Aviva designer's profits down 81pc
Pre-tax profits at the co-designers of the Aviva Stadium, Scott Tallon Walker, last year dropped by 81pc from €7m to €1.2m.
According to accounts just filed by the Dublin-based architectural firm, the company's revenues decreased by 28.5pc from €21.7m to €15.5m to the end of December last.
"The performance of the company has been impacted by the significant decrease in construction activity in Ireland. The company has however performed well in comparison to the general trend in the industry," the directors' report states.
Numbers employed by the company last year dropped from 156 to 142 and the directors' report states that the directors "have reduced headcount in order to re-size the company to anticipated needs for the future".
The directors state that the decrease in profitability and activity was in line with their expectations given the downturn in the economy in 2009.
Along with HOK SVE (Populous), the multi-award winning Scott Tallon Walker designed the 50,000 capacity Aviva Stadium, which opened earlier this year.
The filings show that the company paid a dividend last year of €2.3m and this followed a dividend payout of €3.5m in 2008. The figures show that at the end of last year, the company had accumulated profits of €8.3m.
While revenues decreased by 28.5pc, the company's net operating expenses decreased by only 4.5pc from €14.9m to €14.2m -- staff costs accounted for 68pc of operating expenses.
In spite of the drop in revenues and profitability, the accounts show that directors' emoluments for management increased by 31pc from €2m to €2.6m.
On the outlook for 2010, the directors state that Scott Tallon Walker "is operating in an increasingly challenging and unpredictable market".