Bank forgives €2.4m debt at Morgan Fuels

Operating profits at the fuel group owned by the man at the centre of the donations controversy that derailed Seán Gallagher’s presidential bid in 2011 increased 29-fold last year to €3.62m.

Accounts just filed by Hugh Morgan’s Morgan Fuels Ireland Ltd with the Companies Office show that the Dundalk-registered group enjoyed the sharp increase in profits after revenues increased by more than €100m — from €143.5m to €244.4m.

A major factor behind the rise was the accounting period to the end of Sept 30, 2013, covering an 18-month period compared to the prior 12- month period.