Business Irish

Tuesday 25 June 2019

Ex-F1 driver Irvine shares €6m dividend

Eddie Irvine. Photo: Getty Images
Eddie Irvine. Photo: Getty Images

Gordon Deegan

Eddie Irvine is to share a £5.35m (€6m) dividend from the Northern Ireland logistics firm that he co-owns.

New accounts filed by Jenkins Shipping Group show that Mr Irvine and his fellow shareholders shared the £5.35m dividend which represents a twelvefold increase on the £430,000 dividend paid out in 2016.

The group has consistently paid out dividends in recent years and paid out £980,000 in 2015. In a bumper year in the 12 months to the end of April last, revenues increased by 11pc, going from £22.57m to £25.22m.

Pre-tax profits at the group decreased by 10pc, going from £2.22m to £1.98m due to increased costs.

Numbers employed at the Belfast-based group last year decreased from 188 to 185.

Mr Irvine will receive a 30pc share of a dividend payout of £5.35m through his Tidswell Ltd having a 30pc ownership of the group.

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

He took part 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.

According to the directors' report for Jenkins Shipping, "the group is budgeting an increase in sales in the coming year to include the maintenance of current margins as well as growth from new business".

The directors add "as a result, we are confident that our current level of financial performance will improve".

Irish Independent

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