Mycro takes a hit to profits as pay to directors rises

Mycro takes a hit to profits as pay to directors rises
Pay to directors of the Cork-based sports gear firm climbed to €118,766 from €4,728 in the previous year. Picture: Sportsfile

By Gordon Deegan

Profits slumped last year at the Cork-based sports gear firm Mycro that supplies helmets to many of the country’s hurlers.

The Co Cork firm, which also sells hurleys, sliotars, and gloves, includes Patrick Crowley and Denis Cremin as directors.

Pay to directors climbed to €118,766 from €4,728 in the previous year, and it paid €59,458 in dividends.

Established in 1986, it is the largest supplier of hurling helmets in the country, with a regular helmet retailing for €75.

Clare’s Shane O’Donnell and Waterford’s Austin Gleeson are two hurlers who wear Mycro helmets.

New accounts show the firm posted profits of €12,404, down sharply from €120,295 in 2016.‘Accumulated profits to the end of June stood at €1.9m.

The company’s cash pile last year dropped to €602,878 from €657,158.

The firm’s current helmet is the fifth generation of equipment that is available.

Using raw materials from local suppliers, the helmets are manufactured at Ballincollig in Co Cork, where the company employs 15 people.

Staff costs, including pay to directors, increased to €509,233 from €377,801.

Along with its Irish sales, the company has a healthy export business and sells in Australia and Japan, as well as the UK, France, and the US.

The value of the firm’s financial assets was unchanged at €900,000, while shareholders’ funds last year stood at €2m.

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