Interestingly, it said, 45% of the leaders of these companies will be over 60-years-old in the next five years. Some 27% of them will be over 65-years-old in the same period.
Collectively, the survey said, only 544 directors lead these companies. They vary in age from the youngest at 24-years-old to the oldest, who is 87-years-old.
Plimsoll reckons that 46% of the companies are in “clear financial difficulties” and 19% of companies failed to make any profit at all last year.
David Pattison, senior analyst, said: “It’s debatable how many can afford to retire.” He added: “If they are thinking of selling up then the business needs to command a good price.”
For these reasons, the analysis points to strong evidence that directors are hanging on well into retirement. The myth that enthusiasm and motivation fails with age is completely unfounded according to Plimsoll as 39 companies ran by directors over 60-years-old increased both sales and profits in the last year.
Other interesting findings were that the average director’s salary last year was £60,765. This compares to the UK average of £67,500. The average director’s fees increased by 61% in 2005. Top earners, Plimsoll reckons, can see this salary rise to over £142,000 per annum.
Copies of the complete analysis are available for £350 by calling 01642 626400, or by email at m.aston@plimsoll.co.uk.
