Belfast Telegraph

UK Website Of The Year

Formula One race ace Eddie Irvine on track for £300k bonus from profits

By Gordon Deegan

Published 16/02/2016

Formula One hero Eddie Irvine is enjoying life in the fast lane of the business world with his firm enjoying an 18% increase in profits
Formula One hero Eddie Irvine is enjoying life in the fast lane of the business world with his firm enjoying an 18% increase in profits

Former Formula One ace Eddie Irvine is in line for a dividend of nearly £300,000 after his logistics firm enjoyed close to a 18% jump in profits.

Jenkins Shipping Ltd, which is based in Liverpool but has an office in Belfast, had profits of £2.54m last year - up from £2.154m.

The group enjoyed the jump in profit after revenues increased by 17.6% going from £18.43m to £21.68m in the 12 months to the end of April 30 last.

Numbers employed at the group last year increased from 165 to 180.

Irvine is also to enjoy a 30% share of a dividend payout of £980,000 through his Tidswell Ltd having a 30% ownership of the group.

The ex-F1 driver from Conlig near Bangor raced for Jordan, Ferrari and Jaguar between 1993 and 2002.

During this time Irvine raced in 148 races and scored 191 points with 26 podiums. His most successful year produced his four victories for Ferrari in 1999 when he was runner-up in the championship.

According to the directors' report for Jenkins Shipping, "the group is budgeting an increase in sales in the coming year to include the maintenance of current margins as well as growth from new business".

The directors add "as a result, we are confident that our current level of financial performance will improve".

The numbers employed by the group totalled 180 with staff costs at the group increasing from £4.28m to £4.85m.

The principal activities of the group are shipping, warehousing, distribution of paper and timber products and a labour agency for port services.

The figures show that emoluments received by directors, including pension contributions, last year increased from £260,417 to £274,108. The highest paid director at the group last year received £186,972.

The director isn't identified - other directors to serve on the board with Mr Irvine include Paul O'Hare, Catherine O'Hare and Jesper Kjaedegard.

The figures show that the group had shareholder funds totalling £3.9m that included £3.4m in accumulated profits. The group's cash increased sharply during the year going from £159,427 to £909,657.

The profit last year takes account of combined non-cash depreciation and amortisation costs of £338,704.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph