Shipping firm purchase to boost turnover

TURNOVER at Cork shipping company The Mainport Group is expected to hit €60 million next year following the acquisition yesterday of rival Patrick Monahan (Drogheda) Ltd.

The Mainport Group has confirmed that it has purchased the long-established ship agency, ship broking and logistics company Patrick Monahan (Drogheda) Ltd, positioning itself as a key player in these sectors along the east coast of Ireland.

The Mainport Group refused to divulge the price paid for Patrick Monahan (Drogheda) Ltd. Monahan delivered pre-tax profits of €447,211 for the 12 months to the end of March 2005, according to accounts lodged with the Companies Registration Office. Fixed tangible assets were listed at €7m (€5.5m in 2004).