Rugby star firm’s earnings take a hit

THE investment firm owned by former Irish rugby international Ray McLoughlin has reported a large increase in losses for last year.

Although operating revenue increased from €2.1 million to €2.4m, Dublin-based Monset made a pre-tax loss of €8.6m up from €1.2m in 2007. The accounts said the level of activity is in accordance with expectations.

“The results for the year and the year end financial position were adversely affected by the global downturn in property and equity markets,” accounts filed by the company read.

The directors said they intend to continue to develop and increase current activities. In the directors report it is noted while the general economic uncertainties are a risk factor in the markets in which the group operates, it also provides investment opportunities for the group which has liquid resources in excess of €22m.

Ray McLoughlin, 70, was born in Ballinasloe, Co Galway. He toured New Zealand in 1971 with the British and Irish Lions and at the time played club rugby for Blackrock.

Monset is the parent entity of the poultry processing group, James Crean which Mr McLoughlin took private in 2001 in a deal worth €12.2m.

The price valued James Crean shares at 27 cents each, a discount on the €3.82 high the shares had traded at in the 1990s.