Pre-tax profits at daft.ie group doubled last year
Pre-tax profits at the group that operates the daft.ie property website more than doubled to €1.68m last year.
New accounts filed by Distilled Media Group - established by Rathgar brothers Eamon and Brian Fallon - show that the group saw a 107pc rise in pre-tax profits after revenues increased by 10pc to €8.35m.
The numbers employed by the group last year dipped from 75 to 71 resulting in staff costs decreasing by 10pc to €4.11m.
Last year, no dividend was paid out to the group's shareholders. Over 2011 and 2010, the millionaire Fallon brothers shared a €7.3m windfall with other shareholders.
The brothers established the daft.ie brand in 1997 and were aged just 20 and 15 at the time.
The group now operates multiple brands, including boards.ie, adverts.ie, rent.ie and property.ie along with daft.ie.
The group states that it delivers over 3.65 million unique users and 165 million page impressions per month.
The group's cost of sales last year increased from €503,250 to €564,213.
Administrative expenses decreased from €6.22m to €6.05m.
Profit last year takes account of non-cash depreciation and amortisation costs of €261,640.
Directors' remuneration for management and consultancy services last year totalled €317,400 compared to €311,500 in 2012. The board is made up of the two Fallons and Paul Kenny.
During 2013, a company controlled by Mr Kenny, TNK Associates, charged the group €134,000 for consultancy services.
Accumulated profits increased from €1.68m to €2.78m while cash decreased to €2.3m.