J U LY 2 0 1 5
SURVEY
CORK
TOP50
Accounts Details Of
The Largest Private Firms
BP SURVEY
CORK TOP 50
CORK TOP 50
The economic recovery is clearly evident in the annual Business Plus analysis of
the accounts of Cork’s largest indigenous companies, writes NICK MULCAHY
hen companies have been trading
for over two centuries, it’s because
they can adapt to change. That’s
the case with car dealer Johnson
& Perrott (No.5), which has been
slimming down in recent years after the
hubris of the boom years. Turnover at
the company declined from €84m in
2011 to €62m in 2012 and €46m in
2013. The disposal of the Avis Rent A
Car franchise lopped €17m off annual
turnover and a €750,000 profit was
booked on the disposal, offset somewhat
by a €477,000 restructuring charge.
Amid all the change, operating profit
advanced by 30% in 2013.
In 2014, Johnson & Perrott won the
SME category award in the Vodafonesponsored Cork Company of the Year
awards scheme. Receiving his award,
chief executive Mark Whitaker
commented: “In 2011, we realised that
we needed to change fundamentally to
remain strong, to remain relevant and
protect the employment of our staff.
And so began a journey of change, of
transformation which at times was very
difficult but which has now delivered an
organisation that is fit and ready to take
up the opportunities that an improving
economy will offer.”
The largest annual turnover increase
among the Cork Top 50 was recorded at
PM Group (No.6), with group turnover
improving by 84%. The company
explains that the 2013 numbers include
a significant element of subcontractor
revenue. This reflected increased
activity levels in Ireland, continental
Europe and the UK. Pre-tax profit was
up by 20% and the seven executive
directors raised their remuneration
from €2.5m to €2.9m.
Water pumps and water
maintenance specialist EPS Water
(No.7) had an 8% decline in turnover
in 2013 but still increased net profit
from €350,000 to €1.46m. A large
reason for this was the €725,000 gain
booked on the sale of a subsidiary,
Conder Acqua Solutions. EPS enjoys
healthy cashflow, with operating
cashflow improving by €1m year on
year. The company, controlled by Tim
W
60 B U S I N E S S P L U S
J U LY 2 0 1 5
Buckley, ended 2013 with a net cash
position of €6.7m
Irish International Trading
Corporation (No.8) is engaged in the
sale of steel, wire, hardware, plumbing
materials and salt. The headline
outcome for 2013 was growth in net
profit from €411,000 to just over €1m.
This was entirely due to a pension
adjustment after the company closed
its defined pension scheme to future
service. Excluding that change, the
Mark Whitaker, CEO of Johnson & Perrott
trading profit declined 12% on the
prior year.
Weather is a big influencing factor on
IITC’s trading performance. The
company suffered during the very wet
period in the first half of 2013 but then
made up lost ground when the sun
shone in the second half. A supplier of
farming staples, IITC operates on a
gross margin of 18%.
BP SURVEY
Freefoam Plastics (No.10) is one of
Cork’s premier manufacturing success
stories, with turnover advancing 11%
in 2013. The company makes and
supplies PVC-U roofline products and
has been building up its presence in
the UK and in continental Europe.
Operating profit was up by 45% in the
year and the company’s operating
profit margin is a tidy 7%.
Freefoam has a firm commitment to
innovation and product development,
and R&D expenditure through 2013
amounted to €959,000. The company
started 2013 with net debt of €1.9m
and ended the year with net funds of
€1.8m.
he principal activities of Dornan
(No.11) comprise mechanical,
electrical and instrumentation
contracting in Ireland and abroad.
New contracts in 2013 resulted in a
30% hike in turnover, leading to an
even more impressive 130% increase
in operating profit. The outcome
propelled the company up the Top 50
ranking, with 55% growth in net assets
to €18.5m. The annual filing for
Dornan Engineering Ltd shows eight
T
CORK TOP 50
directors shared €2.3m in emolument
and €370,000 in pension payments.
World Fuels Market (No.12) is the
parent of its better known subsidiary,
Inver Energy, and is controlled by Chris
and Sandra O’Callaghan. The company
imports and distributes oil and coal
products and enjoyed 5% growth
through 2013, as it expanded its
product line and customer portfolio. It’s
a low margin business – gross margin of
2% – but when the volume is big the
euros pile up. Net profit was up by €1m
and balance sheet cash more than
doubled through 2013. Cashflow was
buoyant too, and net debt reduced from
€16.9m at the start of 2103 to €9.1m at
year end. Emoluments for the two
directors were static year on year at just
short of €400,000.
Ducon Concrete (No.13) doesn’t
disclose turnover in its filed P&L but
states that 2013 was a relatively good
year for the company, with sales
improving by 17% and a return to
profitability for the first time in five
years. The directors credited one-off
contracts for the gain, lamenting that
the construction sector nationally
remained very depressed. Cautiously
managed, Ducon Concrete has the
firepower to ride out most storms, with
net funds of €11.5m at the end of
2013, including €10.7m in cash.
C
eltic Sea Minerals (No.14) turns
seaweed into animal feed and
human foodstuff ingredients and
was investing for the future in 2013.
Through the year, the company spent
€4.2m on premises, plant and
machinery. Operating profit was up
8% and the margin was 25%, with
99% of sales sourced from outside
Ireland. Annual turnover of just on
€18m is generated by just 26 staff,
who enjoyed average remuneration of
€93,000 for their efforts.
The 2013 numbers for McCarthy
Commercials (No. 16) are evidence of
the economic rebound, with turnover
growing by 24% in 2013 to €19.3m.
The company’s net profit more than
tripled to €909,000, though there
was a cash outflow of €1.9m as the
company increased its stock of vehicles
Car dealer Kevin O’Leary Group
continued on page 62
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that make us different.
To find out more about AIB Private Banking, contact Micheál O’Murchú, Client Director,
AIB Private Banking - Cork, directly on: (021) 4270530 or email micheal.s.o’[email protected]
Typically our clients have an annual salary or income which exceeds €250,000.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.
BP SURVEY
(No.20), which is celebrating 40 years
in business this year, also enjoyed a lift
in sales in 2013, with turnover
advancing by 11% and operating profit
more than doubling to €961,000.
However, the company incurred a net
loss of €1m after booking a €2.25m
impairment charge on properties. In
the annual filing, the directors stated:
“This impairment charge does not
constitute a cash loss or drain on the
group’s resources.” Through 2013, the
employee headcount increased by 18
people to 152.
G
lobal engineering, construction and
maintenance facilities group
Kentech (No.22) had another
torrid year in 2013, posting a pre-tax
loss of €3.5m after a loss of €7.8m the
previous year. Owned by the Kent
family, the company’s customers are
oil, gas and petrochemical projects in
the Middle East, Kazakhstan, Mexico,
Australia and elsewhere.
In the accounts filing, the directors
stated: “The performance of the group
has improved, but there is still further
to go. The loss reported in 2013 led
directly from ongoing issues in legacy
contracts taken on before our strategic
review.” Turnover for 2014 looks sure
to have topped the €100m mark, as
the company entered last year with a
record backlog of contracted work.
The five directors saw their
remuneration decline year on year
by €650,000 to €1,441,000, an
average of €288,000 each.
CORK TOP 50
THE TOP 20
Musgrave Group
Dairygold
Carbery Creameries
Bon Secours
Johnson & Perrott
PM Group
EPS Water
Irish International Trading
Core HR
Freefoam Plastics
Dornan
World Fuels Market
Ducon Concrete
Celtic Sea Minerals
Marlboro Trust
McCarthy Commercials
McDonnell Bros
J.J. Field
Avonmore Electrical
Kevin O’Leary Group
€313.6m
€273.8m
€118.2m
€124.6m
€55.2m
€37.5m
€23.4m
€22.8m
€22.0m
€19.5m
€18.6m
€16.8m
€16.7m
€16.4m
€16.3m
€13.2m
€12.4m
€10.6m
€10.5m
€10.3m
Net assets as per latest filed accounts.
For accounts details see pages 78-83.
Major swings in the trading
position are not a feature of Goldcrop
(No.25), which is involved in the
manufacture of cereals, seeds and
animal feed and the wholesale of
agricultural inputs, horticultural seeds
and amenity surface products.
Turnover in 2013 was just shy of
€50m at this venture owned by John
and Bernadette Murphy. Operating
profit was up by 22% and the net
profit improved by 60% to €1.25m.
DPS Engineering (No.27) enjoyed
a big lift in 2013, with operating
profit growing by 50% on the back
of a 14% increase in turnover to
€69.4m. In the annual filing, the
directors stated: “The group has the
capability and financial resources in
place to continue to grow significantly
in the short and medium term.”
Directors’ emoluments, including
pensions, were halved in 2013 to
€1.1m as the staff complement grew
by 50 to 253 people.
B
uilding and property-related
companies used to figure
prominently in the Cork Top 50,
and one of the few survivors is
Cumnor Construction (No.33),
which was incorporated in 1970 and
is led by Michael and Edmond
O’Mahony. Though turnover is not
disclosed in the P&L, the annual filing
states that revenue in 2013 amounted
to €9.1m. The company made an
operating profit of €509,000,
compared with a loss of €1.7m the
previous year.
The directors credited the
turnaround to securing large public
contracts. Balance sheet cash at end
2013 was €2.3m, compared with
€8.5m five years earlier. That’s
painful but unlike many of their
Cork peers, the O’Mahonys survived
the crash and their business still has a
net worth of over €6m.
Survey continued on page 64
BP SURVEY
CORK TOP 50
Pressure Points As
Growth Takes Hold
JOHN KINSELLA sampled the views of senior executives in professional
services and businesses about trading conditions in the Cork region
Chamber Boss Reports
Enterprise Buoyancy
Increased confidence in the
trading and economic outlook is
having a knock-on effect,
according to Conor Healy, CEO
of Cork Chamber. “Confidence
results in new investment
decisions, which in turn creates
employment,” says Healy.
“Rising investment fuels
entrepreneurial activity too,
which I believe is at its highest
level in Cork for many years.”
There is a good official and
education infrastructure in the
city to support new enterprise,
says Healy, but more needs to
be done. “We’ve previously had
an over-reliance on overseas
companies. That needs to be
balanced with homegrown
Conor Healy, Cork Chamber
talent.”
One of Cork Chamber’s roles
is to represent member
concerns about the city’s
physical infrastructure, and road
connectivity is a recurring issue
for lobbying efforts. “A few key
routes need to be prioritised.
The Dunkettle interchange is
hindering activity in the region
– it’s the equivalent of what
Newlands Cross used to be in
Dublin,” says Healy.
“The N28 Cork to
Ringaskiddy road also needs to
be developed, as it links in to a
major area of industrial activity,
as well as the wider harbour
area. A third key route would be
the N22 linking Cork and Kerry.
The three projects could be
bundled together as one largescale PPP project.”
Commercial rates account for
40% of revenue for the city and
county councils. “How the
money is spent is important, as
is the role that businesses have
in engaging with local
authorities to ensure that the
money is spent appropriately,”
says Healy.
On the issue of the chamber’s
value for money proposition for
members, Healy says that the
organisation’s services are now
more focused on business
growth than on stabilisation,
particularly regarding exporting
and international activity in
general.
Dan Kiely, Voxpro
demand outstrips supply.
“Without a healthy stock of
high quality, affordable
accommodation, prospective
employees, particularly with
multi-lingual skills, will be
disincentivised from looking at
Cork as a place to live. This is an
area in which government could
intervene.”
The Voxpro boss also laments
Cork’s shortage of next
generation office space. “The
recession exacerbated what was
already an issue prior to the
financial collapse, and there is
now a significant deficit in
Grade A commercial space. One
way in which government could
help would be to improve the
fast track process for strategic
infrastructural developments,”
says Kiely.
continued on page 66
Voxpro Concerns Over
recognised across the
Accommodation Shortage continent,” explains Kiely. “This
Voxpro was in a good position
to notice Ireland’s economic
uplift earlier than most. The
company is headquartered in
Cork and has offices in Dublin
and California. It provides
customers with outsourced
multilingual customer support
solutions, and counts Google,
Nest and Vodafone among its
clients.
Dan Kiely Voxpro’s CEO, says
that the upturn has accelerated
in the last 12 months. “The
economic improvement has
benefited us, as existing clients
are again aggressively expanding
and new partners are coming on
stream. In fact, in the past few
weeks we have signed a number
of exciting marquee brands.
“Ireland’s recovery is being
64 B U S I N E S S P L U S
J U LY 2 0 1 5
has resulted in the influx into
the country of thousands of
intelligent young people with
multilingual and technical
expertise. These are exactly the
skillsets we seek and this has
allowed us to expand as we
cater to our clients’ aggressive
growth demands.”
The attractiveness of Cork as
a location in which to work and
to do business creates a
competitive environment for
many employers. “Increasing
levels of immigration to the city
have resulted in a shortage of
good quality accommodation,”
says Kiely. “The knock-on effects
to the labour supply are
intensifying year on year.
Inevitably, this relative scarcity
will result in higher wages as
ENTERPRISE
TALENT
DEVELOPMENT
RESEARCH
SUPPORT
INNOVATION
TECHNOLOGY
LEARNING
NETWORKS
KNOWLEDGE
SUPPORTING AND
SUSTAINING BUSINESS AND
ENTREPRENEURSHIP IN CORK
CORK TOP 50
Legacy Debt Issues
Stifling Growth
Cork Airport Favours
Aer Lingus Takeover
Moore Stephens Nathans
grew its staff complement by
10% in the last year, due to
increased demand. “The growth
has been in the compliance and
consultancy sides of our
business,” says managing
partner Andy Quinn. “In
addition, we have recruited at a
senior level by taking on a
number of tax and
restructuring/banking
specialists.”
Quinn adds: “The recovery
within our client base mirrors
what is happening on the
national stage. Our agri and
food clients are in growth mode,
with a particular emphasis on
exports. Technology and pharma
clients continue to thrive, and
we have seen a notable uplift in
activity with our professional
services clients. Clients in the
retail and construction sectors
are slowly beginning to see
some uplift in activity too.”
To foster economic growth,
Quinn believes that government
could do more to assist risk
takers. “The difference in tax
treatment between the selfemployed and employees needs
to be eliminated,” he declares.
“The CGT rate for entrepreneurs
should be reduced from 33% to
encourage risk taking and the
building of companies for sale.”
In Quinn’s view, the legacy
debt issue hasn’t gone away.
An Economic Impact Study on
Cork Airport, carried out by
Intervistas Consulting and
published in 2015, found that
the airport is fundamental to the
growth of the local economy
and has key catalytic impacts
that contribute directly towards
tourism, trade, investment and
productivity for the whole of
the region.
Kevin Cullinane, the airport’s
marketing manager, observes:
“While there are a number of
factors that contribute to the
economic success of the region
such as government policy,
taxation and local skillset, the
network of routes from Cork
Airport is an important factor.
Our level of connectivity, which
is the highest outside of Dublin,
is crucial in generating more
trade, drawing more foreign
direct investment, as well as
attracting more tourists.
“We have over 50 direct
services to destinations across
the UK and Europe, including
feeding key international hubs
at London Heathrow, Paris
Charles de Gaulle and
Amsterdam Airport Schiphol.
And we also recently welcomed
a new route to Cardiff to our
schedule with Flybe.”
The government’s decision to
support IAG’s proposed takeover
of Aer Lingus is welcomed by
Cullinane. “There is an excellent
Andy Quinn,
Moore Stephens Nathans
“We see many companies that
are profitable at an operating
level but that are constrained to
develop and grow due to an
overhang of debt. Companies
must continue to seek to
restructure and deal with these
legacy issues. Otherwise they
will miss the growth
opportunities that are now
arising in the economy.”
The Moore Stephens Nathans
boss believes business leaders
should lobby for route
development funding to assist
Cork Airport. “Business and
tourism in the area is being
adversely impacted by not
maximising the airport’s
potential. The failure to improve
key access to Killarney, as well
as delays in upgrading the
road network from Cork to
Limerick, is an undoubted
hindrance to tourism and
business expansion.”
Is selling
the new
buying?
Find out why divestments are
becoming as much of a focus for
CEOs as acquisitions. ey.com/tas
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66 B U S I N E S S P L U S
J U LY 2 0 1 5
Kevin Cullinane,
Cork Airport
track record in feeding business
into the wider IAG network via
Aer Lingus’ daily flights from
Cork to Heathrow. We believe
the acquisition presents
opportunities for Cork Airport
and we look forward to working
closely with Aer Lingus and its
new owners to further expand
IAG’s offering in the region, be
that with Aer Lingus, British
Airways, BA City Flyer, Vueling
or Iberia.”
Cork Airport authorities try
hard to please their terminal
customers. “We were ahead of
the game in terms of offering
free WiFi and we’ve won awards
for our customer service. A new
flight tacking feature has been
included in our free app, which
enables passengers to click on a
flight number and track live
updates of exactly where the
plane is at that moment in
time.”
© 2015 Ernst & Young. All Rights Reserved. ED0617
BP SURVEY
BP SURVEY
70% Growth At AIB
Private Banking
Micheál O’Murchú has led the
AIB Private Banking business
in Cork since 2010. Previously
he had 20 years’ experience
across various wealth
management and retail banking
roles with AIB. “I knew that
there was huge potential for
this business,” he says. “The
Munster region has always had
a sizeable high net worth
segment, typically time poor
individuals who often have
more complex financial affairs.
“They need hassle-free
banking and sophisticated
financial advisory support. These
needs weren’t quite being met,
and it was apparent that they
needed something different
from their bank and from their
financial advisers.”
AIB Private Banking built a
new service in 2013, offering
customers bespoke solutions
focused on making daily
Micheál O’Murchú,
AIB Private Banking
banking easier and providing
support around big decisions
like buying a home and expert
advice when planning for the
future. The private banking
division has 65 people across
CORK TOP 50
the AIB group, with 13 in Cork,
soon to rise to 15.
O’Murchú explains: “We work
with a small number of
customers so we can allocate
more time to building a
relationship. The manager is
very knowledgeable across the
broad spectrum of financial
issues and can deliver the
service levels and depth of
advice our customers require,
whether that support is required
in the evening, or early in the
morning, or when they are
abroad.
“At the most basic end, there
is less form filling and there is
less queueing. However, we also
provide tailored advisory
solutions, such as might suit a
medical consultant or an
entrepreneur with complex
financial affairs and unique
planning requirements.”
AIB Private Banking also
offers a new fee-based wealth
planning service. “The feedback
on this new advisory service has
been fantastic,” says O’Murchú.
“It’s a very detailed process that
leads to a comprehensive plan
for an individual to work on
their financial goals to fit into
what they want to do over the
longer term. After the crash,
gone are the days when people
would decide on their
investments after a brief
meeting. They want to take their
time and make fully informed
financial decisions, so they are
willing to engage with our
service.”
O’Murchú’s view is that
Cork’s business community is
more resilient and innovative
than ever before. “We have
seen a 70% increase in our
customer base in two years. We
are approving more mortgage
facilities than this time last year
with a noticeable pickup in
activity around large family
homes. “
Survey continued on page 68
BP SURVEY
CORK TOP 50
Expansion Prompts
PwC Office Move
PwC’s 2015 Irish CEO Pulse
survey found that 90% of CEOs
have favourable views about the
economy’s prospects, while 80%
are confident about their own
businesses. That’s good news for
the business advisory
powerhouse, which over the past
year has seen solid performance
in service lines, such as
assurance, tax and advisory.
According to Ger
O’Mahoney Partner in PwC’s
Cork office: “This activity
reflects the recovering economy,
continued investment by FDI
and greater confidence amongst
the SME sector. We actively
supported our SME clients as
they right-sized and
repositioned their businesses in
recent years to position them
for the growth opportunities
they are now experiencing.”
PwC’s office in Cork has
grown to around 130 people,
prompting a planned move this
Uplift Drives Demand
For KPMG Services
As a top graduate recruiter in
Ireland, KPMG continued to
expand its workforce over the
last 12 months, including its
Cork division, as business
increased by 10%. “The
economic uplift is driving
demand for our services,” says
Celine Fox, Partner in KPMG’s
Cork audit practice.
“The core of our offering in
Cork centres on audit, taxation
and advisory services, which we
have expanded to include
forensic, transaction
services/due diligence, risk and
governance, restructuring,
internal audit and corporate
finance to meet our clients’
needs,” says Fox.
KPMG is seeing increased
client activity in most sectors.
“In particular there is a real
growth and cluster effect of
cybersecurity companies in the
region,” says Fox. “The ICT,
energy/renewables, international
financial services and agrifood
sectors are performing very
68 B U S I N E S S P L U S
J U LY 2 0 1 5
Ger O’Mahoney, PwC
Anthony Reidy, PwC
year to larger offices on Albert
Quay. “We expect our revenue
growth to continue in line with
the growth plans of our clients
and the continued recovery
being experienced in the
economy,” says O’Mahoney.
As the economy recovers,
sourcing skilled staff has
become a challenge for many
employers, says Anthony
Reidy, also a Partner in PwC
Cork. “Three has been a
tightening of the labour market
in the last year or so,” says
Reidy. “In particular there is
high demand for highly
qualified professional services
people with specialised finance
and IT skills.
“These developments are
putting upward pressure on
strongly. Another indicator of
increased confidence levels is
the increase in M&A activity. The
availability of debt and equity
financing and a return to more
reasonable valuations are
expected to drive investment
activity.”
Fox notes that within ICT, an
area of talent shortage is
language skills. There is strong
demand for these skills given
the concentration of European
shared service centres in the
region that require language
skills coupled with technical
expertise. The importance of
data protection, cybersecurity
and money laundering
safeguards to financial services
companies is also driving
demand for regulatory
personnel.
In Fox’s view, entrepreneurship often appears
undervalued by government. “To
be successful, Ireland needs
domestic entrepreneurs as much
as it needs inward investment,”
she says. “Our own experience
of ‘Going for Growth’, a KPMG
supported initiative to
encourage female entrepreneurship, highlights the fact
that entrepreneurship is a vital
part of our economy. Yet the tax
treatment of self-employed
entrepreneurs remains antienterprise. We risk losing our
entrepreneurs to other
economies whose tax regimes
do more to incentivise them.”
Fox adds that the continued
Celine Fox, KPMG
remuneration, and an increasing
number of companies are
introducing more sophisticated
remuneration models, such as
share option schemes designed
to harness employee focus on
delivering growth plans and
improving retention levels.”
Ger O’Mahoney adds that as
the economy grows, it is
important that government
policy at all levels supports
entrepreneurs. Connectivity is
another issue where
government policy has a major
role to play.
“It is very helpful that an
early morning business class rail
connection to Dublin has been
introduced recently,” says
O’Mahoney. “With our large
multinational base in Cork, our
connectivity is critical for
business. A vibrant and
competitive Cork Airport is
necessary in this regard and
upgrading the Cork-Limerick
road network needs to receive
priority status too.”
economic growth and
development of the Cork region
is dependent on world-class
infrastructure. “Cork’s air
connectivity has been a key
factor in attracting the
significant level of inward
investment in the region. Cork
Airport is an important piece of
national infrastructure in need
of a range of solutions to return
it to growth.”
continued on page 70
Investing in Ireland: A recipe for success
•
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Musgrave is a family business that supports hundreds of other family
businesses in Ireland
•
Together with our independent retailers who run SuperValu, Centra
and Daybreak stores, and our foodservice business MarketPlace, we
employ 35,000 people in Ireland, the greatest number of employees
of any private sector company here
•
We are passionate about quality Irish produce and we are the biggest
supporter of the Irish agri-food sector purchasing €3 billion of Irish
goods annually
•
•
We’re one of Ireland’s largest and most successful companies
with 1,045 independent retail stores in cities, towns and villages
nationwide
We work closely with local suppliers around Ireland to source and
stock a wide range of artisan products
Through our Food Academy programme, we help small food startups
to grow their businesses such as Isolde Johnson and Sarah O’Connor
(pictured above), who are the founders of Cool Beans Ltd. a Food
Academy participant which supplies SuperValu stores nationwide
MUSGRAVE
BRANDS
RETAIL
SYMBOL
WHOLESALE
Email. [email protected]
Tel. +353 (0) 21 4522100
www.musgrave.ie
Investing in Irish SMEs | Investing in Irish farming & food | Investing in local communities | Investing in Ireland since 1876
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Change Remains Key
Focus For EY clients
EY has enjoyed market leading
growth of almost 35% in the
three years to June 2014. “This
demonstrates that we are
capturing market share and that
our investment strategy to
create new business is
succeeding,” says John Higgins,
an EY Partner. “Our ability to
collaborate internationally has
given us significant competitive
advantage in helping our local
entrepreneurial and
multinational clients to expand
across borders. We are actively
hiring now in all parts of our
business to meet the growing
needs of our clients.”
Higgins says that change
remains a key focus for EY
clients, driven by both the need
to control costs and remain
competitive, but also to ignite
growth and penetrate new
markets. “Our clients are telling
us that margin growth remains
a challenge. We have seen a
welcome return of ‘normal’
corporate transactions, which
has encouraged us to accelerate
investment and growth in our
transactions and corporate
finance business. Demand for
tax advisory and compliance
services has also increased.”
According to Higgins, Cork
has always had an exceptional
talent pool. However, finding
high quality, qualified people
with relevant experience for the
CORK TOP 50
High Taxation Deters
Returning Emigrants
Berkley Group, which is
celebrating 20 years in business,
has core specialisms in the IT,
pharmaceutical life science and
engineering sectors. “We partner
with great companies and as we
assist them in their growth we
grow too,” says Paddy
O’Connell, Director of
Recruitment Solutions. “Over the
past year we have been
particularly focused on
John Higgins, EY
developing graduates through
our Recruitment Training
firm remains a challenge. “We
Academy.”
are not seeing any great return
O’Connell reports that there is
of those people who emigrated
increased activity across all
in the 2007-2012 period. They
clients in the form of large-scale
would now have a wealth of
projects and/or hiring
knowledge gained abroad, an
programmes. “Even retail sector
important skill for a globally
clients are investing in
integrated firm like EY.”
technology, which is good
To maintain the economic
evidence that there is
recovery, Higgins believes that
fiscal stimulus is very important. confidence again in the
economy,” says O’Connell.
“Business incentives, including
He adds that specialists within
R&D, as well as more generous
development, test, ERP, business
tax treatment of losses and a
intelligence, Linux, infrastructure
reduction in personal income
tax, are all measures expected in and cloud are in short supply.
“With Cork increasingly
Budget 2016.”
becoming a tech security hub,
On infrastructure, Higgins
there is strong demand for
notes that road links have
professionals with enterprise
improved in recent years but a
security experience. We are also
number of very important
witnessing a return to the key
projects need to get off the
external strategic hire.”
drawing board. “The road
There has been upward
connection from Cork to
pressure on remuneration, and
Ringaskiddy to enable the Port
companies that have not
of Cork to relocate and expand
increased salaries over the last
must be started,” says Higgins.
We are the Pension &
Investment Consultants
* Actuarial & Investment Consulting
70 B U S I N E S S P L U S
J U LY 2 0 1 5
five years face the challenge of
retaining staff. “Remuneration is
not the only factor,” says
O’Connell. “Professionals
evaluate company culture, work
flexibility and factors like
employer brand and CSR policy
when making their next move.”
O’Connell argues that the
introduction of critical skills
employment permits by the
government last year was a
good move, but they need to be
issued faster. “I have engaged
with many nationalities over the
years looking at moving to
Ireland, and it has never been a
hard sell. However, the tax
regime is proving to be
increasingly problematic. During
the downturn there was an
exodus from Ireland of project
engineers and skilled
technicians. A real challenge
now is trying to attract those
people back.”
Dublin tel +353 1 294 7600
Cork
tel +353 21 480 8041
www.invesco.ie
* Corporate Pensions Consulting
* Benefits Administration
Paddy O’Connell,
Berkley Group
[email protected]
Invesco Limited is regulated by the Central Bank
of Ireland. An analysis of Invesco’s activities
between those that are regulated by the Central
Bank of Ireland and those that are not is set out
on the company’s website www.invesco.ie.
BP SURVEY
CORK TOP 50
Deloitte Programme
For Best Companies
Deloitte’s roots in Cork go back
to the turn of the last century.
The firm currently employs over
100 people in Cork providing
audit, tax and corporate finance
services to some of the region’s
largest public and private
organisations, spanning multiple
industries.
According to Honor Moore,
Cork Office Lead: “Our Cork
team is vibrant, dynamic and
works with our clients to make
a real impact for their
businesses. We have been
enthused to see a tangible uplift
for our clients, and while some
of this has been driven by FDI,
much of it has been driven by
the innovative and ambitious
indigenous companies.”
As proof of the uplift, Moore
points to the success of Corkbased companies in Deloitte’s
Best Managed Companies
programme, now in its eighth
year. “Twelve companies in Cork
are now part of the growing
Honor Moore, Deloitte
network of over 100 Best
Managed Companies in Ireland,
and we look forward to this
group continuing to expand,”
says Moore.
In June, Deloitte announced
the launch of the 2015/2016
BMC awards. “One of the
primary objectives of the
programme is to showcase the
success of indigenous
companies and acknowledge
the contribution that this sector
makes to the economy,” says
Moore. “At Deloitte, we very
much welcome the focus that
the government is placing on
supporting indigenous
companies right across the
country.”
“These awards are all about
confidence – of our winning
companies and of the
indigenous business sector in
Ireland. We are now calling on
companies in the Cork region
that are similarly confident, and
are achieving their goals of
being more innovative, more
agile, more ambitious and more
expansionary to apply today.”
Companies that progress
through the awards process
receive customised feedback
and coaching from Deloitte and
Barclays Bank Ireland.
“Feedback from companies that
go through the process tells us
that the external assessment is
invaluable in terms of taking
stock, and ensuring that their
companies are on the right
track, or indeed to identify any
changes in strategy that may be
necessary,” says Moore. For
entry details, go to
deloittebestmanaged.ie.
continued on page 72
BP SURVEY
CORK TOP 50
Micromail Benefits As
Workloads Move To Cloud
Invesco Calls For
Pensions Clarity
This year is Micromail’s 28th
year in business and the
company has long-established
relations with major software
providers. The company was
named Licensing Solutions
Partner of the Year 2014 by
Microsoft Ireland, and Micromail
also services corporate
requirements for large-scale
software installs from providers,
such as Adobe, Aurodesk
and Corel.
According to general manager
Stephen Foley: “Companies’
IT spend has increased over the
last 12 months and this is
largely to do with the general
economic recovery. However,
other factors have also driven
the increased expenditure.
“Microsoft has announced
that Windows Server 2003
support is ending this July and
companies who have sweated
their hardware assets for the
last few years are now investing
in new infrastructure. Other
companies have decided to
retire their hardware completely
and move workloads to cloud
services, such as Microsoft
Azure.”
Micromail’s customer list is
expansive and includes a
country-wide cross-section of
large and small businesses, and
local and national government,
including semi-states, schools,
colleges, universities, home
Formed in 1991, Invesco is
Ireland’s leading employee
benefits consultancy and
administration firm, employing
120 people between its Cork
and Dublin offices. Invesco
director Finian O’Driscoll
reports that enrolment levels in
corporate pension schemes are
improving, a trend indicative of
the rising economic tide.
O’Driscoll explains: “We have
noted the impact of improved
economic activity in a number
of ways:
Increasing headcount in many
client companies.
Increased budgetary spend by
employers on employee
benefits.
Some improvement in
enrolment levels to corporate
pension schemes.
Significant interest of
employers selecting online
facilities, such as those provided
by Invesco, to assist in their
employee engagement
programmes.”
O’Driscoll says he would
welcome clarity from the
government around pension
issues. “The government should
provide some certainty on
existing tax reliefs, as well as
indexing the various
contribution and fund limits that
are currently in place. The
government should also provide
a firm commitment that the
72 B U S I N E S S P L U S
J U LY 2 0 1 5
Stephen Foley, Micromail
users and students. As a result,
the company sees IT usage
trends as they happen, and one
of the most notable trends, says
Foley, is the move by businesses
to cater for more mobile
workforces in their IT strategies.
“Staff are spending less time
in the office and are using
multiple devices during their
working day. Software
subscriptions with cloud
features are a continuing trend,
with offerings such as Microsoft
Office 365 and Adobe Creative
Cloud helping our customers to
reduce IT costs, increase
availability to users outside of
the office and to improve
uptime and security.”
Finian O’Driscoll, Invesco
unjustified and unfair pensions
levy is not going to be repeated.
“Incentives to the 50% of
private sector workers not
currently members of pension
schemes should also be
considered. For example,
measures could involve restoring
USC and PRSI relief on employee
contributions. Finally, the
government should ensure that
the mandatory pension system
currently being considered does
not become an administrative
nightmare for employers.”
Facilitating the upturn in
business activity across the Cork
region, according to O’Driscoll,
is the availability of skilled
labour. “The evidence from both
employers and local recruitment
agencies is that the labour pool
remains strong in Cork and is
well serviced by graduates from
UCC and CIT.”
continued on page 74
BP SURVEY
CORK TOP 50
SuperValu Academy
Helping Food Startups
Chris Martin,
Musgrave Group
Although the economy has
turned a corner, the grocery
sector has not seen the same
level of recovery, as shopping
bills are viewed as the one item
that consumers have control
over. “Shoppers have remained
cautious, particularly in light of
new indirect taxes, which
impacted spending,” says Chris
Martin, CEO of Musgrave
Group. “Despite the
challenging circumstances, our
main retail brands in Ireland
had satisfactory performances
in 2014.”
Retail is well placed to support
entrepreneurial startups as,
unlike other countries, Ireland
has retained the independent
retailer who sources locally,
spends local and invests back
into their community. “Musgrave
and our retailers in SuperValu,
Centra and Daybreak are at the
forefront of this communitybased retail model,” says Martin.
Academy participants expect to
employ new staff over the next
12 months, and almost half
expect sales to increase by 50%
or more,” he adds. “This
programme is helping to create
new jobs and business
opportunities nationwide and
particularly in rural Ireland.
“This is a model we believe
can extend beyond the food
sector to support startups in
other growth sectors of the
economy, including technology
and pharma. High impact
startups are intrinsically linked to
regional economic recovery.”
A UCD study published last
year showed that Ireland has the
fifth most innovative agri-food
sector in Europe. “We can be
number one,” says Martin. “To
do this, we need a food sector
that is both the showcase of
everything we export, as well as
the nursery for entrepreneurial
food startups.”
“In fact, Musgrave in Ireland
has been keeping it local ever
since our founders Stuart and
Thomas started what was then a
small business on Cork’s North
Main Street, rowing out to sell
butter and sugar to ships in Cork
harbour 140 years ago.”
With an entrepreneurial ethos
underpinning Musgrave, the
group has been reaching out to
assist food startups. “The Food
Executive
MBA
Programme
LEADERSHIP EDUCATION FOR A
KNOWLEDGE ECONOMY
Enquiries to
T: 021-4902394
E: [email protected]
www.ucc.ie/mba
74 B U S I N E S S P L U S
J U LY 2 0 1 5
Follow us: @uccmba
Academy programme is a
collaboration between
SuperValu, Bord Bia and Local
Enterprise Offices, where we
bring local food startups to
market. Two hundred small
food producers will secure
retail listings worth €10m
with SuperValu through
the programme in 2015,”
says Martin.
“Almost 85% of our Food
UCC’s Executive MBA
For Middle Managers
University College Cork
continued to see strong demand
for its Executive MBA programme
over the last year, particularly
from middle-management
executives in Cork’s cluster of FDI
firms, as well as from larger
indigenous companies. Aimed at
working executives, the Executive
MBA is a two-year programme
during which students continue
to work with their employers.
According to academic director
Dr Joan Buckley, the pharma
and ICT sectors have been to the
fore in facilitating executive
education. “Their financial and
time support for employees doing
the programme is very strong,”
she says. Executive MBA students
attend lectures on Fridays and
Saturdays for 12-week semesters,
of which there are two each year.
“Semester time is very intense,
with lots of reading, coursework
and assignments,” Dr Buckley
explains. “For the rest of the
week, students are back in their
host companies, where they can
Dr Joan Buckley, UCC
take what they learned and apply
it directly, as if they had an
instant laboratory to put theories
to the test. Students also get
good breaks over the summer –
we don’t assign coursework
because they need time to come
back up for air.”
UCC runs the full two-year
MBA programme before
commencing another one, so as
not to dilute the teaching team.
“The Executive MBA is constantly
evolving and every cycle of our
programme has new offerings,”
says Dr Buckley.
continued on page 75
BP SURVEY
City Centre Focus On
Development Plan
Ann Doherty is the first female
chief executive of Cork City
Council. She assumed the role
in September 2014, having
previously worked at senior
levels in hospital management
in the UK and with the HSE in
Ireland. This year she oversaw
the preparation of the Cork City
Development Plan 2015-2021,
which will guide the future
development of the city.
“First and foremost the plan
is about the potential to
increase employment and
population in the city,” says
Doherty. “It will support the
expansion of the city’s economy
and prioritises development in
the city centre.”
The plan envisages
developing a new office quarter
at the eastern end of the city
and into the inner docks, and
Ulster Bank Reports
Strong Growth
Tom Leahy arrived in Cork with
his family from the UK in 2000
with a three-year plan. “Fifteen
years later we are still here and
have no plans to leave,” says
Leahy, who is Ulster Bank’s SME
Regional Director in the South
region. “I have enjoyed a quality
of lifestyle which I know my
Dublin colleagues envy. I am a
very active cyclist and there are
few roads I have not travelled
during my time in Cork.”
Ulster Bank has 11 retail
outlets across Cork city and
county and business centres
located in the city, Bandon and
Mallow. “We have specialised
teams of business development
managers as well as teams on
the ground that can support
requirements for asset financing
offerings,” says Leahy. “The bank
also has a strong local capability to meet the international
trade financing requirements of
our SME customers on the retail
side.
“All aspects of our business
have experienced strong growth
CORK TOP 50
expanding retailing in the city
centre. “The city centre is very
high on our agenda as an
organisation,” says Doherty,
who oversees 1,200 council
staff. “This year, we will have a
grant scheme for buildings
upgrade on Oliver Plunkett
Street and on North Main
Street.”
The city plan isn’t just about
business. “Transport, arts,
culture and tourism are
obviously a big part of that city
centre regeneration,” says
Doherty. “The council acquired
Elizabeth Fort from the OPW
and we have been working very
closely with Fáilte Ireland to
develop that resource.”
A pressing issue for Doherty
and her colleagues is a local
government review that is
examining whether Cork needs
separate city and county
councils. Doherty notes that as
the built-up area has spread
beyond the city’s boundaries
into the county council’s area,
there is a significant diversion
of resources from the area
surrounding the city to other
areas of the county.
“This hidden subsidy or
equalisation is very significant
and would appear to be
growing over time. As such it
is inequitable and strongly
supports the case for an
expanded city to have full
authority over its strategy,
budget and operations,”
she says.
“Cork is the country’s second
city, and second cities are very
important for the region and
the state, and important for
economic development. Cities
need the authority to make
decisions quickly, and in a
merged environment that
authority wouldn’t be there. I
believe it’s important for local
government to have focus, and
the focus on urban is
completely different to the
focus on non-urban areas.”
over the past 12 months. Like all
businesses, Ulster Bank has gone
through significant change over
the past few years to ensure we
become more customer-focused.
The bank has expertise in
growth sectors such as food and
drink, agriculture, maritime and
leisure and we have €1.9bn to
lend to business this year.”
Leahy adds that the bank’s
SME customers who supply to
the construction sector have
seen uplift in activity, while
companies trading
internationally have increased
order activity. “The biggest
challenge they are now facing is
getting staff, as the competition
for talent is clearly now in
evidence across the Cork
marketplace.”
In Leahy’s view, businesses
that adapted earlier and faster
to new market realities are
beginning to experience growth
again. “We have seen a number
of our customers in the food
retail and service areas expand
their operations due to the
recognition of Cork as the food
capital of Ireland. It is now very
difficult to get ‘bed space’ in
Cork during the week.”
With Munster famers and
milk processors investing to
take advantage of post-quota
opportunities, Leahy expects
increased farming wealth to
boost the retail sector over the
coming years.
“The recent trends in retail
lettings in Cork city have been
very positive,” says Leahy.
“There is clear evidence across
Tom Leahy, Ulster Bank
Ann Doherty, Cork City
Council
the Cork region that both
consumers and SMEs have
increased confidence, and this is
reflected in a significant
increase in mortgage demand
from our customers. It is critical
that the supply of housing and
office space comes on stream in
the coming years to meet the
demand that is now there.”
Survey continued on page 76
BUSINESS PLUS
J U LY 2 0 1 5 75
BP SURVEY
Cantor FitzGerald Offers
Global Perspective
Located on the South Mall,
Cantor Fitzgerald offers its
clients access to bespoke
portfolio management,
pensions, investment funds,
bonds and capital protected
products. “We provide our
clients with a global perspective
that is unique to the Irish
market, leveraging a global,
vibrant network of expert
analysts and investment
professionals,” says Daniel
Murphy, who heads up the
Cork office.
Cantor Fitzgerald also offers
stockbroking services, and the
buoyancy in the Irish stock
market over the past year has
Hotel Room Rates
Ticking Up Across Cork
The success of Cork Airport
Hotel is closely linked to traffic
throughput at Cork Airport.
“With over 40 destinations in
and out of Cork Airport, the
airport has good connectivity
on certain routes,” says Kylie
Basnett, the hotel’s sales and
marketing director. “But we
would all love to see these
grow further and hopefully
one day there will be
transatlantic flights from
Cork too.”
The labour-intensive hotel
sector is sensitive to rising
labour costs, and Basnett is
76 B U S I N E S S P L U S
J U LY 2 0 1 5
Daniel Murphy,
Cantor Fitzgerald
resulted in a strong uptick in
broking business. Murphy adds
cautious about any government
move to raise the minimum
wage. “Ireland has the second
highest effective minimum
wage rate in the EU, at €8.65
per hour. This represents a
competitive disadvantage for
tourism businesses competing
internationally. The sector is
particularly vulnerable to
upward pressures on labour
costs, which have a significant
impact on the viability of hotels
and guesthouses.”
Basnett is hopeful that the
government will maintain the
reduced VAT rate of 9% in the
2016 budget. “Tourism is
Ireland’s largest indigenous
CORK TOP 50
that since the financial crisis,
the company has diversified and
adapted its business by
increasing its offerings and
branching out into self-directed
pensions.
“This summer we will launch
our new fund platform which
will offer private investors
access to over 3,500 funds
managed by world leading fund
managers, and will form part of
an overall portfolio strategy for
all risk profiles,” he adds.
Thanks to the economic
recovery, Murphy says that
clients are now comfortable
taking more risk on board,
especially with interest rates so
low. “The biggest change is that
clients are generally staying
Kylie Basnett,
Cork Airport Hotel
away from leverage on their
account and their underlying
investments. As part of our
service we meet regularly with
clients and discuss the risk
profile and parameters of each
portfolio to ensure they are
comfortable.”
Assessing the prospects for
Cork’s economy, Murphy is
bullish. “Cork has taken some
large steps forward, with
several major building projects,
such as the new Events Centre
and the Capitol Cinema
redevelopment. However, there
are a number of key issues that
still need to be resolved, such as
the connectivity of Cork Airport
and the lack of a direct US
flight.”
industry and a critical
component of the export
economy. Tourism provides an
estimated 205,000 jobs in
Ireland and approximately 65
cent of every euro spent by
tourists goes back to the
government by way of some
form of tax or levy.”
Generally, Basnett reports
more confidence and
spend. “Cork hotels have
definitely seen a lift in 2015;
bedroom rates have increased
across the board by 5% year to
date. With an increase of
business comes a higher spend,
which enables hotels to hire
more staff.”
Ireland and Voxpro
PROFILE
VOXPRO
A Match Made In Heaven
As a destination for
Foreign Direct Investment,
Ireland — and Cork —
punches well above its
weight. But while Ireland
provides the environment
for success, Voxpro makes
it a reality.
ncredibly, it’s now almost 100 years since Henry
Ford chose Cork, his ancestral home, when he
first sought to scale his operations into Europe.
A century later and some of the world’s most
recognisable brands continue to follow in Ford’s
footsteps when starting their European journey,
by partnering with Cork-based Voxpro, the
multilingual customer support solutions specialist.
I
TOP LOCATION
There’s good reason for choosing Ireland. Whether it’s the Forbes
Best Country to do Business List, IBM’s Top Country for Quality of
FDI, or the World Bank’s Doing Business Report, Ireland is always
at or near the top of those countries that are supportive of doing
business. The hard statistics behind these reports – 3,300 foreignowned firms, the tenth highest nation globally in terms of FDI
inflow, and Europe’s fifth most successful country in attracting
investment in sectors like shared services, contact centres and
software/IT development – are impressive.
Obviously, there is no single reason for this. The ingredients that
make Ireland and Cork such appealing destinations for FDI are
as complex as they are varied. From the next-generation
infrastructure, world-class universities and low corporation tax,
to an excellent quality of life and multicultural workforce,
Ireland’s open economy on the western edge of Europe is
perfectly poised to form the gateway to the continent.
SERVICE EXCELLENCE
Voxpro is the perfect microcosm of this ecosystem. Voxpro is
relentless in the pursuit and delivery of extraordinary service.
With team members from more than 25 countries, conducting
business in as many as 15 different languages, this multilingual
capability has become key to Voxpro’s success.
Members of Voxpro’s Leadership Team (from left): Colm Condon,
HR Director; Aidan O’Shea, Managing Director; Tony Barry,
Finance Director; Linda Kiely, Owner/Director; Denis Cambridge,
ICT Director; Dan Kiely, Chief Executive; and Stephen Hegarty,
Chief Operations Officer.
Modern corporations do not globalise and enter partnerships
with the single objective of merely doing business. When they
set down roots, they do so with the intention of forming longterm relationships that will develop and prosper. Similarly, as
Voxpro partners with a business, its stated aim is to live by its
own fundamental core values – to share, learn and grow – while
understanding, appreciating and assimilating its partners’
ideals, culture and principles.
TRUSTED PARTNER
As Voxpro’s relationships with the likes of Google, Airbnb and
Nest mature, so do its offerings. Voxpro is now the trusted
partner of these organisations, charged not alone with the
responsibility of tending that most valuable of assets – their
customers – but adding value through the operation of R&D
labs, iterating their product or service to fit the complexities
of the European marketplace and acting as custodian to their
global knowledge repositories.
Like Ireland Inc., Voxpro Inc. has evolved into an open,
cosmopolitan melting pot of entrepreneurship and innovation.
As a dynamic 21st-century organisation, located in a vibrant,
21st-century economy, Voxpro prides itself on providing the
perfect fit to North American companies seeking value-added
support for their European customer base. In a world where the
provision of excellent customer experience has become a
speciality, Voxpro consistently exceeds customer expectations
from its headquarters in Cork.
Web: www.voxprogroup.com
Twitter: @VoxproIreland
B P S U R VEY
CORK TOP 50
CORK TOP 50
ACCOUNTS
Musgrave Group
1
Dairygold
2
Carbery Creameries
3
Grocery wholesaler and supermarket operator whose brands span
SuperValu, Centra, Superquinn, Budgens, Londis, Mace and Daybreak.
Ireland’s largest farmer-owned dairy and agri co-operative processes
18% of the milk pool from its 3,000 suppliers in Munster.
An international food ingredients, flavours and cheese manufacturer,
whose brands include Dubliner cheese.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
4,832.6m
718.6m
305.7m
n/a
74.7m
(94.9m)
194.1m
1,447.1m
1,133.5m
313.6m
4,927.1m
764.1m
323.7m
n/a
82.4m
60.8m
108.1m
1,490.7m
1,029.5m
461.6m
Bon Secours Health System 4
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
847.4m
n/a
56.0m
n/a
27.9m
25.6m
1.5m
474.1m
200.3m
273.8m
731.2m
n/a
52.5m
n/a
20.9m
14.4m
9.0m
420.2m
168.9m
251.3m
RANKING EXPLANATION
The largest independent hospital group in Ireland, comprising four
hospitals, a consultation centre and a care village.
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
223.7m
n/a
120.6m
116,000
5.4m
5.1m
34.8m
200.0m
75.4m
124.6m
223.3m
n/a
120.9m
88,000
7.6m
7.4m
42.8m
198.3m
78.9m
119.5m
PM Group
6
Engineering design, architecture and project management firm with
1,600 people deployed in 30 locations worldwide.
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
78 BUSINESS PLUS
2013
2012
355.5m
38.1m
68.6m
2.9m
9.4m
7.5m
29.4m
114.7m
70.5m
44.2m
193.0m
34.3m
69.9m
2.5m
8.1m
6.4m
31.4m
88.2m
50.8m
37.5m
JULY 2 0 1 5
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
323.8m
87.2m
n/a
n/a
16.0m
10.8m
5.5m
265.1m
120.1m
118.2m
289.9m
87.1m
n/a0
n/a
12.5m
9.6m
10.7m
263.5m
128.1m
110.6m
Johnson & Perrott
5
Car dealer and fleet manager for Honda, Kia, Jaguar Land Rover, Opel
& Volvo marques, & Kia, Mercedes, Mitsubishi & Opel commercials.
Ranking of Privately
Owned Irish Companies
Registered in Cork
Companies are ranked by Net Assets
as published in the latest available
accounts filed in the Companies Office.
Accounts data is sourced from
CreditSafe. Firms with parent companies
whose net worth is below the Top 50
threshold are excluded, as are
companies that have not filed accounts
for 2013 or later.
The listing does not include unlimited
companies that are not required to file
public accounts in the Companies Office.
These include Barry’s Tea, Blarney
Woollen Mills, PFH Technology, Premier
Recruitment, Doyle Group, GW Biggs,
Abtran/SWS, Barry & Fitzwilliam,
PCH International, Mainport Group,
Southern Milling and Clonakilty Food
Company.
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
45,881,447
4,196,311
4,180,279
293,935
2,358,950
2,184,449
13,840,346
64,631,931
9,424,289
55,207,642
62,340,742
4,785,880
4,882,531
588,264
1,802,765
2,398,702
17,884,566
66,115,829
12,774,743
53,341,086
EPS Water
7
Provider of water and wastewater treatment and pumping solutions to
municipal, commercial, agricultural and domestic sectors.
YEAR TO MARCH 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
62,240,132
9,034,453
16,332,571
2,262,429
797,582
1,465,469
8,692,681
34,787,155
11,422,862
23,364,293
69,700,918
8,503,114
16,771,646
1,624,850
432,332
349,673
6,468,023
35,613,008
13,691,232
21,921,776
B P S U RVE Y
Irish International Trading
8
CORK TO P 50
Core HR
9
Freefoam Plastics
10
Established in 1920, IITC is one of Ireland’s leading wholesalers of
hardware, steel, wire, salt, plumbing materials and bathrooms.
Provider of payroll and HR solutions and related services, such as
managed hosting, technical support and payroll and HR consultancy.
Manufacturer of PVC building products for roofline and rainwater
applications. Has UK manufacturing base in Northampton.
YEAR TO DECEMBER 31
YEAR TO JUNE 30
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
34,402,015
6,078,187
3,636,059
531,176
1,406,486
1,022,848
2,629,091
35,126,630
12,327,686
22,798,944
34,010,063
6,152,609
3,532,027
531,176
665,810
410,517
2,741,384
34,823,316
13,042,095
21,781,221
Dornan
11
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
24,528,630
21,725,157
n/a
466,463
3,361,206
2,950,826
10,366,194
24,121,064
2,111,725
22,009,339
18,854,172
17,590,543
n/a
274,641
3,187,240
2,827,829
7,251,816
20,116,015
1,057,502
19,058,513
World Fuels Market
12
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
51,271,000
20,156,000
7,867,000
466,000
3,567,000
3,234,000
2,544,000
30,197,000
10,732,000
19,465,000
46,067,000
17,120,000
7,073,000
455,000
2,465,000
2,151,000
1,888,000
29,588,000
13,118,000
16,470,000
Ducon Concrete
13
International mechanical, electrical and instrumentation company
active in a wide range of construction sectors.
Specialises in the importation and distribution of oil and coal products,
and oil storage for third-party customers.
Concrete manufacturer that supplies builders with readymix, blocks,
aggregate, and pre-stressed and pre-cast units.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
135,760,031 104,703,337
16,653,672 10,239,273
30,056,168 24,109,666
1,811,142
1,771,846
7,912,384
3,439,290
6,570,972
2,533,310
9,168,874
8,292,022
59,304,957 46,167,610
40,815,656 34,233,474
18,489,301 11,934,136
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
603,605,997 572,166,570
11,756,350 10,299,380
n/a
1,792,288
398,231
398,231
4,122,669
3,534,690
2,545,806
1,587,085
4,654,088
2,099,059
76,589,985 84,516,231
59,761,897 70,165,290
16,828,088 14,350,941
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
1,946,430
1,867,161
584,432
169,837
443,027
10,685,956
17,291,255
625,711
16,665,544
n/a
1,255,971
1,677,115
580,265
(470,129)
45,350
10,423,035
16,997,598
775,081
16,222,517
continued on page 80
B P S U R VEY
Celtic Sea Minerals
14
CORK TOP 50
Marlboro Trust
15
McCarthy Commercials
16
Extracts and processes calcified seaweed for sale in animal feed
ingredients and human foodstuff ingredients.
Licensed moneylender that sells catalogue goods on 20-week
repayment plan and provides cash loans repaid over 21 weeks.
Specialist in heavy-duty Volvo trucks, with operations in Cork,
Kilkenny and Limerick city.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
YEAR TO AUGUST 31
2013
2012
17,924,668
10,860,173
2,406,449
267,503
4,517,081
3,920,733
1,164,098
20,364,145
3,955,283
16,408,862
16,344,714
9,783,549
2,174,388
270,656
4,175,954
3,730,360
1,604,951
17,021,125
4,468,313
12,552,812
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
16,570,731
8,544,614
4,793,872
646,244
689,831
464,622
3,464,808
18,606,803
2,354,242
16,252,561
16,501,589
8,355,479
5,062,039
1,063,921
370,931
208,672
2,885,670
18,012,298
2,224,359
15,787,939
McDonnell Bros
17
J.J.Field
18
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
19,260,496
4,320,838
2,464,706
264,530
939,739
909,410
4,590,970
15,779,108
2,540,290
13,238,818
15,581,371
3,587,753
2,406,989
264,530
170,812
269,196
6,472,208
15,234,741
2,804,733
12,420,008
Avonmore Electrical
19
Fermoy-based trader and provider of agricultural supplies, such as
animal feed to farmers. Established in 1977.
SuperValu supermarket and bakery operation in Skibbereen,
led by John Field.
Specialist in repair of electrical mechanical motors, pumps and
generators. Also distributes industrial switchgear.
YEAR TO DECEMBER 31
YEAR TO APRIL 28
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
33,590,948
4,759,963
1,643,075
444,187
1,621,087
1,381,861
1,756,589
14,155,599
1,720,500
12,435,099
30,735,322
4,231,277
1,644,119
521,385
1,152,622
981,847
1,481,663
14,390,082
3,316,797
11,073,285
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
20
Food-Bridge
Kevin O’Leary Group
2014
2013
23,164,324
5,534,272
3,561,272
674,282
748,338
641,582
2,519,943
16,669,518
6,108,293
10,561,225
22,905,202
5,379,128
3,275,059
608,072
960,109
772,822
1,160,756
15,525,432
5,605,789
9,919,643
21
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
5,844,232
3,442,561
144,447
569,516
526,219
3,077,609
11,218,731
726,383
10,492,348
n/a
5,069,156
3,214,792
141,198
54,042
82,765
3,210,681
10,479,007
461,140
10,017,867
Kentech
22
Car dealer for Opel, Honda and Nissan. Also operates commercial
vehicle test centres and has Texaco and Topaz forecourt businesses.
Specialist in import, export, distribution and wholesaling of meat and
meat-related products.
Provides engineering, construction and maintenance services to oil,
gas, power and petrochemical projects around the world.
YEAR TO DECEMBER 31
YEAR TO JUNE 30
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
38,472,508
6,201,170
3,453,817
289,165
961,251
(1,026,957)
271,269
31,292,253
20,945,993
10,346,260
34,793,043
5,269,212
3,192,185
199,237
419,358
478,019
541,561
32,630,917
21,257,700
11,373,217
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
73,818,036
4,612,447
1,641,837
517,914
2,332,866
1,417,063
1,226,947
17,466,752
7,375,059
10,091,693
64,779,323
4,787,006
1,811,223
744,129
2,347,798
1,466,075
950,799
19,750,874
11,180,325
8,570,549
2013
2012
98,123,683
12,717,089
51,047,907
1,441,067
n/a
(3,648,841)
3,870,801
48,894,343
39,275,022
9,619,321
96,817,155
8,324,741
52,740,550
2,093,290
n/a
(6,747,802)
3,962,344
52,620,324
39,152,559
13,467,765
Irish Pioneer Works Fabricators 23
GP Wood
Specialist in fabrication, galvanising and underground water fittings.
Sister firm ESL offers precision engineering services.
Formed through a merger of Grainger Group and Palfab Group, it manufactures timber for various markets, including construction and fencing.
Grass and cereal seeds are the main business areas along with clover,
maize, beet, oilseeds, pulses and amenity grass seeds.
YEAR TO MARCH 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
80 BUSINESS PLUS
2014
2013
n/a
1,955,343
2,553,852
264,005
348,929
370,684
5,150,887
11,604,572
2,356,470
9,248,102
n/a
1,845,738
2,317,069
277,555
354,878
664,252
7,690,357
14,331,613
2,336,453
11,995,160
JULY 2 0 1 5
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
24
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
31,599,978
5,196,268
3,126,233
225,703
(578,184)
(563,182)
1,523,748
20,563,340
11,443,657
9,119,683
41,964,933
4,338,557
2,520,764
370,973
420,178
458,363
2,018,981
19,911,544
8,228,679
11,682,865
Goldcrop
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
25
2013
2012
49,852,436
9,132,622
3,771,178
192,111
1,819,823
1,246,485
661,899
23,934,168
14,950,598
8,983,570
47,701,847
8,791,297
3,758,693
157,511
1,496,669
774,103
23,686
23,533,984
15,694,524
7,839,460
B P S U RVE Y
Clona Dairy Products
26
CORK TO P 50
DPS Engineering
27
Shinagh Estates
28
Manufactures and distributes liquid milk and dairy products to retail
and catering customers. Established in 1919.
An engineering consultancy and project management company operating
in Ireland and overseas. Key clients include major pharma firms.
Holding company for various activities of four west Cork co-ops,
including dairy farm education centre outside Bandon.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
34,740,788
5,120,014
4,673,930
n/a
(623,085)
(569,646)
1,552,927
14,243,336
5,180,227
9,063,109
34,439,719
6,673,674
4,798,718
n/a
598,153
492,876
1,406,655
14,022,516
4,367,458
9,655,058
Micam
29
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
69,433,388
8,817,642
17,275,332
1,083,314
3,939,630
3,251,838
2,143,267
23,967,320
15,377,559
8,589,761
61,042,069
6,536,087
14,252,094
2,240,744
2,667,213
2,202,707
2,560,997
19,417,673
14,162,725
5,254,948
Atkins
30
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
733,292
694,709
103,346
n/a
277,907
211,271
733,788
9,061,976
578,135
8,483,841
571,178
548,060
111,101
n/a
92,686
52,534
681,040
9,705,625
888,055
8,817,570
Hosetech
31
Established in 1966, the company makes speciality laminates, prepregs and single-sided printed circuit boards.
Established in 1878, Atkins is Ireland’s longest-established farm and
garden machinery dealership, with three outlets in Co Cork.
Holding company for Swagematic, which makes elevators and moving
stairways. Led by Brendon Ottman.
YEAR TO MARCH 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
YEAR TO OCTOBER 31
2013
2012
YEAR TO AUGUST 31
2013
2012
n/a
n/a
n/a
n/a
n/a
n/a
920,053
10,411,276
2,321,721
8,089,555
n/a
n/a
n/a
n/a
n/a
n/a
2,078,864
8,310,244
798,931
7,511,313
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
12,938,142
2,593,144
n/a
n/a
(267,307)
(317,704)
29,376
11,984,736
4,179,525
7,805,211
14,682,861
2,693,252
2,269,314
114,438
(462,194)
(502,723)
16,700
13,420,354
5,298,831
8,121,523
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
n/a
n/a
n/a
n/a
n/a
n/a
2,467,759
8,898,733
1,507,883
7,390,850
n/a
n/a
n/a
n/a
n/a
n/a
2,500,652
8,837,348
1,390,748
7,446,600
continued on page 82
B P S U R VEY
CORK TOP 50
The Reliance Bearing & Gear Co 32
Established in 1932, Reliance supplies belts, pulleys, couplings,
gearboxes, motors, lubrication systems and pumps, etc.
YEAR TO DECEMBER 31
2013
2012
n/a
2,984,312
1,958,033
524,017
60,976
76,713
1,271,180
7,574,741
1,077,659
6,497,082
n/a
2,966,912
1,995,834
527,776
60,098
12,583
267,424
7,291,897
871,528
6,420,369
Cumnor Construction
33
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
CAB Motor’s Conor Cavanagh (right) and John Wilkins (left) with Corinthians
club chairman Brian O’Connor
Arachas Corporate Brokers 34
Drinagh Co-Op
General contracting is core activity. Also involved in ground
engineering and private residential developments.
Ireland’s largest independently owned business and personal
insurance and risk management brokerage.
Employing over 260 people in west Cork, Drinagh’s operations include
animal feed and dairy supply, retail outlets and agricultural advisory.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
2013
2012
n/a
1,517,558
2,233,807
136,513
508,847
266,048
2,309,944
19,313,990
12,887,272
6,426,718
n/a
(558,958)
2,474,701
201,524
(1,734,304)
(5,237,890)
2,554,320
19,948,662
13,724,505
6,224,157
CAB Motor Company
36
Turnover (€)
Gross Profit/(Loss)
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
13,011,677
4,225,136
8,372,970
2,594,952
762,185
427,501
11,525,811
30,003,609
23,829,460
6,174,149
13,552,103
4,278,567
8,857,730
2,672,988
620,328
(34,138)
12,218,498
31,836,014
25,517,566
6,318,448
Cavanaghs of Charleville
37
35
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
41,567,360
8,636,424
4,473,401
n/a
1,538,749
1,276,926
n/a
18,366,533
12,339,639
6,026,894
34,226,227
7,287,919
3,946,572
n/a
1,340,796
1,133,036
n/a
17,841,727
13,091,759
4,749,968
Mid Cork Palletts & Packaging 38
A Ford main dealer since 1925, the company has been run since 1973
by the Cavanagh family from Fermoy.
Ford and Hyundai dealership set up in 1960s by Tom Cavanagh.
Martin Condon took it over in 1988.
Established in 1977, MCP is the largest automated pallet manufacturer
in Ireland.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
2013
2012
14,234,530
2,273,394
1,689,918
251,031
(66,657)
(12,953)
2,076,024
8,363,954
2,372,106
5,991,848
15,641,052
2,277,546
1,950,427
415,196
(360,704)
(925,592)
640,525
9,752,343
3,747,542
6,004,801
Avoncourt Packaging
39
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
2,396,117
1,399,340
405,631
84,113
111,710
3,230,558
8,060,565
2,505,813
5,554,752
n/a
2,275,020
1,300,741
405,098
69,759
95,695
3,672,309
7,760,779
2,317,737
5,443,042
Irish Yogurts
40
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
n/a
n/a
n/a
n/a
n/a
n/a
23,334,759
18,336,097
4,968,662
n/a
n/a
n/a
n/a
n/a
n/a
n/a
22,391,854
17,887,077
4,504,777
Prosys Sampling
41
Family business established in 1973 that makes vacuum formed
plastic packaging, such as hinge-pack and flow-wrap trays.
Established in 1994 by Diarmuid O'Sullivan, this Clonakilty venture has
70 staff and makes traditional churn-made yogurt.
Specialises in the design and manufacture of sampling and
containment equipment used in the pharmaceutical industry.
YEAR TO MAY 31
YEAR TO NOVEMBER 30
YEAR TO MARCH 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
82 BUSINESS PLUS
2014
2013
n/a
4,317,991
2,164,324
300,411
1,064,339
835,846
1,261,128
8,878,566
4,050,103
4,828,463
n/a
4,127,647
1,929,608
299,848
1,145,444
913,459
1,113,046
7,714,179
3,715,359
3,998,820
JULY 2 0 1 5
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
16,687,706
4,304,721
n/a
119,444
600,127
389,201
1,437
14,295,165
9,658,507
4,646,648
16,835,607
4,260,223
n/a
119,440
687,405
508,290
180,785
10,650,778
6,393,321
4,257,457
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
n/a
n/a
n/a
n/a
n/a
636,857
3,021,550
6,508,207
2,347,044
4,161,163
n/a
n/a
n/a
n/a
n/a
317,103a
1,094,015
5,588,761
2,055,696
3,533,065
B P S U RVE Y
Cross Refrigeration
42
CORK TO P 50
Carbon Chemicals Group
43
Eurostyle
44
Part of the Cross Group, its focus is on the supply and installation of
industrial and commercial refrigeration in Ireland.
Based in Ringaskiddy, the principal activities of the company are the
sale of chemicals, food ingredients and paint coatings.
Specialist in branded corporate gifts and accessories, with a strong
focus on golf clothing and active wear.
YEAR TO OCTOBER 31
2013
2012
YEAR TO DECEMBER 31
YEAR TO JUNE 30
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit /(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
n/a
4,547,169
n/a
n/a
(187,407)
(168,931)
714,904
9,714,984
5,964,771
3,750,213
n/a
4,427,987
n/a
n/a
56,871
57,168
1,109,078
9,502,587
5,583,443
3,919,144
Shellfish De La Mer
45
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
n/a
n/a
n/a
n/a
n/a
1,199,505
8,338,927
4,621,851
3,717,076
n/a
3,866,355
2,621,245
408,073
101,051
104,341
234,152
7,821,928
3,930,215
3,891,713
Rochestown Park Hotel
46
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
n/a
n/a
n/a
n/a
n/a
n/a
57,689
4,366,044
724,136
3,641,908
n/a
n/a
n/a
n/a
n/a
n/a
40,724
4,205,121
814,157
3,390,964
Water Technology
47
Core product is brown crab meat and the company employs 120 people
in Castletownbere, working from a 20,000 sq ft factory.
Formerly an important historical house, the hotel is now one of most
luxurious accommodations and special event venues.
Company manufactures a wide range of chemical cleaning, sanitation
and food ingredient products for the Irish market.
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
YEAR TO DECEMBER 31
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit/(Loss)
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
3,916,238
n/a
45,316
(175,558)
(309,150)
197,632
11,998,539
8,634,800
3,363,739
n/a
4,322,073
n/a
45,316
240,146
53,427
296,653
11,936,168
8,287,315
3,648,853
McGinty & O’Shea
48
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit/(Loss)
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
9,524,741
7,532,379
3,983,689
n/a
n/a
(87,779)
19,259
28,249,568
24,967,020
3,282,548
9,012,087
7,179,290
3,742,332
n/a
n/a
(6,400,719)
20,771
28,664,305
25,293,978
3,370,327
Malachy Walsh & Co
49
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
1,901,739
n/a
91,000
39,618
62,826
673,400
4,572,177
1,295,005
3,277,172
n/a
1,937,412
n/a
84,317
150,936
136,972
439,344
4,986,673
1,704,302
3,282,371
Sorensen Civil Engineering
50
Civil engineering firm active in urban renewal projects, water and
sewerage schemes, roads and bridges, and marine engineering.
Engineering consultancy spanning civil and structural, mechanical and
electrical, environmental and energy.
Expertise spans industrial, pharmaceutical, roads, drainage, landfill,
bridges, marine, tunnels and water mains.
YEAR TO DECEMBER 31
YEAR TO MAY 31
YEAR TO JUNE 30
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
1,205,561
n/a
n/a
462,795
527,467
2,337,520
5,605,319
2,396,552
3,208,767
n/a
824,094
n/a
n/a
191,562
422,610
1,352,668
4,769,626
2,088,326
2,681,300
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2013
2012
n/a
n/a
n/a
n/a
n/a
n/a
531,638
7,251,220
4,324,344
2,926,876
n/a
n/a
n/a
n/a
n/a
n/a
224,308
8,025,360
5,090,931
2,934,429
Turnover (€)
Gross Profit
Payroll
Directors’ Emoluments
Operating Profit
Net Profit
Cash
Total Assets
Total Liabilities
Net Assets
2014
2013
n/a
n/a
n/a
n/a
n/a
n/a
169,679
3,490,739
619,902
2,870,837
n/a
831,026
n/a
129,076
282,511
264,393
1,728,328
3,446,962
621,409
2,825,553