Pre-tax profits up 10pc at customer rewards firm Loyaltybuild
PRE-TAX profits at Co Clare-based customer loyalty rewards firm Loyaltybuild Ltd increased last year to nearly €4.5m.
The US-owned company recorded the increase of 10pc after revenues rose by the same rate to €11.1m in the 12 months to the end of December last year.
In 2008, three Co Clare businessmen that co-owned the firm bucked the recession when they sold the company to a US group, Affinion, for €25m.
It is understood that founder and chief executive Dominic Considine, businessman and aircraft leasing financier Domhnal Slattery, and developer and hotelier Sean Lyne received half of the proceeds up front.
As 70pc shareholder, Mr Considine was the biggest beneficiary, pocketing about €8.5m up front from the sale. Mr Lyne, who owned 25pc of the business, earned about €3m initially while Mr Slattery received about €600,000.
Last year the firm paid its new owners a dividend of €7.4m.
Mr Considine resigned as a director in 2011.
The company specialises in hotel breaks. Its website states that over 3.1 million Europeans have availed of the company's reward breaks.
The directors' report states that "the company intends to continue to expand its activities in the coming year both within its existing markets and through the development of strategic partnership in new markets".
The figures show that the firm's accumulated profits last year totalled €584,666 after the dividend payout.