Business Irish

Sunday 22 July 2018

Irish Monopoly passes Go, collects €1.3m and puts it in the bank

Hasbro Ireland is the corporation's European manufacturing base
Hasbro Ireland is the corporation's European manufacturing base

Gordon Deegan

The makers of Monopoly hit the jackpot here last year with pre-tax profits at Hasbro's Irish operation increasing by 10pc to €1.34m.

Based in Waterford, Hasbro Ireland is the corporation's European manufacturing base and produces 17m units every year at its 22,500 sq metre facility.

Accounts just filed by the US-owned Hasbro Ireland with the Companies Office show that revenues fell by 15pc to €16.73m.

The Waterford base, established in 1977, employs 300 that rises to 400 at peak production and along with a Hasbro plant in Massachusetts is the only Hasbro-owned and operated factory in the corporation - all other manufacturing is outsourced to third parties.

The directors' report considers the performance of the company "to be in line with expectations".

Some of the games produced at the Waterford plant include Trivial Pursuit, Risk and Cluedo.

The accounts show that net interest receivable last year of €19,000 contributed to the increase in profits. The firm recorded an actuarial loss of €6.52m on its pension scheme last year and this followed an actuarial loss of €969,000 in 2013.

Staff costs last year decreased from €11.25m to €10.5m as the average number of full-time employees fell from 258 to 245 with 194 engaged in production and 51 in administration. Directors' remuneration last year dropped from €252,000 to €227,000.

The profit takes account of non-cash depreciation costs of €1.34 million.

The firm's gross profit last year decreased from €3.1m to €2.8m while operating expenses dropped sharply by 23pc to €1.5m.

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