MJ Flood pre-tax profits increase 8%

Pre-tax profits at family-owned business technology provider MJ Flood last year increased by 8% to €3.19 million.

This followed the Dublin-based MJF (Holdings) Ltd continuing to increase the size of its business.

Last year, revenues at the group increased by 24% from €35.7m to €44.2m and this followed revenues climbing by 32% from €26.93m in 2011.

The figures show that numbers employed increased from 118 to 125, with emoluments to the firm’s three directors last year increasing by 23% to €691,283.

At the end of last December, the group had accumulated profits totalling €32m. The firm paid a dividend last year of €271,110.

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

The firm’s cost of sales last year increased from €22.7m to €29.6m with selling and distribution costs increasing from €4.52m to €5.65m. Operating expenses increased from €5.4m to €5.8m.

MJ Flood’s grandson, Michael Power Snr, took over the firm in 1964 when it employed just six people. Mr Power Snr resigned from the board in April this year, with Michael Power Jnr and John Power remaining on the board.

The group paid €188,058 to Michael Power Snr during 2012 for consultancy services. Overall staff costs last year increased from €6.5m to €7.5m.