Revenues at the fuel group owned by the man at the centre of a donations controversy that derailed Sean Gallagher’s presidential bid topped €110m last year, new figures show.
According to accounts just filed by Hugh Morgan’s Morgan Fuels Ltd with the Companies Office, they show that pre-tax profits almost halved to €324,876 at the group in the 12 months to the end of March last year, in spite of the increase in revenues.
The figures show that the group’s revenues increased by 13% from €96.8m to €110m, with pre-tax profits declining by 46% from €607,984 to €324,876.
During the presidential campaign, Mr Morgan alleged that Mr Gallagher collected a €5,000 cheque from him on behalf of Fianna Fáil at Morgan Fuels headquarters in Co Armagh.
On RTÉ’s Frontline programme, Pat Kenny read out a now disputed “bogus tweet” that claimed the man Mr Gallagher took the cheque from would appear at a press conference the following morning. Mr Gallagher then stumbled and controversially appeared to concede that he could have received an “envelope”.
Mr Gallagher categorically denied the allegation subsequently.
Morgan Fuels employs 80 and the accounts show that Mr Morgan will have benefited from a share in a dividend payout of €567,252 last year and this followed a dividend payout of €156,252 in 2010.
The increase in the dividend payout was to compensate for the three directors receiving €30,935 in salary compared with €261,169 in 2010.
The directors state that they are “pleased to report the 13.6% increase in sales last year”.
“Gross margin has, however, decreased by 4.1% in 2010 to 3.2% in 2011 due to an increasingly competitive market and an increase in smaller margin bulk deliveries,” they said.
© Irish Examiner Ltd. All rights reserved