Recently filed accounts for Savills Commercial (Ireland) Ltd show that the business recorded the increase in profits after revenues rose by 12pc from €34.24m to €38.35m.
The directors state that the company delivered “a robust performance in 2024” supported by resilient earnings of its less transactional service lines and the early stages of a rebound in transactional markets.
The firm paid out a €4.1m dividend to its parent firm, Anatao Ltd, last year.
The directors state that the company’s 12pc revenue increase reflected new business wins and improved market sentiment in the second half of the year.
The post-tax profit of €4.71m, after a corporation tax charge of €787,750, represents an underlying profit margin of 12pc compared with 10pc in 2023.
The directors are cautiously optimistic that market activity will further strengthen and the business is expected to remain profitable through 2026.
Numbers employed increased from 280 to 287 and staff costs rose from €26.62m to €29.76m.
Pay to directors totalled €1.95m comprising remuneration of €1.12m, long-term incentive scheme benefits of €442,133 and pension contributions of €386,608.
The profit also took account of non-cash depreciation costs of €103,764 and lease costs of €1.03m.
At the end of December last, the firm was sitting on shareholder funds of €13.3m. The company’s cash funds increased from €13.4m to €14m.
Separate accounts filed by parent firm Anatao Ltd show that it acquired well-established Belfast-based commercial property agent Osborne King and Megran for up to £3.5m (€4m) in April of this year.
The £3.5m includes deferred consideration which is contingent on customary earn-out provisions, but excludes direct costs of £232,258.
The directors for Anatao state that the acquisition will bring significant expertise in commercial leasing, sales and property management adding further depth to Savills’ service offering in Northern Ireland.
The directors state that the initial consideration of £1.35m was paid in cash with subsequent contingent considerable payable on the first, second and third anniversary of acquisition.
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