Belfast Telegraph

£5.35m dividend payout at Eddie Irvine Belfast logistics firm

By Gordon Deegan

Former Formula 1 driver Eddie Irvine steered into the fast lane last year after sharing a £5.35m dividend from the Belfast-based logistics firm he co-owns.

New accounts filed by Jenkins Shipping Group to Companies House show that Co Down-born Mr Irvine and his fellow shareholders shared the £5.35m dividend, which represents a 12-fold increase on the £430,000 dividend paid out in 2016.

The group, based at West Bank Road in the city, has consistently paid out dividends in recent years, including £980,000 in 2015.

In a bumper year for the group in the 12 months to the end of April 2017, revenues increased by 11%, going from £22.57m to £25.22m.

Pre-tax profits decreased by 10%, going from £2.22m to £1.98m due to increased costs.

Numbers employed last year decreased from 188 to 185.

Mr Irvine is to enjoy a 30% share of the dividend payout through Tidswell Ltd, having that percentage ownership of the group.

From Conlig near Bangor, Mr Irvine raced for Jordan, Ferrari and Jaguar between 1993 and 2002.

During this time he competed in 148 grand prix, scoring 191 points and made the podium on 26 occasions.

His most successful season was in 1999 when he recorded four victories for Ferrari and was runner-up in the championship.

According to the directors' report for Jenkins Shipping, the management of the business and execution of its strategy "are subject to a number of risks". "The key business risks and uncertainties affecting the group are considered to relate to competition for its services and employee retention."

But the report adds that it's "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 185 with staff costs increasing from £4.5m to £5.12m. Its principal activities 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 £301,548 to £433,519.

The highest paid director at the group received £160,342. The director isn't identified.

Other directors to serve on the board with Mr Irvine include Paul O'Hare, Catherine O'Hare, Lynn Caulfield and Frank Rowbotham.

Ms Caulfield and Mr Rowbotham were appointed as directors on October 7, 2016.

The figures show that the group had shareholder funds totalling £542,831 following the dividend payout.

The group's cash decreased sharply during the year, going from £761,468 to £10,749.

The profit last year takes account of non-cash depreciation, amortisation and impairment of £1.12m.

Mr Irvine also operates Eddie Irvine Sports, an indoor karting and sports complex in Bangor.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.