Chill Insurance eyes more growth after profits jump
Privately owned insurer Chill Insurance is expecting further strong earnings growth in its current financial year, after posting a near-40% jump in pre-tax profits for last year.
Newly filed accounts show that revenues at the online broker, which is owned by Seamus and Padraig Lynch, increased by 14% to €23.73m in the 12 months to the end of last April.
Pre-tax profits surged 37% to €2.4m.
Numbers employed at the insurer. which is the shirt sponsor of the Cork senior hurlers and footballers, last year dipped from 280 to 278.
Post-tax profits increased by 12%, from €1.6m to €1.83m, after the firm paid corporation tax of €595,317. The company has more than trebled since 2011 and operates its head office and call centre at Sandyford in Dublin.
Earnings, on an Ebitda basis, amounted to €4.4m — an increase of 15% on 2017.
Management said it expects similar growth in its current financial year.
At the end of last April, the firm’s shareholder funds stood at €5.59m.
That included accumulated profits of €3.87m. The company’s cash pile rose from €11.65m to €11.72m.
Staff costs last year increased from €8.4m to €9.6m and directors’ pay increased marginally from €83,745 to €85,989.
Last year’s profit takes account of non-cash depreciation costs of €1.59m while operating lease charges increased from €560,415 to €668,489.
