Profits back up at Davy Asset Management
The asset management business operated by the Davy group last year returned to profit after increasing revenues and reducing numbers employed.
According to accounts filed by Davy Asset Management Ltd to the Companies Office, the firm recorded a pre-tax profit of €1m last year after recording a pre-tax loss of €887,969 in a nine month period in 2013 - a positive swing of €1.96m.
The change in fortunes for the firm arose from the business increasing its revenues by 10pc, or by over €750,000 going from €7.282m to €8m.
The firm reduced the numbers it employs by 40pc during the year, going down from 60 to 36.
The employees at the firm are well rewarded for their work with the average pay for the 36 last year topping €104,000. The firm's salary costs last year totalled €3.77m.
The reduction in headcount resulted in salary costs last year reducing by more than €550,000 from €4.3m.
In total, the firm's costs last year were reduced by 15pc going from €8.17m to €6.95m.
According to the directors' report, they are satisfied with the performance of the business in 2014, with a focus on the retention of clients as well as a review of cost base to identify where cost savings could be achieved and synergies obtained.
The directors state that since November 4 2014, a significant proportion of fund management activities in the Davy Group have been consolidated within Davy Asset Management Ltd.
The directors state that it is their intention to continue to develop the current activities of the company and to grow the assets under management in both domestic and over time in international markets.