Sunday 13 October 2019

Winning team: profits soar by a third to €2.4m at Chill Insurance

Chill has a seven-figure sponsorship deal with the Cork GAA board that covers the men's hurling and football inter-county teams. Photo: Piaras Ó Mídheach/Sportsfile
Chill has a seven-figure sponsorship deal with the Cork GAA board that covers the men's hurling and football inter-county teams. Photo: Piaras Ó Mídheach/Sportsfile

Gordon Deegan

Pre-tax profits at Chill Insurance last year increased by 37pc to €2.4m.

New accounts show that profits increased at the online broker owned by Seamus and Padraig Lynch as revenues went up by 14pc from €20.74m to €23.73m in the 12 months to the end of April last.

Numbers employed at the insurer last year dipped from 280 to 278.

Post-tax profits increased by 12pc from €1.6m to €1.83m after the firm paid corporation tax of €595,317.

The business - owned and controlled by Seamus Lynch - last year enjoyed earnings before interest, tax depreciation and amortisation (ebitda) of €4.4m - an increase of 15pc on 2017.

And the directors state that they expect similar growth over the coming 12 months. At the end of April last, the firm's shareholder funds stood at €5.59m including accumulated profits of €3.87m.

The company's cash pile increased marginally from €11.65m to €11.72m.

Chill has a seven-figure sponsorship deal with the Cork GAA board that covers the men's hurling and football inter-county teams.

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