Aviva Stadium co-designers falls into the red due to expansion costs
Expansion costs at Scott Tallon Walker, the firm that co-designed the Aviva Stadium, resulted in the firm recording pre-tax losses of €518,440 last year.
The award-winning architectural firm recorded the pre-tax loss in spite of revenues rebounding and increasing by 15.5pc, from €4.18m to €4.83m in the 12 months to the end of December last.
New figures show that the Dublin-based firm plunged into the red after recording a pre-tax profit of €748,470 in 2013.
The firm recorded the loss after operating expenses increased by 58pc, from €3.4m to €5.3m.
The jump in expenses followed the firm recruiting key personnel after winning a number of prestigious contracts including the contract to design the new 45,000 seater Páirc Úí Chaoimh in Cork.
According to the directors' report, "2014 saw real recovery in the Irish market with a number of existing long-term contracts clear to proceed and new contracts secured". The directors add: "In response, we have recruited a number of key people to deliver this new work in 2015 with major contracts secured in the UK and France." They state that "though the trading outlook remains challenging, we are confident of continued upturn in the next 12 months".
The largest individual shareholder in the firm and widely regarded as one of the greatest architects in Irish history, Ronnie Tallon, died at the age of 87 last year.
Mr Tallon counted the Aviva Stadium design, in collaboration with Populous, as one of his final projects. The stadium is home to the Irish rugby and football teams, and hosted Ireland's crunch Euro 2016 play-off tie, pictured above, against Bosnia and Herzegovina.
Eleven directors served on the board last year and the aggregate pay to directors fell from €1.06m to €926,830.
Numbers employed rose from 52 to 57 with salary costs up marginally to €2.88m.
Accumulated profits reduced to €4.11m.
The firm's cash pile last year declined from €1.98m to €1.26m.