The four executive directors of IAWS enjoyed a 25 per cent increase in their total remuneration in the year ending July 31st, sharing €1.52 million (£1.2 million) between them.

Salaries accounted for €686,000 of this sum, pensions made up a further €295,000 while the performance-related bonus paid out to directors rose by 36 per cent to €495,000 following a 23 per cent increase in pre-tax profits.

Meanwhile, the company's nine non-executive directors saw their pay jump from €62,000 to €161,000, a 160 per cent increase.