Business supplier MJ Flood profits rise to €8.3m

Pre-tax profits at office equipment and business technology firm MJ Flood increased 13.5% to €8.32m last year.

Revenues grew 4% to €86m in the year and are likely to grow again this year, according to the directors’ report.

MJ Flood was first established in 1935 and now from its Baldonnell Business Park has eight regional branches, including Belfast, Cork, Athlone, Galway, Limerick, Sligo, Wexford and Waterford. It operates in the UK and Ireland.

MJ Flood’s grandson Michael Power Snr took over the business in 1964, when it employed just six people.

The accounts disclose that “in a post balance sheet event” the group underwent a restructuring.

There were 245 people on the payroll last year, with staff costs totalling €15.79m.

It paid dividends of €300,000 to its shareholders.

John Power and Michael Power Jnr shared directors’ pay of €1.1m, up sharply from €737,494 in 2014.

The firm had interest payments of €329,560.

Shareholder funds totalled €39.43m, with the group’s cash having increased from €6.3m to €10.45m. The profit last year takes account of combined non-cash depreciation and amortisation costs of €4.3m.

A breakdown of the group’s revenues show that €56.53m was generated in Ireland, and €29.46m in the rest of EU. The group’s capital expenditure totalled €7.2m, which is an increase on the €5.9m spent in the previous year. The accounts also disclose that the group paid rent of €654,214 during the year to “co-ownerships under the control of the directors”.

MJ Flood has provided business equipment to many well-known firms in Ireland, including Vodafone, Wyeth, PwC and Symantec.