Pretax profits at logistics and transportation group Walsh Western International increased by more than 41 per cent last year to €5.97 million, according to newly-filed accounts.
The increase was recorded as the group's sales passed the €100 million threshold to reach €107.97 million, up from €88.15 million in 2003. "The directors are satisfied with the results of the group," said a note with the accounts.
Controlled by founder and chairman Michael Enright, Walsh Western did not pay a dividend last year. It paid a dividend of €1.41 million in 2003.
Michael Enright and Brian Enright, who is chief executive, received payments last year of €724,896. The group made pension contributions of €1.51 million to Michael Enright and Brian Enright last year, up from €38,331 in the previous year.
The performance last year brought the value of the group's profit and loss account to €9.95 million.
The group employed a total of 502 staff, up from 420 a year earlier, and paid them €16.21 million in wages and salaries. It paid taxes last year of €200,772.
Walsh Western International group has operations in Dublin, Cork, Limerick, Coventry and Tilburg in the Netherlands. The group provides transportation, supply chain, IT and other logistical services, including freight forwarding and domestic and international roll-on roll-off haulage.
However, the accounts do not include a segmental analysis of turnover.
The group reported a net cash inflow of €6.73 million from operating activities, up from €4.26 million in 2003.
While its gross profit increased to €51.53 million from €37.56 million, administrative expenses rose to €45.87 million from €34.64 million. This left the group with an operating profit of €5.93 million, up from €3.56 million in 2003.
Under related party transactions, the group said it entered into a lease contract on its Dublin premises with Kay Enright. Annual rent on this premises rose to €450,000 last year from €430,441 in 2003. The annual rent on its Limerick premises paid to Michael Enright rose to €189,242 from €31,540 in the same period.
