Business Irish

Tuesday 20 August 2019

Profits up 131pc to €6m at CBRE

The firm has benefited from the commercial property sector boom in Dublin
The firm has benefited from the commercial property sector boom in Dublin

Gordon Deegan

Pre-tax profits more than doubled at property firm CBRE last year to €6.1m, as it benefited from the commercial property sector boom in Dublin.

This followed revenues at the Dublin-based property firm soaring by 46pc to €30m in the 12 months to the end of December last.

The booming business at the firm resulted in a pay bonanza for the company's directors.

Last year, the aggregate pay to directors increased by €443,538, from €1.35m to €1.79m.

The directors are listed as managing director Enda Luddy, Florence Stanley and Edward McNestry, with Philip Emburey, and Michael Strong serving for the bulk of the year before resigning on December 15, 2015. The two were replaced by two UK nationals on the same date.

The average pay to the five directors who served all or almost the entire year works out at around €355,000 each.

The firm provides a wide range of commercial property services to Irish and international clients.

According to the directors' report "2016 has witnessed good activity levels in the domestic commercial property market but with a lower level of both asset and loan transactions as Nama and various financial institutions near completion on the process of leveraging".

Numbers employed by the firm last year increased from 109 to 125, with salaries increasing sharply - from €10.8m to €14.7m.

The profit in 2015 resulted in the firm's accumulated profits last year increasing from €2m to €7.4m. The firm's cash pile reduced to €582,264.

Irish Independent

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