Pay cuts contribute to profits at Hobbs Financial

Eddie Hobbs and his wife take pay cuts of 32% as revenue falls 4% at the Naas-based firm

Eddie Hobbs, co-owner of Hobbs Financial Practice Ltd. Photograph: Nick Bradshaw

Eddie Hobbs, co-owner of Hobbs Financial Practice Ltd. Photograph: Nick Bradshaw

 

A sizeable cut to directors’ pay contributed to profits of €73,425 at the financial services firm co-owned by Eddie Hobbs last year. New accounts filed by the well-known financial adviser’s Hobbs Financial Practice Ltd show directors’ pay reduced by 32 per cent, from €458,971 to €313,704. Mr Hobbs and his wife, Mary Fehily Hobbs, are the only directors at the Naas-based firm.

Revenues at the business decreased by 4 per cent from €829,209 to €793,318 in the 12 months to the end of October last.

The report states that the main activities of the company is as an investment intermediary, an insurance intermediary and a financial advice provider.

On the risks and uncertainties faced by the firm, the directors point to the rising costs from rules based on EU Directives across investment products, life office products and pensions.

“The company is solvent and has very little debt, therefore financial risk is minimal. The company is also diversifying some of its activities,” they state.

Numbers employed by the firm last year remained at eight, made up of two directors and six employees.

Staff costs at the company, including directors’ pay, last year declined from €685,793 to €560,175.

At the end of last October, the firm had net assets of €271,256. The company’s cash increased from €67,962 to €150,723.