Commercial property firm bosses take 25% pay rise

Bosses at the Irish arm of commercial property firm, Jones Lang Lasalle gave themselves a 25% increase in overall pay as revenue and profits rocketed last year.

New accounts filed by Jones Lang Lasalle Ltd show that the firm’s directors last year shared a €3.9m pay pot, or an average of €325,000 each.

This represented a 25% jump on the €3.1m paid out to directors in 2013.

The executives oversaw a very successful year last year where pre-tax profits more than doubled, going from €2.83m to €5.14m.

Revenues increased by 44%, from €13m to €18.79m, in the 12 months to the end of December.

The directors’ report said: “During the year turnover and net profit increased 44% and 106% respectively, reflecting an increase in general activity in the commercial property market in Dublin during the year.”

Numbers employed by the company last year increased from 71 to 77, with staff costs, including directors’ pay, jumping from €7.98m to €11.25m.

The directors’ pay included expenses, while directors also shared a share based payment of €10,000.

The directors are listed as Nigel Healy, Desmond Lennon, Margaret Fleming, Fionnuala O’Buachalla, Pauline Daly, Deirdre Costello, John Moran, Michael Miland, Lisa McGrane, Max Reilly, Stephen Murray, and Andrew McCracken.

The profit last year takes account of lease payments of €388,000 and non-cash depreciation costs of €100,000.

The firm’s balance sheet strengthened last year with accumulated profits increasing from €33.52m to €35.88m.

The firm’s financial assets remained static at €14m while the company’s cash increased from €46,000 to €737,000.

The company’s total operating expenses last year increased by more than €3m to €10.43m to €13.97m.

Jones Lang Lasalle made an operating profit of €4.8m and net interest of €333,000 increased the firm’s profits to €5.14m. The business recorded a post-tax profit of €4.4m after incurring corporate tax of €715,000.

Outlining the risks faced by the firm, the directors state that the key risk faced by the company “is a downturn in the Irish economy, which could lead to a decline in the commercial property market in Dublin”.