Losses at the architectural firm that co-designed the Aviva Stadium continued to mount last year as revenues plunged even further.
Accounts just filed by multi-award-winning building designers Scott Tallon Walker show that the firm recorded pre-tax losses of €908,276 last year, after losses of €881,628 in 2011.
These two consecutive years of losses coincided with a sharp decline in revenues at the firm. Last year, its sales fell to €4.4m, down 31pc from the €6.4m generated in 2011 and more than 50pc lower than turnover in 2010.
Scott Tallon Walker was founded in 1928 and has completed numerous prestigious projects for clients in the health, retail, cultural and aviation sectors.
Along with another firm, the company designed the 50,000-capacity Aviva Stadium, which opened in 2009.
Employee numbers at the firm – which among other things, devised the masterplan for the transformation of Cork's Spike Island into a tourist attraction – fell to 68 last year. Employee numbers at the start of 2011 totalled 101.
Staff costs declined by 36pc to €3.2m, while the firms 11 directors saw their pay packets slashed by 11pc to €1.31m. "Great efforts were made by Scott Tallon Walker to continue our cost-cutting programme in 2012, and our operating expenses have reduced to reflect the decline in turnover," said its directors' report.
The firm paid €478,740 in rent to a company co-owned by directors Ron Tallon and Niall Scott.
According to the report, "As expected, 2012 was a challenging year for Scott Tallon Walker with turnover impacted. The Irish construction industry continued to face many difficulties. The fragile economic environment restrained private sector investment."
The directors added that the decline in private sector activity was not replaced by an increase in public sector investment. The firm said it intended to diversify abroad in an attempt to replace lost revenues in the Irish markets.