Daft.ie brothers in €4.45m windfall

Eamon and Brian Fallon, the brothers who established the daft.ie website, shared a €4.45m dividend windfall last year.

The entrepreneurs shared the windfall with other shareholders in the Distilled Media Group that operates the daft.ie and thejournal.ie websites. The dividend payout follows a dividend of €2.9m paid in 2010 at the online media group resulting in €7.37m in dividends over the two years.

The dividends are confirmed in accounts with the Companies Registration Office by Distilled Media Group Ltd, which show that pre-tax profits at the group last year decreased by 6% from €1.84m to €1.72m.

The group sustained the drop in pre-tax profits in spite of revenues rising 14% from €6.58m to €7.51m in the 12 months to the end of December. The daft.ie property website was set up in 1997 by Eamon and Brian Fallon who were then aged 20 and 15.

As part of a group restructuring last year, Distilled Media Group Ltd acquired Daft Media Ltd and the Daft Media’s shares in boards.ie Ltd and Adverts Marketplace Ltd with the deal valuing Daft Media Ltd and the shareholdings in the two firms at €27.8m.

The group now operates multiple brands, including www.boards.ie and www.adverts.ie.

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