Coffey Construction owners share €1.44m as profits jump
Members of the Coffey family who own civil engineering firm, Coffey Construction last year shared a €1.44m dividend.
New accounts show that the family members shared the dividend after pre-tax profits at Coffey Construction (I) Ltd increased by 28pc going from €2.8m to €3.6m in the 12 months to the end of December last. The group recorded the jump in profits in spite of revenues dipping by 15pc from €23.76m to €20m.
The directors state that they have the capacity and capability of delivering a number of projects under Irish Water's Capital Investment Plan 2017-21 worth €3.5bn. They also said that the Co Galway-based company continues to implement strict cost controls through the efficient management of all contracts.
They added the market conditions in the civil engineering sector remain challenging as capacity continues to exceed demand, particularly with publicly funded civil engineering projects.
Shareholder funds at the end of 2016 stood at €11.24m that included accumulated profits of €7.9m. The group's cash pile decreased from €7.4m to €7.3m. The profit last year takes account of non-cash depreciation costs of €545,905.
A breakdown of revenues, less joint venture income, show that it recorded €13.97m of revenues in Ireland with the remaining €1.52m in the UK.
Numbers employed dropped from 138 to 127 with staff costs declining marginally from €6.78m to €6.77m. The directors of the firm are listed as Simon Coffey, Mark Coffey, Olivia Coffey, Gareth Coffey and Odran Madden. Remuneration for directors last year increased by 42pc from €458,101 to €649,761.
Key management personnel received €833,681 - almost double the €436,520 in 2015.