Ibec raises growth outlook with help of increased subscriptions

Restructuring costs last year resulted in business group Ibec recording pre-tax losses of €564,308.

Ibec provides a range of services to its 7,500 member companies.

New accounts show that the confederation increased revenues by more €500,000 to €17.78m.

The increase was helped by subscriptions from members which rose by €359,000.

However, restructuring costs of €856,629 after Ibec conducted a major review of its operations were the main factor behind the loss.

The directors say that “overall expenditure was €497,000 higher than 2013 which related predominantly to restructuring costs incurred as part of the Operating Model review”.

In its report, it says it has made some changes to its collections’ process which is expected to yield significant dividends.

Ibec has upgraded its outlook for growth for this year to 7.1% but warns the current high growth rates are temporary https://t.co/mrHKnDRXg0

— RTÉ Business (@RTEbusiness) December 14, 2015

The loss for the year was due to the absence of dividend income.

In 2013, Ibec transformed an operating deficit of €722,190 into a surplus of €968,322 after taking into account dividend income of €1.54m and interest receivable of €148,299.

Last year, Ibec’s income was made up of €13.23m in subscriptions, €1.6m in training income and €2.94m in other income.

Staff costs increased from €8.374m to €8.58m.

A total of 17 people were on Ibec’s board last year, including chief executive Danny McCoy.

Aggregate pay to directors last year increased from €297,377 to €333,557.

It was split between €283,307 in pay and €50,250 in pension contributions.