Two MJ Flood directors share €1.5m as pay jumps
The two members of the Power family driving on the MJ Flood office technology business last year enjoyed an 18.5pc pay rise to share a pay-pot of €1.5m.
John Power and Michael Power Jnr have presided over the expansion of the family controlled firm in recent years. Pre-tax profits at MJ Flood Group Ltd last year dipped by 2pc to €6.65m, in spite of revenues increasing.
New accounts filed by MJ Flood Group Ltd show that the group recorded the 2pc drop in pre-tax profits as revenues surged by 7pc from €82.63m to €88.2m.
Directors John Power and Michael Power Jnr state the business "delivered a strong performance during the year with improving margins".
The €1.5m pay pot is listed in the accounts as "directors' emoluments". The directors state that they are satisfied with the results for the year.
They state that sales for 2018 are expected to exceed prior year levels and the directors expect profit before taxation to be marginally better than recorded for 2017.
The focus for 2018 was on continued development of sales, delivering long-term sustainable profitable growth.
Numbers employed by the group last year increased from 241 to 248. The group's operating profits declined by 3pc from €7m to €6.8m and the group recorded the pre-tax profit of €6.65m after taking into account net interest payments of €166,982.
The profit in 2017 takes account of hefty non-cash depreciation of €5.8m - an increase of €1.27m on the depreciation costs of €4.5m in 2016. Last year, the company paid dividends of €246,881 and this followed a dividend payout of €395,388 in 2016.
Shareholder funds at the end of last year stood at €50.95m while the business's cash pile reduced from €12m to €9.59m. Staff costs at the firm last year increased from €15.3m to €15.7m. The business's revenues in Ireland increased from €60.5m to €65.25m while sales in the rest of Europe increased from €21.9m to €22.7m.