Profits soar at Rohan group to hit €42.5m
MEMBERS of the Rohan family, which is behind one of the country’s largest property investment and development firms, Rohan Holdings, last year shared in a dividend windfall of €10.8m.
That followed a bumper year for the Jamie Rohan-led group when it enjoyed a pre-tax profit of €42.5m – more than a fivefold increase on the pre-tax profits of €7m in 2016. The major leap in profits followed Airspace Investments Ltd and subsidiaries more than tripling revenues, going from €20.6m to €62.6m. The directors state that “2017 was another positive year for the group”. They state that the group’s pre-tax profits were boosted by the development, letting and subsequent sale of 21 Charlemont in Dublin 2.
The directors state: “2017 also saw industrial developments in response to improving demand and rent levels in this sector.”
The group’s developments include Grand Canal Plaza in D2 and the directors go on to add that the “strength of the balance sheet is reflected in the €115m of property assets together with a significant land bank which have no attributable bank debt”.
At the end of November last, the group had shareholder funds of €175m that included €121m in accumulated profits.
The company’s cash pile during the year more than doubled going from €28.36m to €66.4m.
Directors’ pay increased from €702,072 to €1.1m. Numbers employed total 13. CELEBRITY chef Richard Corrigan said that his Virginia Park Lodge venture “is going great” and he expects to record a small profit there this year.
Mr Corrigan was commenting on new accounts filed by Virginia Park Lodge Ltd which show that the company’s losses increased marginally to £466,282 (€517,566) in 2016 as it continued in its startup phase.
The increase in losses came in spite of revenues doubling going from £929,819 to £1.8m at in the 12 months to the end of December 2016. The venture continues in its investment phase and the pre-tax losses in 2016 follow pre-tax losses of £439,671 in 2015. The losses in 2016 arose from cost of sales totalling £1.2m and administrative costs of £943,120. Mr Corrigan said that the losses were “absolutely anticipated” due to the business continuing in its investment phase.
On the anticipated profit in 2018, Mr Corrigan said: “The estate will show the makings of a business this year. It is a year overdue due to a large project at the estate last year.” The loss in 2016 takes account of hefty non-cash depreciation costs of £275,392.
Numbers employed increased from 34 to 53. Mr Corrigan said that he invested a further £1.6m in the business last year. He said: “It is very much a hungry beast.”
He said: “I am very, very pleased with how the business is going. It is very much a personal project. I thought it was going to be a six-year project, but I think it will be a 10-year one.”