Pre-tax profits at the Irish branch of the football “super agency”, Gestifute last year dropped 24.5 per cent to €50.77 million.
New accounts filed by the Dublin-based Gestifute International Ltd show the drop in pretax profits came as revenues declined by 15 per cent to €62.06 million.
The firm last year paid a dividend of €31 million and this followed a dividend of €45 million paid out in 2023.
Gestifute was founded by super agent Jorge Mendes, the former agent of Cristiano Ronaldo. The agency counts the 18-year old Barcelona star Lamine Yamal among its clients. It helped the teenager secure a new six year contract with Barcelona in May of this year.
READ MORE
The downturn in revenues at the Dublin firm coincided with the transfer spend at Europe’s richest league, the Premier League in England declining by 17 per cent from a then record high of £2.36 billion in the summer transfer window of 2023 to £1.96 billion during the 2024 summer window.
However, Gestifute will have benefited from another record breaking transfer window in the Premier League this Summer when transfers reached £3.09 billion.
The firm last year recorded an after tax profit of €44.37 million after incurring a corporation tax charge of €6.39 million.
The principal activity of the Irish company is providing intermediary, consultancy and marketing services to professional sports people and sporting organisations.
The directors state that the main business risk is the ability of clients to switch to other intermediary consultancy providers.
The cash generated by the firm from operating activities before tax was paid last year totalled €43.06 million.
Gestifute International Ltd had accumulated profits of €76 million at the end of 2024 while its cash pile increased from €6.26 million to €12.13 million.
One of the directors of Gestifute in Andy Quinn and a note attached to the accounts show in 2024 €21,443 was charged by Andrew P Quinn and Associates where Andy Quinn is a director.
The company employed nine people made up of three directors, Mr Quinn, Luis Correia and Michael Mullins and six in administration and last year staff costs increased from €744,396 to €792,903
Pay to directors last year totalled €302,589.
