Johnson & Perrott increases dividends

Johnson & Perrott, the Cork-based car dealer and Avis Rent-A-Car licensee, increased its dividend payment in 2004 to 53.26 cent a share from 45 cent, according to accounts filed in October to the Companies Registration Office.

The two largest shareholders are directors David J Whitaker and Philip Whitaker, who each own 189,450 ordinary shares - or just over 38 per cent of the total - according to the group's latest annual return. This would have entitled them to dividend payments of €100,901.

David J Whitaker also owns 63,150 A Ordinary shares. Two other directors, David M Whitaker, the managing director of the group, and James R Whitaker also hold 63,150 A Ordinary shares. They would have received just under €34,000 each on the basis of the same dividend.

In addition to dividends, the company gave its seven directors a combined pay rise of 21 per cent, bringing Johnson & Perrott's director remuneration to €558,254 last year, up from €440,685 the previous year.

Johnson & Perrott bought back 125,813 shares during 2004 at a premium of € 46.42 each and then cancelled the stock. It is not listed on the stock exchange. This puts a value of almost €9 million on the ordinary shares held by David J Whitaker and Philip Whitaker.

The car dealer owns four centres in Cork, four in Dublin, as well as outlets in Shannon, Galway, Farranfore airport, Sligo, Knock and Donegal.

Net profit dropped 11 per cent to €4.5 million after costs increased. Revenue rose 3 per cent to €129.2 million. Johnson & Perrott said it expected the growth achieved over the last number of years would continue in 2005. Expenses climbed last year after Johnson & Perrott spent more on wages, salaries and social welfare payments.

The cost of opening stock and purchases also increased. However, it benefited from a one-time gain of €500,000 due to compensation it received on a lease.

The amount owed to creditors climbed to €16.9 million from a restated €10.7 million a year earlier, while net current assets fell to €9.6 million from €15.5 million.

The company also agreed to guarantee all liabilities and losses of subsidiary Shipshape Ltd and to a Johnson & Perrott partnership to enable the unit and the partnership to claim exemption from the requirement to file their own financial statements.