Daft.ie co-founding brothers share € 15.37 million dividend with others

The brothers behind Daft.ie have shared, with others, a € 15.37 million dividend this year from their Distilled SCH online group of companies, according to the accounts just filed. Distilled SCH Ltd operates the daft.ie, adverts.ie and donedeal.ie websites.

The group’s pre-tax profit increased 11% to 4.52 million euros in 2020. The profit increase occurred despite a 4.5% drop in revenue to 28.12 million euros.

A note attached to the accounts indicates that at the beginning of the year, the directors declared and paid a dividend of 15.376 million euros. Daft.ie co-founders Brian and Eamonn Fallon each hold 23.66% of the company’s shares.

On the basis of their participation, they would each have received a dividend of 3.63 million euros before tax as a result of this decision.

Distilled SCH Ltd was not established until 2015 after the operations of Daft.ie, along with those of sister company ads.ie, merged with Norwegian company Schibsted Media’s Donedeal.ie.

The deal saw Distilled and Schibsted each hold a 50 percent stake in the group.

The Daft.ie real estate website was started in 1997 by the Fallons, who were only 20 and 15 years old at the time.

Distilled SCH Ltd received dividends of 8.6 million euros in 2020 from subsidiaries and 7.2 million euros in 2019.

The directors stated that since the end of last year, Distilled SCH Ltd has received dividends of 5.12 million euros from Done Deal Ltd and 1.95 million euros from Daft Media Ltd.

Regarding the impact of Covid-19 on the business, the directors said: “We have experienced a decline in revenues over several months in 2020. However, current trends suggest that revenues are recovering.”

The number of employees increased from 126 to 133, with personnel costs falling by 4.4%, from 11.04 million euros to 10.55 million euros. The remuneration of directors fell slightly from € 467,249 to € 459,358.

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