Printer Friendly

Airport boss given PS49k pay increase.

BIRMINGHAM Airport has increased directors' pay and paid dividends of close to PS10 million after a profit rise - on the back of costcutting.

Chief executive Paul Kehoe saw his pay packet increase by PS49,000 to PS408,000 at a time when the overall wage bill and staff numbers have been cut.

Accounts, which reveal the first rise in passenger numbers since the onset of the credit crunch, show after-tax profits at Birmingham Airport Holdings rose 51.1 per cent last year to PS8 million, despite revenue rising by less than one per cent.

The improvement in profitability came after administrative expenses fell by PS4.6 million following an efficiency drive that saw the wage bill cut by more than four per cent and 29 fewer workers employed.

PS9.9 million worth of dividends were given to shareholders in the 12 months to March 31, 2012.

A long-running pay dispute with workers was recently concluded with a 2.5 per cent wage rise, the first in four years.

The wage bill was cut from PS20.8 million in 2011 to PS19.9 million last year, as the number of employees dipped. Running costs were also cut.

However, Mr Kehoe, who took over as chief executive in 2008, saw his pay packet rise from PS359,000 to PS408,000 after a long-term incentive plan was added and a PS100,000 bonus paid.

An airport spokesman said the incentive package had been agreed before Mr Kehoe joined the company.
COPYRIGHT 2013 Coventry Newpapers
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Coventry Evening Telegraph (England)
Date:Jan 4, 2013
Words:247
Previous Article:Stores are urged to do more for the countryside.
Next Article:Home care firm creates 40 new jobs in county.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters