Chill Insurance sees profits fall by €3.5m despite rising turnover
Chill increased its employee headcount from 227 in 2021 to 251 in 2022 ,with staff costs increasing by over 11% to €1.24m between 2021 and 2022
Irish-owned insurance provider Chill saw earnings fall by over €3.5m last year, reporting an after-tax profit of €505,764 in 2022.
The fall in profit comes despite a more than €700,000 rise in the company's turnover, with newly filed accounts showing an 18% surge of more than €4.3m in administrative costs last year.
Overall, Chill Insurance saw earnings fall by 87% year-on-year, with the company's current tax on profits standing at just under €2,500 in 2022.
In total, the company paid just under €50,000 in profit tax, €47,000 of which was deferred, compared to over €300,000 in tax paid in 2021.
Headquartered in Sandyford, Chill increased its employee headcount from 227 in 2021 to 251 in 2022, with staff costs increasing by over 11% to €1.24m between 2021 and 2022, the vast majority of which went towards salaries and wages.
Last year also saw the resignation of one of the company's founding directors, Seamus Lynch, who established Chill in 2007 with brother, Padraig Lynch who remains as one of the company's three directors along with Terence Buckley, and Jeremy Marsden, who was also appointed last year.
As of April 2022, the firm's shareholder funds stood at €16.63m.
In 2022, the firm reported a €1.68m increase in financial assets, rising to over €22.98m, with its financial liabilities also rising by just over €310,000 to €15.18m.
