Paul O'Connell's firm tops €2m in profits for first time
The commercial firm owned by Irish rugby legend, Paul O’Connell last year enjoyed a bumper year as accumulated profits topped €2m for the first time.
New accounts show that the fortunes of O’Connell’s Nellcon Ltd continue to flourish after the Limerick man’s retirement from the professional game in 2016.
According to the Nellcon accounts, the firm recorded profits of €468,374 in the 12 months to the end of April last - more than double the profits of €190,185 recorded in 2017.
The abridged account doesn’t say why there was a massive leap in profits but it may be connected to royalties received from the hardback and paperback sales of O’Connell’s best-selling book, The Battle.
The €468,374 profit last year resulted in the company’s accumulated profits increasing from €1.57m to €2.03m.
During the same period, the firm’s cash pile increased by €490,000 from €979,930 to €1,469,930.
Last month, O’Connell confirmed that he will leave Stade de Francais’s coaching staff at the end of this season.
And the new accounts showing the financial cushion provided by the €1.46m cash pile give some clue as to why O’Connell is in no rush back to the game after confirming that he has no plans to take up a coaching role elsewhere for next season.
The iconic figure of the world and Irish rugby retired from the game in 2016 after sustaining a severe hamstring injury in the 2015 World Cup game against France.
The strong profits of the past two years compare very favourably with profits for the firm when O’Connell was still playing professional rugby -€72,534 in the 12 months to the end of April 2016; €72,891 in 2015 and €143,627 in 2014.
The directors of the firm are Paul O’Connell and Michael O’Connell and pay to the two last year decreased from €93,563 to €81,024. The company has €75,000 in investments.
The firm owed €72,838 to Paul O’Connell at the end of April 2018.
The firm's corporation tax charge for the year was €68,510.
O’Connell was a talisman for Munster and Ireland for over a decade and won his 100th cap against Wales in March 2015 before winning a further eight caps to bring his total to 108 caps.
O’Connell’s retirement in February 2016 sparked tributes to the man from rugby greats across the world.
O’Connell established Nellcon Ltd in 2005 and the figures show that the firm’s net assets were valued at €2.038m at the end of April last.
