The reduction of salaries put Hobbes back in the financial black, as the failures of the company

  • The reduction of salaries put Hobbes back in the financial black, as the failures of the company
    Independent.t. E.
    Financial services firm co-owned broadcaster Eddie Hobbs has returned to profit last year despite falling revenues.
    https://www.independent.ie/business/irish/pay-cuts-put-hobbs-financial-back-in-black-as-revenue-dips-37262059.html
    https://www.independent.ie/incoming/article37261842.ece/d13cf/AUTOCROP/h342/15%20NEWS%20hobbs.jpg

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Financial services firm co-owned broadcaster Eddie Hobbs has returned to profit last year despite falling revenues.

New accounts filed by Hobbs financial practice Ltd show that the company recorded a modest pre-tax profit was $ 6,575 after pre-tax loss of €64,053 in 2016 – a positive swing of €70,628.

The firm saw a return to profit despite revenues falling by 8pc from £ 901,246 Euro 828,209.

The main factor of firm returning to profit was Mr. Hobbs and his wife, Mary Fehily Hobbs, taking a significant pay cut last year. Accounts show that the pay, including pension contributions of €5,000 to two in the past year fell by 21pc from €589,741 Euro 463,971.

The report States that the leaders satisfied with the results for the year.

The report States that the main activities of the company act as an investment intermediary, insurance intermediary and the provision of financial advice.

In accordance with the filing, “the company is solvent and has very little debt, so the financial risk is minimal.”

Directors added that the company “faces strong competition in the market, and if the company fails to compete successfully market share may decline.” The number of people employed at the firm last year decreased from nine to eight, consists of two Directors and six employees.

Staff costs, including Directors ‘ pay last year decreased from €829,365 to €685,793.

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