Mercer pretax profits leap by 20%

Pretax profits at pensions and HR consultants Mercer jumped by 20 per cent to €51.8 million last year on the back of a jump in revenues.

A strong increase in assets under management was credited for the 13 per cent rise in revenues at Mercer Ireland Holdings Ltd to €210.4 million.

The group’s 497 staff were paid an average of €90,790 each over the year – before pensions costs of €4.2 million and “other staff costs” of €6.33 million.

According to accounts just filed, Mercer employed 71 people in management roles, with 426 administration and professional staff.

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The six directors who acted for the firm during the year – Vincent Sheridan, Tom Geraghty, Mary O'Malley, Donal O'Flaherty, Simon O'Regan and Fiona Dunsire – shared fees of €1.39 million, including pension payments of €76,690.

Board changes

Mr O’Flaherty and Mr Geraghty stepped down from the board this year while Ms Dunsire resigned in August 2018.

The directors said in their report that they were “happy” with the performance of the group.

The directors state the increase in operating costs of €13.1 million was driven by the increase in sub-investment manager fees. Staff costs have also increased.

Mercer paid dividends of €55.5 million to its parent company. Three subsidiaries declared dividends of €26.1 million during the year, following €29.38 million of dividends declared in 2017.

The group also operates as a fiduciary manager for the entire Mercer group’s European business.