Profits more than double at Fallons' Daft group
Pre-tax profits at the group that operates the daft.ie and donedeal.ie websites more than doubled to €4m in 2019.
Accounts filed by Eamonn and Brian Fallon's Distilled SCH Ltd show that pre-tax profits increased by 153% after revenues in 2019 rose by 12% from €26.35m to €29.46m.
The accounts show that the founding Fallon brothers of daft.ie shared a further €7.2m dividend windfall with other shareholders from their online Distilled SCH group of companies in 2019.
The €7.2m dividend pay-out to Eamonn and Brian Fallon and other shareholders in 2019 followed a dividend payout of €5.8m in 2018.
Distilled SCH Ltd was established in 2015 after daft.ie operations along with that of sister company, adverts.ie ,were merged with Schibsted Media's Done deal.ie.
The daft.ie property website was established in 1997 by Eamonn and Brian Fallon who were only aged 20 and 15 at the time.
Today nine out of every ten properties for sale in Ireland appear on daft.ie and daft.ie lists approximately 70,000 properties for sale or to rent on the site at any one time.
Underlining the success of the website, 2.5 million unique users visit Daft.ie every month - generating 228 million page impressions.
The accounts disclose that the two Fallons, who each have a share of 23.66%, and Paul Kenny directly and indirectly control 50% of the voting share capital in the Distilled SCH Ltd.
On the impact of Covid 19, the directors stated that they "experienced a decline in revenues over a number of months during 2020, however current trends suggest that revenues are recovering".
Distilled SCH Ltd in 2019 recorded post tax profits of €2.684m after paying corporation tax of €1.38m.
The pre-tax profit at the group takes account of non-cash amortisation costs of €6m and non-cash depreciation costs of €318,053.
The profit also takes account of restructuring costs of €371,318, which related to a general restructuring of the group.
Numbers employed at the group reduced from 148 to 126 with staff costs decreasing from €11.1m to €11m.
Pay to directors - excluding dividends - decreased from €728,788 to €602,651.
Shareholder funds at the group totalled €102m and the group's cash pile increased from €4.96m to €6.7m.