| 15.4°C Dublin

Bennett Construction hoists profits to €8.3m


Stock Image: Bloomberg

Stock Image: Bloomberg

Stock Image: Bloomberg

Pre-tax profits at Bennett Construction last year increased by 7pc to €8.3m as revenues rose sharply.

Accounts filed by Bennett (Construction) Ltd show that the Co Westmeath-based business recorded the jump in profits after revenues increased by 38pc from €205.6m to €283.57m in the 12 months to the end of March last. The directors state that they believe further increases in revenues will occur in future years.

The Bennett Group was established in 1917 in Mullingar and today has a broad portfolio of successfully completed projects across a range of sectors including residential, hospitality, commercial, industrial, healthcare and pharmaceutical.

Numbers directly employed by the business last year increased from 115 to 147, made up of 122 in direct labour and 25 in administration.

Staff costs went up from €9.2m to €11.57m. Directors' pay totalled €1.99m, including pension contributions of €1.1m and remuneration of €892,456.

The business recorded post-tax profits of €7.13m after paying corporation tax of €1.16m.

The accounts show that 81pc or €229.55m of the business's revenues were generated here, with the remaining 19pc or €54m in the 'rest of Europe'.

At the end of March last, the business was sitting on accumulated profits of €33.3m. During the year, the firm's cash pile declined from €41m to €24.6m. The profit last year takes account of non-cash depreciation costs of €306,772.

Irish Independent