Spirit Motor’s owner doubled his profits while taking advantage of subsidies

The pre-tax profit of the OHM Group, which sells the Jaguar and Land Rover brands here, rose last year by 90 percent to 4.23 million euros.

New accounts filed by Armalou Holdings Ltd, which operates Spirit Motor Group, show that Moor Group’s profits rose sharply after revenue rose 55 million euros, or 29.4 percent, from 187.4 million euros 242.53 million euros had risen.

The accounts show that two of the group’s subsidiaries received €732,382 in wage subsidies for Covid-19 during the year, but the group voluntarily returned the entire subsidy received after “trade was stable”.

Directors state that “in 2021, given the uncertainty surrounding the impact of the Covid-19 restrictions on the Group’s operations, two Group companies met the criteria to receive government grants to help companies secure employment during the Covid-19 Pandemic were available”.

In an event after the balance sheet date, the directors stated that “the group has voluntarily repaid all grants received as the group’s business was robust for the remainder of the year”.

Regarding the company’s overall performance, the Directors note that “despite the unprecedented challenges and uncertainties related to the Covid-19 pandemic, Brexit and global shortages of raw materials for new vehicles, demand for new and used vehicles has been strong throughout 2021 and market demand remains lively”.

Directors state that “the transition to electric vehicles (EVs) is now well underway as sales of battery EVs and plug-in hybrid EVs increase year-on-year for both the group and nationally.”

The group reported an operating profit of €4.98m and interest payments of €757,000 reduced the profit to a pre-tax profit of €4.23m.

After paying corporate income tax of €587,000, the company recorded an after-tax profit of €3.64 million.

The number of employees in the group increased to 251 last year, of which 154 in sales and support and 97 in service, as personnel costs totaled 15.92 million euros last year.

Directors’ salaries fell 34% from €1.5 million to €988,000.

The salaries of the Group’s key executives, consisting of directors and management, fell from €3.76 million to €3.33 million last year.

The group paid out a dividend of EUR 348,000 last year.

At the end of December, shareholder funds amounted to EUR 32.42 million. The cash amounted to €13.9 million.

https://www.independent.ie/business/irish/spirit-motor-owner-doubled-profits-while-taking-subsidies-42197363.html Spirit Motor’s owner doubled his profits while taking advantage of subsidies

Fry Electronics Team

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