Investment firm’s revenues fall sharply

THE investment firm owned by former Irish rugby international Ray McLoughlin swung into the red last year.

Operating revenue was down significantly from almost €6 million to €1.7m at Dublin-based Monset.

The company recorded pre-tax losses of just over €11m compared with a profit of €166,000 in the previous year, according to accounts just filed for Monset Limited for 2010.

The principal activities of the group comprise investment in property, equities and other assets.

Despite these losses, directors remuneration shot up, from €819,000 in 2009 to almost €1.5m in 2010. There are two directors at the company.

There were nine people employed at the company and staff costs increased from almost €1.4m to €2.5m.

The accounts said the results for the year were affected by the global downturn in property and equity markets.

“While the general economic uncertainties continue to be a risk factor in the markets in which the group operates it also provides investment opportunities for the group,” they read.

Monset is the parent entity of the poultry processing group, James Crean which was taken private in 2001.