Chill Insurance eyes more growth after profits jump

Privately owned insurer Chill Insurance is expecting further strong earnings growth in its current financial year, after posting a near-40% jump in pre-tax profits for last year.

Chill Insurance eyes more growth after profits jump

Privately owned insurer Chill Insurance is expecting further strong earnings growth in its current financial year, after posting a near-40% jump in pre-tax profits for last year.

Newly filed accounts show that revenues at the online broker, which is owned by Seamus and Padraig Lynch, increased by 14% to €23.73m in the 12 months to the end of last April.

Pre-tax profits surged 37% to €2.4m.

Numbers employed at the insurer. which is the shirt sponsor of the Cork senior hurlers and footballers, last year dipped from 280 to 278.

Post-tax profits increased by 12%, from €1.6m to €1.83m, after the firm paid corporation tax of €595,317. The company has more than trebled since 2011 and operates its head office and call centre at Sandyford in Dublin.

Earnings, on an Ebitda basis, amounted to €4.4m — an increase of 15% on 2017.

Management said it expects similar growth in its current financial year.

At the end of last April, the firm’s shareholder funds stood at €5.59m.

That included accumulated profits of €3.87m. The company’s cash pile rose from €11.65m to €11.72m.

Staff costs last year increased from €8.4m to €9.6m and directors’ pay increased marginally from €83,745 to €85,989.

Last year’s profit takes account of non-cash depreciation costs of €1.59m while operating lease charges increased from €560,415 to €668,489.

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