Tuesday 21 November 2017

Fallons net share of €1m daft.ie dividend

Daft.ie has around 70,000 properties for rent or sale at any one time. Stock image
Daft.ie has around 70,000 properties for rent or sale at any one time. Stock image

Gordon Deegan

The millionaire Fallon brothers have shared a further €1.17 dividend windfall with other shareholders at their daft.ie firm.

New accounts filed by the Fallons' Daft Media show that the company returned to profit last year to record pre-tax profits of €2.66m.

This followed the company recording a pre-tax loss of €2.49m in 2015 which was attributable to the company writing off €5.5m it was owed by a connected firm that year.

The growth in the property market resulted in revenues at Daft Media increasing by 8pc from €7.5m to €8.16m in the 12 months to the end of December last.

The dividend payout to Eamonn and Brian Fallon and other shareholders since year end followed a dividend payout by Daft Media to shareholders of €2.36m in 2015 - a combined €4m over the three years.

This followed a €1m dividend payout to Eamonn and Brian Fallon and other shareholders in 2014 from their Distilled Media Group.

In 2011 and 2010, the Fallon brothers shared a €7.3m windfall with other shareholders.

The brothers established the daft.ie brand in 1997 when Eamonn was 20 and Brian was just 15.

Today, Daft.ie is the number one destination for property searches and enjoys an audience of 2.5m users each month generating 228m page impressions per month.

Daft.ie has around 70,000 properties for rent or sale at any one time.

Accumulated profits at Daft Media last year increased from €1.4m to €3.7m.

The company is currently hiring staff for a number of posts. Numbers employed last year increased from 39 to 44 with staff costs rising from €2.7m to €3.1m.

Pay to directors totalled €279,954.

Daft Media is a subsidiary of Distilled SCH Ltd and accounts for the group firm show that it recorded a pre-tax loss of €1.5m last year.

This followed revenues more than doubling from €10m to €22.4m though the prior period was only six months.

Distilled SCH was established in 2015 after daft.ie operations along with that of sister company, adverts.ie were merged with the Oslo-listed international media group, Schibsted Media's Done deal.ie.

The group recorded the loss as a result of non-cash amortisation of goodwill costs totalling €6m.

The group also incurred €406,827 in restructuring costs.

Numbers employed by the group last year increased from 126 to 141 with staff costs totalling €9.3m.

Emoluments to directors last year totalled €717,046.

Irish Independent

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