Engineering consultancy firm swings back into profit
Published 20/08/2014 | 02:30
The Irish arm of engineering consultancy firm Mott MacDonald bounced back last year to record pre-tax profits of €593,327.
Revenues increased by 27.5pc to €20.32m in the 12 months to the end of December last.
The pre-tax profit represented a positive swing of more than €1.1m from the pre-tax loss recorded in 2012. The numbers employed at the firm increased by 20pc to 123.
According to the directors' report "after a number of difficult trading years, the results for 2013 were much improved on previous years".
The directors state that initiatives that were put in place in 2011/2010 to reduce costs and position the company to trade more successfully in the future continued in 2012 and 2013.
The report adds that securing major transportation projects in Ireland in 2012, along with a significant energy project and flood alleviation work, have made a positive impact on trade.
The directors report that the forward order book for the next 12 months is relatively good with almost 88pc of the 2014 budget contracted.
The profit reduced the firm's accumulated losses to €4.23m. Cash increased more than four -fold to €1.8m.
Remuneration, including pension payments, for the firm's six directors last year increased from €845,022 to €946,808.