8% fall in profits to €2.75m at Eddie Irvine's logistics firm

Profits at the logistics group co-owned by former Formula One driver Eddie Irvine fell to £2.33m (€2.75m) last year.

Figures lodged by Jenkins Shipping Group Ltd show that revenues increased 4% to £22.57m in the 12 months to the end of April.

Profits fell 8% from 2015. Mr Irvine had a dividend payout of £430,000 because his Tidswell Ltd has a 30% stake in the group.

The former F1 driver from near Bangor, Co Down, raced for Jordan, Ferrari, and Jaguar between 1993 and 2002. During this time, Irvine raced in 148 races and scored 191 points with 26 podiums.

His most successful year produced his four victories for Ferrari in 1999 when he was runner-up in the championship.

According to the directors’ report for Jenkins Shipping, “the group is budgeting an increase in sales in the coming year to include the maintenance of current margins as well as growth from new business”.

“As a result, we are confident that our current level of financial performance will improve,” the directors said.

Staff numbers at the Belfast-based group increased from 180 to 188 in the year, while staff costs fell from £4.85m to £4.5m.

The main activities of the group are shipping, warehousing, distribution of paper, and timber products. It also acts as a labour agency for port services.

Pay for directors, including pension contributions, rose from £274,108 to £301,548.

The best paid, unnamed, director last year received £230,281.

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