Wages and salaries jumped to £35.6m for the year ending 31 March 2013, up from £17.6m during the year-ago period. The company had 91 staff including directors, up only a little from 84 the previous year.
Total employee costs, including social security and pension payments, came in just short of £41m, rising from £20.5m a year earlier. Hands previously said that he has used his own money to top up bonus payments in a bid to keep top talent.
Terra Firma Capital Partners’ latest accounts, filed at Companies House, also revealed that Hands – who owns the company – paid himself a £3m dividend for the financial year, slightly lower than the £3.5m paid a year earlier. In the financial year ending in March 2010 Hands took a £12m dividend, yet a spokesperson said lower figures were unrelated to Terra Firma’s performance.
Revenues surged in the latest accounting period, up from £29.3m to £52.7m.
Yet total administrative expenses – mostly staff costs – were £47.7m, meaning that profits edged up to £5m, from £2.5m.
Terra Firma has pulled in more cash in the current financial year, earning £234m from an
initial public offering of Infinis.