Profits rise 11-fold at Eddie Hobbs' company
A hefty cut to directors' pay contributed to pre-tax profits at the financial services firm co-owned by Eddie Hobbs increasing more than 11-fold to €73,425 last year.
New accounts filed by the author and financial adviser's Hobbs Financial Practice Ltd show that the firm recorded the large hike in profits after directors' pay fell by 32pc, to €313,704 from €458,971.
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Mr Hobbs and his wife, Mary Fehily-Hobbs, are the only directors at the Naas-based firm. They took the substantial pay cut as revenues at the business dropped by 4pc, to €793,318 from €829,209, in the 12 months to the end of October last.
The directors' report states that they are satisfied with the results for the year. The pay cut for the directors contributed to a 12pc drop in administrative expenses, to €719,568.
The report states that the main activity of the company is as an investment intermediary, an insurance intermediary and financial advice provider.
On the risks and uncertainties faced by the firm, the directors identified the rising costs from rules-based EU Directives, across investment products, life office products and pensions.
"The company is solvent and has very little debt, therefore financial risk is minimal. The company is also diversifying some of its activities," they said .
Numbers employed by the firm last year remained at eight, made up of two directors and six employees.
Staff costs at the company, including directors' pay, last year declined to €560,175 from €685,793.