Lobby group Ibec returns to profit as rise in members boosts income
Organisation’s members employ more than 70 per cent of Irish private-sector workforce
Employers’ group Ibec: Turnover from subscriptions rose to €15.3 million from €14 million last year
The employers’ group Ibec recorded a 15 per cent jump in overall income to €21 million last year on the back of a rise in memberships and an increased demand for training programmes.
Newly filed accounts show overall income rose by €2.7 million from €18.3 million in 2016. The jump in revenues helped the organisation return to profit, turning a €527,072 pretax loss into a €41,680 profit.
Ibec has more than 7,500 members which, taken together, employ more than 70 per cent of the private-sector workforce in Ireland.
The lobby group, which also provides industrial relations services, said it had seen an increase in membership contributions due to the addition of new sectors and upgrades.
Turnover from subscriptions rose to €15.3 million from €14 million last year while training income rose from €1.85 million to €2.2 million. Event-related revenues rose to €1.7 million from €1.65 million.
Expenditure to rose by €2.1 million to €20.9 million, reflecting additional costs of new sectors and an increasing in providing member services.
“The business continues to focus on improving processes, procedures and profitability,” the directors said in a note accompanying the accounts.
The balance sheet at the end of 2016 showed an overall net assets value of €1.8 million.
Staff-related costs rose to €12 million from €11.1 million last year. Directors’ emoluments rose from €313,557 to €400,138 with key management also receiving €1.35 million in compensation, up from €1.18 million a year earlier.