Platinum Developments, the overseas property group leading the Irish influx into countries like Bulgaria, has reported a major rise in sales to €5.5 million.
The firm featured on this week's In search of the Pope's children programme on RTÉ television fronted by economist David McWilliams, which focused on the Irish obsession with overseas property investment.
The company posted an operating profit of €414,466 , up from €282,041 the year before. The accounts cover the year ended December 31st, 2005. Turnover surged from €1 million to €5.5 million. Cash at bank rose strongly in the year from just €61,126 to €609,287. The figures are included in accounts recently lodged with the Companies Office.
The company's five directors were paid remuneration of €2.1 million during the year under review. During this time, the average number of employees was 26, up from six the year before. The total cost for employees was €2.6 million.
The company's marketing manager is rugby pundit Brent Pope. Platinum Developments describes itself as "one of Europe's largest property development companies in Bulgaria". It has offices in Britain, Ireland, Bulgaria and sub-agents in Europe, the US and Asia. The company's three main areas are the Bulgarian capital Sofia, the ski resort of Bansko and the Black Sea Coast.
The company wants to establish itself as a "one-stop shop" in Bulgaria. This goes beyond acting as an agent for the sale of properties and involves the company in rental issues and re-selling.
One of its biggest projects is Studentski Grad scheme, a residential and academic district 7.6km from downtown Sofia.
Platinum claims it resembles UCD's campus in Belfield, Dublin. The accounts state that Platinum is the lead agent for six developments and has been appointed to act for seven projects scheduled for construction during 2006 and 2007, totalling more than 2 million sq ft (185,600 sq metres) of residential, commercial and retail developments.
The company makes the majority of its revenues from Irish customers, acting in the main as a property agent, rather than selling properties directly.
