Directors’ pay hike hits pre-tax profits at HJ Nolan

Company sold Dublin HQ

Profits at  fish distibutors HJ Nolan declined.

Profits at fish distibutors HJ Nolan declined.

 

Pre-tax profits at the main firm of fish distributor, HJ Nolan last year declined by 10 per cent to €1.98 million.

New accounts show that the main factor behind the drop in pre-tax profits at HJ Nolan (Dublin) Ltd was the rise in pay to directors.

George V Nolan and James Ryan are listed as the directors and their pay increased from €278,156 to €2 million. Directors’ pension contributions increasing from €101,319 to €1.874 million.

Nolan in Dublin produce over 500,000 kg of smoked conventional, wild and organic salmon.

The accounts show that HJ Nolan (Dublin) Ltd’s accumulated profits increased to €5.9 million in the 12 months to the end of March last.

The company’s post tax profit was €914,510.

In January of last year, the firm announced that it was merging with Co Mayo based Carr & Sons Seafood Ltd.

Separate accounts for Carr & Sons Seafood Ltd show that it recorded pre-tax profits of €366,853 in 2018.

At the end of December 2018, accumulated profits at Carr & Sons Seafood Ltd stood at €1.3 million and the numbers it employed stood at 76.

The company’s cash pile increased sharply from €46,627 to €481,594.

The company also sold its Dublin HQ last eyar . An Bord Pleanála granted permission to NTM ROI Seed Capital LP for 289 student unit accommodation at the site on Rathdown Road

The book value of the company’s tangible assets reduced from €5.2 million to €647,608 before depreciation last year as a result of disposals totalling  €4.8 million.

At the end of March 2019, the company’s cash pile had more than doubled from €2.89 million to €6.4 million.

The profit at the company last year takes account of non-cash depreciation costs of €132,656. The numbers employed reduced from 44 to 40.