Business

Tuesday 25 April 2017

Architects' profits rise on back of city office projects

Digital images of North Wall Quay - new Central Bank building
Digital images of North Wall Quay - new Central Bank building

Gordon Deegan

The boom times are back for one of Ireland's leading architectural firms and designers of the Central Bank's new €80m HQ on Dublin's North Wall Quay.

New accounts just filed by HJ Lyons (Architects) Ltd show that pre-tax profits last year increased eight fold going from €125,703 to €1.27m.

This followed revenues more than doubling from €4.4m to €9m in the 12 months to the end of May 31 last.

The firm is the designer of Johnny Ronan's new €200m Pegasus office block plan for Ballsbridge and the fees that the firm has received from the Central Bank for its HQ project totalled €1.8m to the end of December last.

The soaring business also resulted in the firm's nine directors giving themselves a massive pay hike last year.

The directors' remuneration, including pay and pensions, last year almost doubled going from €1.2m to €2.39m.

The pay last year was made up of €1.8m in pay and €588,400 in pension contributions - there were no pension contributions made in 2014 when payments of €1.2m were paid to directors.

The average remuneration, including pensions to the nine directors last year worked out on average at €265,888.

The large increase in volume of business enjoyed by the firm resulted in it increasing its workforce 65 to 95.

Irish Independent

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