Profits at Irish arm of Willis plummet by 90pc
PROFITS at the Irish offshoot of Willis plunged more than 90pc last year as the insurance advisory giant reeled from the "tough recessionary environment".
The dramatic fall is revealed in accounts just filed for Willis Risk Services Holdings (Ireland), the local arm the global insurance advisers Willis Group, which recently redomiciled from Bermuda to Dublin.
Willis Ireland withstood the first stages of the recession well, with turnover rising marginally at €44m in 2008 while pretax earnings rose slightly to €13m.
But last year, revenue was down about 25pc to €32.9m and pretax profits fell more than 90pc to €857,000.
"It  was a difficult year for the group as it faced a tough recessionary environment that impacted all areas of its operations," the directors said.
They added, however, that the group had "nevertheless" managed to remain profitable.
The latest filings also hint at staff cuts and pay cuts in 2009, as headcount fell from 297 to 280, while average costs fell from €70,700 to just under €63,000.