Poker-faced Furlong makes tidy €8m profit with flooring firm

Furlong Investments, a flooring distribution group owned by businessman and former world poker champion Noel Furlong, made a profit of €8 million last year, up nearly 12 per cent on the €7.3 million recorded in 2014.

Accounts recently filed with the Companies Registration Office for the 12 months to the end of June 2015, recorded turnover of €107 million as against €98 million a year earlier.

Furlong Flooring, which was established in 1980, is a leading manufacturer and distributor of carpets and other floor covering products. Operating from a 150,000 sq ft purpose-built warehouse in Ballymount industrial estate in Dublin, the group also owns distribution companies in London, Preston and Wales.

The company said €99 million in revenue derived from its British business, up from €87 million in the preceding year.

Mr Furlong bagged a $1 million prize pot when he won the World Series of Poker main event in 1999.

In a note from the company directors, the group said it achieved a profit increase despite being “at risk from competitors using tactics such as predatory pricing looking to damage key customer relationships.”

Net assets at the end of June totalled €80.5 million versus €60.5 million a year earlier.

The group, which employs 412 people, said staff costs rose from €12.7 million to €14.4 million. Directors’ remuneration rose from €1.87 to €2 million.