Profits at Cork-based transport group Johnson & Perrot rose last year, but only as a result of a gain on the sale of a property in Dublin. The group made a pretax profit of €7.25 million in 2005, up from €5.25 million the previous year, according to accounts just filed.
However, operating profit fell, to €3.7 million from €5.2 million. The directors, in their report, said they and the management consider the operating profit to be the key performance indicator for the success of the group.
The group has three divisions. It is the Avis rent-a-car licensee in the Republic for car, truck and van rentals. It also has a Tallaght-based vehicle fleet division in Dublin that provides car and commercial vehicles for contract hire. It also holds dealerships for Honda, Opel and Volvo cars as well as Mercedes, Mitsubishi and Opel commercial vehicles.
The group's report stated that the car hire sector remains "extremely competitive and challenging", with static demand but with customers taking cars for shorter periods.
During 2005, the group continued to invest heavily in facilities as part of a capital investment programme that began in 2002 and ended last year, the directors' statement shows.
At the end of 2005, the group's new motor dealership at Mahonpoint Retail Park, Cork was completed. In February 2006, the group moved operations from three locations in Cork to the new dealership. Ownership of one of the vacated locations, at Emmet Place, Cork, was then transferred to a new entity owned by the Johnson & Perrot shareholders.
The Emmet Place property as well as properties formerly used by the Irish Examiner and the ESB, form a site that O'Callaghan Properties intends to develop into €450 million retail scheme.
Johnson & Perrot sold a property in Walkinstown Avenue, Dublin, during 2005, making a profit of €3.4 million, according to the accounts. It is understood the site, purchased in 2001, was sold to the Lidl retail group, for approximately €8 million. It is this sale which boosted the Johnson & Perrot profit figure for 2005.
The operations at Walkinstown were transferred to a new property at South City Business Park, Tallaght.
Turnover for the year amounted to €136.4 million, up from €129.2 million in 2004. The accounts state that the substantial sums invested in premises in the 2002 to 2005 period will assist the development of all aspects of the group's business.
After deducting dividends of €364,898, €5.9 million was transferred to reserves.
During 2005, the group employed 295 staff, up from 290 the previous year. Staff costs were €10.27 million, up from €9.64 million in 2004. Directors' remuneration was €725,138, up from €601,036 in 2004.
Directors during the year were DJ Whitaker, PJ Whitaker, DM Whitaker, JR Whitaker and JF Murphy (chairman). The group is owned and controlled by the Whitaker family.
