O'Flaherty Holdings, the importer of Mercedes, Volkswagen and Audi cars, saw turnover rise by almost €90 million last year, bringing annual sales within a breath of €1 billion.

One of the biggest and most profitable privately-held businesses in Ireland, O'Flaherty Holdings is the owner of Motor Distributors Ltd (MDL) and companies that manufacture aerial lifts for the US and western European markets. Accumulated profits stand at €260 million.

The group is controlled by the family of the late Stephen O'Flaherty, a Co Waterford man who secured the Irish distribution rights for the German-made Volkswagen marque in the immediate aftermath of the second World War and the collapse of the Nazi state. Accounts just filed in the Companies Office indicate that the shareholders in the company - including Nigel, Stephen and Michael O'Flaherty, and Karen Morrison-Bell - received dividends last year of €20 million.

With turnover on the rise to €993 million from a restated €904.46 million, the group's pretax profit rose to €53.03 million from a restated €44.19 million. The restatements arose from the adoption of the FRS 17 accounting standard.

After a net trading profit of €47.2 million, currency gains and a €24.7 million unrealised surplus on the revaluation of its land and buildings at year-end brought its total gains for 2005 to €75.18 million. This compared with €34.51 million in 2004. The accounts show that the value of shareholders funds rising to €338.13 million in 2005 from €282.86 million. The company's land and buildings had a book value of €137.12 million at year-end.

O'Flaherty Holdings employs 1,023 people. About 650 of those work for MDL, whose car showrooms include Ballsbridge Motors and Grange Motors in south Dublin and Park Motors on the Navan Road in the north city.