Pretax profits at commercial and residential property firm Jones Lang Lasalle (JLL) increased by 42 per cent to €3.3 million in 2021.
Accounts for Jones Lang Lasalle Ltd show that the business recorded the jump in profits after revenues increased by 20.5 per cent from €16.16 million to €19.48 million in 2021.
In a note with the accounts, the directors said they were confident for the future prospects of the company.
Pay to directors at the company decreased by 36.5 per cent or €1.9 million from €5.27 million to €3.34 million in 2021.
Numbers employed remained at 105 and staff costs, including directors’ pay, in 2021 increased by 19 per cent from €9.85 million to €11.69 million.
The business at board level has undergone a shake-up since the end of 2021 with seven directors stepping down on June 14th, 2022.
On the date of signing off on the accounts on December 13th, 2022, the board was made up of four members, Camilla Taaffe, Andrew McCracken, John Moran and James Steven Jasionowski.
In 2021, JLL recorded post-tax profits of €2.9 million after paying corporation tax of €435,000.
At the end of 2021, the firm was sitting on accumulated profits of €62.33 million. The company’s cash funds had reduced from €408,000 to €177,000.
The employee numbers at the end of 2021 were made up of 10 directors, 18 associates, 56 professionals and 21 in support.
The profit for 2021 takes account of €762,000 paid out in lease costs and €306,000 in non-cash depreciation costs.
Separate accounts lodged by the Irish arm of commercial property services firm CBRE show that its pretax profits increased sixfold to €4.34 million in 2021.
This followed revenues at the US-owned CBRE unlimited company increasing by 30 per cent from €24.2 million to €31.43 million.
The directors said that “although Ireland is performing well despite global headwinds at present, as the economy approaches full employment, salary inflation and competition for talent will impact on the ability to grow revenue and associated earnings”.
Staff costs at the company, since renamed CBRE Advisory (Irl) Ltd, increased from €16.69 million to €19 million.
At the end of 2021, accumulated profits totalled €23.9 million.
The company’s cash funds increased from €17.07 million to €20.46 million.
Pay to directors increased from €772,178 to €915,517. The pretax profit also takes account of non-cash depreciation costs of €459,135 and lease costs of €902,163.