Paul O’Connell firm boosts accumulated profit to €1.57m

Paul O’Connell firm boosts accumulated profit to €1.57m

Accumulated profits at the commercial firm owned by Irish rugby legend Paul O’Connell last year jumped by almost €200,000 to €1.57m.

That is according to new accounts which show that the cash pile at O’Connell’s Nellcon Ltd fell from €1.274m to €979,930 in the 12 months to April 30.

Mr O’Connell retired from the game in 2016 after sustaining a severe hamstring injury in the 2015 World Cup game against France.

He commenced a coaching role with the Irish under-20s this year but away from the pitch, the accounts show that Mr O’Connell was busy in the commercial world with his firm doubling profits last year.

The accounts show it posted profits of €190,185 last year, after posting profits of €72,534 in 2016.

The directors of the firm are listed as Paul O’Connell and Michael O’Connell. The aggregate pay to directors last year increased from €36,158 to €93,563.

The amount owed by the firm to directors last year increased from €60,082 to €78,840 and the company has €75,000 in investments.

The former University of Limerick student benefited from his professional playing career coinciding with a boom in the finances of the IRFU. A Government scheme also allows key sports people at the end of their careers to claim back 40% of the tax they paid over a 10-year period. 

Players are able to claim tax back on wages and match bonuses, but it does not include sponsorship money, payments for media, or fees for appearing in advertisements.

More in this Section

Fears of new banking charges scandal as interest may have been overcharged on insurance productsFears of new banking charges scandal as interest may have been overcharged on insurance products

Corporate tax windfalls remain a puzzleCorporate tax windfalls remain a puzzle

Expansion costs hit profits at three time Oscar-nominated Cartoon Saloon animation studiosExpansion costs hit profits at three time Oscar-nominated Cartoon Saloon animation studios

Tariff and quota-free trade between Ireland and Britain must remain – VaradkarTariff and quota-free trade between Ireland and Britain must remain – Varadkar


Lifestyle

About 70% of our planet is covered in water, in one form or another and it is vital to our survival.Appliance of science: Where does water come from?

Touched by the last rays of the sun, the grey mud of the estuary is dimpled with silver pools. Above them, rooks fly in their thousands, rooks uncountable, on different levels of the air.Interplay of rooks above Cillmanister a lovely mystery

A NEW survey confirms the presence of at least six rare spiders in Killarney National Park.Six rare spiders found in Killarney National Park

IT WAS written about an old ruin in Co Wexford but it may as well have been written for any other place.Islands of Ireland: Cows come home to Inishbarra

More From The Irish Examiner