Birrane, who is said to be worth around 175m, is best known as the owner of racing-car manufacturer Lola and motor-racing circuit Mondello Park. He has also competed in the Le Mans 24-hour race on multiple occasions. His main business, however, remains managing his British property portfolio.

The fall in profits, from �1.7m to �629,634, was due to a �1m increase in the remuneration paid to the firm's directors, which reached �2.4m. However, it reduced the dividend it paid to Birrane from �112,025 to �30,000.

The accounts also reveal that the value of the group's investment properties rose by over 9% during the year.

The properties were valued at �157.8m at the end of last July compared with �144.7m in July 2005.

The group did not make any acquisitions or disposals during the year.

The group's rental income also rose during the year to �9.8 m, all of which was obtained in Britain.

According to the accounts, the group's directors were satisfied with this performance during what they termed a year "of consistency", which saw them concentrate on managing overheads.