Haughey cleans up as profits rise 15% to £6m

Group Business Correspondent

Monday 9 July 2012

THE facilities management to cleaning business developed by Sir Willie Haughey increased profits 15% against a tough backdrop last year and paid out millions in dividends.

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MARK WILLIAMSON

The latest accounts for City Refrigeration Holdings show the company made £6 million pre-tax profit in the year to December compared with £5.2m the year before.

Turnover increased by 21% to £368.4m, compared with £303.9m in 2010.

In their report, the directors wrote: "Turnover from facilities management and cleaning services grew from £228.2m in 2010 to £274.2m in 2011 due to growth with customers in the UK and Australia supplemented by additional contracts from new customers."Tough economic conditions have encouraged firms to consider outsourcing work in areas like facilities management to cut costs.The project services division, which installs equipment such as refrigeration systems, increased turn-over to £89.9m in 2011, from £71.6m in 2010.The directors wrote: "The increase related primarily to a number of trading projects during 2011 which are not expected to recur in 2012. Pressure from the marketplace to reduce costs is expected to continue in 2012. Despite this challenge the board is confident that similar margin levels will be maintained in 2012."City Refrigeration Holdings paid dividends totalling £3.8m in 2011, down from £11.7m in 2010. Companies House records show Sir Willie, knighted in June, owns 46% of the shares in his own name. These put him in line to receive £1.7m dividends in 2011. William Haughey's 2009 Trust owns 39% of the shares. The highest-paid director received aggregate emoluments and amounts receivable under long-term incentive schemes totalling £550,000 in 2011, compared with £176,000 in 2010.

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Haughey cleans up as profits rise 15% to £6m

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