Monday 19 March 2018

Profits fall by quarter at HJ Nolan

Its salmon was enjoyed by Frank Sinatra and JFK
Its salmon was enjoyed by Frank Sinatra and JFK

Gordon Deegan

Pre-tax profits at the main Irish firm of family owned fish distributor, HJ Nolan last year fell by 25pc to €1.4m.

New accounts show that HJ Nolan (Dublin) Ltd's revenues decreased by 19pc, from €53.12m to €43.9m, in the 12 months to the end of April 1 last.

The directors said in their report that they "are satisfied with the results generated in the period". They added that "it is anticipated that further growth will be achieved in the forthcoming year".

The firm's principal activity is the purchase and sale of fresh fish, processing of fresh and frozen fish and the sale of fish products.

Today Nolans' Dublin produce over 500,000 kg of smoked salmon per year.

Over the years its smoked salmon has been sampled by Frank Sinatra, US Presidents John F Kennedy and President Lyndon B Johnson, as well as former US Secretary of State Henry Kissinger.

The directors said the group plans to continue its present activities and increase its current trading levels.

The profit last year takes account of non-cash depreciation costs of €713,833.

Numbers employed last year fell from 297 to 247 with 42 employed here and 205 in the UK. Staff costs last year decreased from €9.3m to €7.1m. The directors are listed as George V Nolan and James Ryan. Directors' remuneration last year fell from €458,645 to €329,225, made up of €153,507 in remuneration and €175,718 in pension contributions.

The directors said the firm did not pay a dividend last year.

It recorded a gross profit of €12m compared to a gross profit of €15.5m in 2015. However, administrative expenses decreasing from €11.9m to €9.25m and distribution costs going up from €1.73m to €1.39m contributed to the firm recording an operating profit of €1.45m.

The firm recorded a pre-tax profit of €1.4m after taking into account interest charges of €38,396.

The company recorded post tax profits of €1.19m after paying corporation tax of €220,376.

The company had shareholder funds of €10.1m.

Irish Independent

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