Ardmac’s profits soar to more than €6m after 'robust' performance

Ardmac co-owner and chief executive Ronan Quinn. Photo: Peter Rowen

Gordon Deegan

Pre-tax profits at data centre builder Ardmac, headquartered in Dublin, increased 75pc to €6.175m in 2019 after a number of the firm’s sectors continued to deliver “robustly”.

Accounts for business – which counts Covid-19 vaccine maker Pfizer as one of its industry clients – show Ardmac Group Ltd recorded the sharp jump in pre-tax profits as revenues increased 1.6pc to €159.32m in 2019.

Its main activity is the design of high value working environments for the life-science, tech, commercial and micro-electronics sectors and Ardmac declared a €3m dividend for its owners after the 2019 performance.

The business is co-owned by directors Ronan Quinn, Roy Millar, Cormac Smyth, Alan Coakley, Colm Casey, Donal Gargan and Ian Madden.

In 2019, the seven directors shared €4m in pay, averaging €585,546 each.

The directors state the business “enjoyed another strong year and this reflects robust activity in the sectors in which the company operates”.

They add that the firm’s life science, micro-electronics and pharmaceutical business in Ireland “continued to deliver robustly”.

Over the past three years, the company has built 400,000m2 of data centre space, delivering 600MW in capacity.

The group employs 320 and staff costs, including directors’ pay, fell 12pc from €30.38m to €26.74m.

It also operates in the UK and the directors state the business “experienced some slow down in activity during the year with a number of anticipated project timelines moving out”.

The directors state it “successfully delivered a number of projects during the year and is well positioned to grow its profit levels in the coming years following a re-organisation of the senior management structure”.

They stated the “business also has a strong order book for 2020 which will see the business return to strong growth over the coming year”.

On the impact of Covid-19, the directors said the group has a strong order book but the medium-term consequential demand across the construction sector due to the pandemic is uncertain.

A breakdown of the group’s revenues in 2019 shows that €69.5m was generated here with €89.73m recorded in “rest of Europe”.

The group recorded post tax profits of €5.34m after paying corporation tax of €827,314. Its accumulated profits increased to €30.2m in 2019 as its cash funds decreased to €27.8m.