Directors’ pay at property firm Hooke & MacDonald rises to €3.35m

On the back of a buoyant year in Dublin’s property sector, new accounts show that Hooke & MacDonald was in expansion mode in 2021 as numbers employed increased from 67 to 75.

The increase in headcount mainly took place in sales, letting and property management, rising from 47 to 52. The overall increase in numbers employed contributed to the company’s staff cost bill rising by 24pc, or €1.37m, from €5.72m to €7.1m.

Staff costs, including those of directors, were made up of salaries of €6.66m, social welfare costs of €391,604 and pension contributions of 250,327.

Last year, eight directors sat on the board and they are listed as David Lawlor, Ken MacDonald, David Cantwell, Renagh MacDonald, Donald MacDonald, Des Donnelly, Enda Moore and Gavin Hanlon.

The accounts were signed off on September 7 and they show that directors’ pay of €3.39m was last year made up of €3.35m remuneration and pension contributions of €37,298.

The €3.35m in pay works out at an average of €419,875 per director for last year.

The annual return for the firm lists David Lawlor, David Cantwell, Renagh MacDonald, Donald MacDonald and Ken MacDonald as each having a 20pc share in the business.

The directors’ remuneration last year compares with €2.68m in 2020, €4.38m in 2019 and €3.68m in 2018.

The sharp increase in staff costs, including directors’ pay, contributed to post-tax profits at the business declining sharply from €70,253 in 2020 to €8,228 in 2021.

The profit last year takes account of non-cash depreciation costs of €36,503.

At the end of December last, the firm’s accumulated profits stood at €400,570 while cash funds increased from €937,507 to €1.058m.

The accounts show that directors are owed various amounts by the company. David Cantwell is owed €216,000, David Lawlor €216,504, Renagh MacDonald €215,600, Donald MacDonald €194,247 and Ken MacDonald is owed €92,000.

The accounts are abridged and don’t provide a revenue figure for the year.

Established in 1967, Hooke & MacDonald is one of the country’s longest established and best-known property firms.

The company has sold over 22,000 new houses and apartments since 2000. While the company sells properties across Ireland, the main target areas are Dublin, Kildare, Meath, Wicklow, Wexford and Kilkenny.