Stafford Investments posts pre-tax profits of €9.5m

Stafford Investments, the Wexford business group owned by the Stafford family, made a pre-tax profit of €9.5 million in 2003, according to accounts just filed.

In September 2003 the group bought out Clashfern Holdings Ltd for €27.2 million, according to the accounts. Stafford Investments had a 36.2 per cent interest in Clashfern prior to the purchase.

Stafford Investments' profit from its share of the sale of subsidiaries owned by Clashfern and sold prior to the acquiescing by Stafford, was €1.56 million.

The 2003 profit for the Stafford group compares with a profit of €7.7 million the previous year. Retained profits at end 2003 were €50 million.

Stafford Investments is involved in the importation and distribution of solid fuel and oil products, the provision of port related services, hotel operation, and property management and development.

Associated undertakings operate in the oil, chemical, bulk storage and leisure sectors, according to the accounts.

Turnover in 2003 was €103.98 million, of which €30 million was contributed by acquisitions made during the year.

In the nine months prior to its acquisition, Clashfern had a turnover of €35 million and made a profit of €2.7 million.

In January 2004 the group acquired two oil businesses for €1.53 million, according to the accounts.

In August 2004 it acquired the Wicklow-based Clarke Group, which is also engaged in the distribution of solid fuel and oil products, for €9.85 million.

The group paid a dividend of €1.375 million in 2003.

Mr Victor James Stafford (61) held the bulk of the shares in the group, while chief executive Mr Mark Stafford (29) and director Mr Roddy Stafford (28) also had shareholdings.

Directors' emoluments were €1.65 million. There were six directors.

The acquisition of the Clarke group made Stafford Investments the number two player in the Republic's solid fuel market behind State-owned Bórd na Móna.

The company has a stated objective of getting to the number one position in the sale and distribution of oil products to the country's domestic, commercial and agricultural sectors.