Catherine O'Hare.

According to the directors' report for Jenkins Shipping, "in terms of current year operations, the company is budgeting an increase in sales of 5pc with margins being maintained".

"As a result, we are confident that our current level of financial performance will improve."

The numbers employed by the group - which provides cargo handling services - totalled 145 with staff costs at the group increasing from £1.69m to £3.33m.

Emoluments received by directors, including pension contributions, last year increased from £451,164 to £573,228.

The highest paid directors received £181,311 including pension payments of £31,025.

Shareholder funds totalled £2.8m that included £1.66m in accumulated profits.

The profit takes account of combined non-cash depreciation and amortisation costs of £312,577.

Irish Independent

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