Wednesday 24 January 2018

Rohans share in €5.25m windfall

Gordon Deegan

Members of the Rohan family behind one of the country's best known property firms, Rohan Holdings, enjoyed a dividend windfall last year of €5.25m.

Accounts filed by the holding firm for Rohan Holdings, Airspace Investments Ltd, and subsidiaries show that it enjoyed profits of €22m in the 12 months to the end of November last.

This represented a 75pc increase on the €13m profits recorded in 2014.

Airspace Investments was established by businessman Ken Rohan and is now headed by his son, Jamie.

Ken Rohan remains the largest shareholder, with almost 54pc of shares.

Other shareholders are listed as Jamie Rohan, Alison Rohan and David Rohan and they each own around 15pc of the business. The €5.25m follows dividend payouts of €2.4m in 2014 and €3.25m in 2013.

The group's clients include Google, BT, Oracle, Eason, Pfizer and Bank of Ireland.

Revenues at Airspace Investments almost doubled last year to €14.33m in a stellar year for the firm.

The group also benefited from €1m in other income and a €5.89m gain from the disposal of property.

The directors of the group state that the results for 2015 are in line with expectations.

According to the directors' report "the strength of the group is reflected in €97m of property assets which have no attributable bank debt".

The directors state that they are satisfied that the group's financial strength will enable it to continue to respond to suitable opportunities over the coming years.

The group's pre-tax profits more than doubled, going from €7.4m to €15.7m and a tax bill of €5.2m reduced the group's profits to €10.4m.

However, an increase of €11.5m on the value of its property portfolio following a revaluation contributed to the final profit of €22.9m for 2015.

The group's developments include Grand Canal Plaza in Dublin City Centre and accumulated profits at the group at the end of November 2015 totalled €106m.

The group's cash increased more than fivefold, going from €4.73m to €26.53m.

The group's revenues last year comprised €7.8m in sales and rent receivable of €6.4m. Numbers employed stood at 10, with staff costs increasing from €1.49m to €1.58m.

The staff numbers include three in management and marketing and three in operations.

Directors' remuneration in 2015 reduced marginally €740,610 to €710,422.

The group's shareholder funds at the end of November last stood at €145m.

This included an investment property reserve valued at €39.7m.

A geographical breakdown of the group's revenues show that the vast majority - €14.1m - was recorded in Ireland.

The group also generated €118,506 in the UK and €112,732 in Barbados. The group's €5.27m tax bill included a surcharge of €755,729.

Irish Independent

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