Tech provider MJ Flood back in black with €2.95m profit

Business technology provider MJ Flood last year returned to profitability to record pre-tax profits of €2.95m.

This followed Dublin-based MJF (Holdings) Ltd increasing its revenues by 32% from €26.93m to €35.75m in the 12 months to the end of Dec 2011.

The office supplies provider recorded a pre-tax loss of €244,544 in 2010 after incurring a write-down of €1.5m on properties, according to accounts filed with the Companies Registration Office.

The figures show that the firm more than doubled its operating profits last year from €1.28m to €3m.

The filings show that the firm’s profits were reduced last year by €112,286 in a writedown in freehold property.

At the end of December, the firm had accumulated profits totalling €29.7m.

The firm’s shareholder firms totalled €32.7m, including €6.9m in cash.

Numbers employed by the group last year fell from 121 to 118, with 97 employed in selling and distribution and 21 in administration.

The firm was established in 1935 on Dublin’s Pearse St and today, along with its Dublin HQ at Baldonnell Business Park, has regional branches at Athlone, Cork, Galway, Limerick, Sligo, Wexford, and Waterford.

The firm’s cost of sales last year rose from €16.7m to €22.7m, with selling and distribution costs up from €4.51m to €4.52m. Operating expenses increased from €4.3m to €5.4m.

MJ Flood’s grandson, Michael Power Sr, took over the business in 1964 when it employed just six people.

Mr Power Sr today sits on the board with Michael Power Jr and John Power.

The filings show that the group paid €76,000 to Michael Power Sr during the period for consultancy services.

The figures also show the aggregate directors’ remuneration last year increased by 69% from €825,454 to €1.395m.

The figures show no dividend was paid last year. A dividend of €88,432 was paid in 2010.

MJ Flood is the exclusive distributor for Konica Minolta in Ireland and the firm has provided workstations to many well known firms, including Vodafone, Wyeth, PriceWaterhouseCoopers and Symantec.

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