Merc directors share €1m as profits up

THREE directors at top headhunting agency Merc Partners last year shared a pay pot of just under €1m.

This followed a bumper year with new accounts filed with the Companies Office showing profits rose by €282,194.

The profit for the 12 months to the end of May 31 last follows an increase in profits of €111,771 in fiscal 2016 and an increase in profits of €99,823 achieved in 2015. The firm is led by managing partner Ruth Curran – other directors are listed as John Glenny and Kieran Duff.

Directors’ pay last year totalled €978,612 and was made up of €757,411 in emoluments and €221,201 in pension payments. This follows pay and pension payments to directors totalling €994,232 in 2016.

In the past, Merc Partners has been tasked by the Department of Finance to conduct the search for the new Governor of the Central Bank. It has also been employed to identify candidates for the Ibec chief executive post, Secretary General in the Department of Finance, group chief executive for Bord Gáis Eireann and executive director roles for The Samaritans and Trócaire.

Merc, which describes itself as “Ireland’s leading executive search firm”, saw staff numbers remain static at 16 with 10 in management/administration; three consultants and three in research. Staff costs last year increased from €1.87m to €1.9m including directors’ remuneration. This was made up of salaries of €1.5m, social insurance costs of €176,220 and pension scheme costs of €269,615.

Accumulated profits increased from €1.15m to €1.43m. Its cash pile during the year decreased from €870,106 to €517,240.

Shareholder funds at the end of May last stood at €1.452m.