Pre-tax profits almost double at Denis O'Brien's Actavo Group

Gordon Deegan

Pre-tax profits at Denis O’Brien’s engineering services group Actavo almost doubled to €23.12 million last year as the directors continued to streamline the business.

New consolidated accounts filed by Actavo Group Ltd show that the group’s pre-tax profits increased by 80 per cent to €23.12 million despite revenues declining by 17.5 per cent to €162.6 million.

The directors disclose that in a post-balance-sheet event the group paid out a dividend of €10 million.

The group is co-owned by Denis O’Brien and long-time business partner Leslie Buckley, who hold their respective 87 per cent and 13 per cent stakes in Actavo through Isle of Man-registered companies.

The directors also reveal that “the group commenced and completed the sales of the assets of one of its core businesses since the year end as part of ongoing strategy to streamline its business”.

Last year, the number of employees reduced by 254 to 1,358, made up of 1,063 in operations and 274 in general and administration.

Staff costs declined by 23.5 per cent to €70.19 million.

The group’s core operating profit last year increased by 65.2 per cent to €22.9 million.

The directors state that revenues declined 17.5 per cent “as we completed a number of contracts in the prior year and continue to streamline our operations”.

The accounts show that the group’s Irish business last year accounted for 81 per cent of group revenues.

The directors state that “the group has no third-party debt, other than the leases on certain right of use assets”.