Swires cash in despite Cathay Pacific turmoil

The British family dynasty behind Asian conglomerate John Swire & Sons shared in a £66 million windfall last year, despite profits turbulence from its investment in Cathay Pacific.

The billionaire Swire family, who have controlled the group for 201 years, saw pre-tax profits crater by nearly 50% to £291 million after the value of its stake in Hong Kong listed Cathay slumped, new accounts show.

The airline’s shares have been under pressure after it fell to a rare loss in 2016, reducing the value of Swire’s stake while the strong Hong Kong dollar also weighed on the profits.

However, revenues at the UK-based holding company, chaired by billionaire businessman Barnaby Swire and led by chief executive Merlin Swire, rose to nearly £8 billion from £7 billion.

Swire’s vast portfolio ranges from tea and coffee suppliers to shipping giants in China.

The ordinary dividend was hiked 6% to £16 million, adding to a £5 million pay out on preference shares and £45 million signed off last year.

The Swire family is the controlling shareholder of John Swire & Sons although a significant minority of shares are owned by non-family members.