Plant-hire firm owned by Danny Healy-Rae reports record profits

business
Plant-Hire Firm Owned By Danny Healy-Rae Reports Record Profits Plant-Hire Firm Owned By Danny Healy-Rae Reports Record Profits
New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office shows that the company enjoyed the bumper year in spite of the disruption to its work programme by the Covid-19 pandemic. Photo: File image
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Gordon Deegan

The plant-hire and civil engineering company owned by outspoken independent Kerry TD and farmer, Danny Healy-Rae, enjoyed a record year in 2020 by achieving post tax profits of €743,244.

New figures lodged by Healy-Rae Plant Hire Ltd with the Companies Office shows that the company enjoyed the bumper year in spite of the disruption to its work programme by the Covid-19 pandemic.

A note attached to the accounts states that the company “experienced a decrease in its activities in the first half of 2020 due to the restrictions imposed by the Government”.

The note adds: “In response to the restrictions, the company availed of Government supports provided to businesses during this time.”

The post tax profits equate to an average weekly profit of €14,120 last year.

The profit of €734,244 for 2020 is a 67 per cent increase on the €444,714 profits for 2019.

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At the end of December last, the company was sitting on accumulated profits of €2.58m.

The company’s cash pile last year increased more than three-fold from €630,824 to €2.022m.

In recent years the business has recorded healthy profits - the firm enjoyed post tax profits of €444,227 in 2018 and post tax profits of €239,060 in 2017.

The profit for 2020 takes account of non-cash depreciation costs of €234,512 and a profit of €37,996 on the disposal of a tangible fixed asset.

Council work

Figures released by Kerry County Council earlier this year show that Healy-Rae Plant Hire Ltd last year received €341,347 (incl VAT) from the council for plant-hire work out of a total spend of €4.6m by the Council on plant hire and haulage services.

The value of the company’s tangible assets also increased marginally from €1.29m to €1.31m.

Danny Healy-Rae serves on the board with his wife, Eileen and their 36-year-old son, Johnny who runs the day-to-day operations of the business.

Pay for directors reduced by €5,000 from €35,000 to €30,000.

The note on the Covid-19 impact further states that “the directors will continue to modify the company’s plans in line with Government advice and the directors believe that the company is well positioned to return to full trading capacity once this period of uncertainty passes”.

The accounts for Healy-Rae Plant Hire Ltd state that Danny Healy-Rae and Eileen Healy Rae control the company.

Danny Healy-Rae was co-opted onto Kerry County Council in 2003 to fill his late father Jackie Healy-Rae’s seat and the 67-year-old was first elected to the Dáil in 2016.

The register of members’ interests at Dáil Eireann lists multiple occupations for Danny Healy-Rae.

Along with being a serving Dáil deputy, Deputy Healy Rae confirms other occupations as a publican; farmer; bus hire and plant hire.

In the register, Mr Healy-Rae confirms that he has shares in the Kerry Group plc and also owns land - 50 acres of farmland at Fossa, Kilgarvan, another 38 acres of farmland at Gullaba, Kilgarvan and another three acres of farmland at Gortnaboul, Kilgarvan.

The register confirms that the Healy-Rae company has contracts with Kerry County Council, Irish Water and Bus Eireann.

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