Property boom lifts profits to €1.4m at one of Ireland's leading architectural firms
The property boom in the commercial sector in Dublin helped pre-tax profits at one of the country's leading architectural firms to increase by 31pc last year to €1.44m.
New accounts just filed by HJ Lyons (Architects) show that the firm recorded the pre-tax profit increase as revenues went up by 92pc to more than €17m in the 16 months to the end of September last.
The prior period was for 12 months when revenues of €9m were recorded.
The firm's projects include some of the largest being undertaken in the capital at the moment - they include the €150m redevelopment of the Clerys site, the new €80m Central Bank HQ and Johnny Ronan's new €200m Pegasus office block plan that secured planning permission last year.
Some of the firm's other projects include the award-winning Criminal Courts of Justice.
The directors state that the trading results for the year and the financial position at the period end were considered satisfactory by them.
The nine-member board shared pay of €1.7m over the period along with pension payments of €559,000.
The accounts show that Sam Lyons stepped down from the board in January of last year.
Mr Lyons was the only director to resign during the period and the accounts show that €250,000 was paid out for 'compensation for loss of office' under the heading of directors' remuneration.
Numbers employed by the firm last year increased from 95 to 128 - made up of 114 architects and 14 in administration.
Pay to staff, including directors, last year increased from €5.94m to €10.56m for the 16 months. Accumulated profits totalled €2.25m.