Building up firm hits architects' pre-tax profits
Expansion costs at one of Ireland's biggest architectural firms, HJ Lyons, last year contributed to a 24pc decrease in the firm's pre-tax profits to €1m.
The drop in pre-tax profits comes in spite of revenues at HJ Lyons (Architects) Ltd increasing by 19pc from €15.3m to €18.22m in the 12 months to the end of September last.
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The firm counts the Central Bank's €140m HQ on Dublin's North Wall Quay and the planned €150m redevelopment of Clery's on Dublin's O'Connell Street amongst its projects.
It comes as the firm's employee count increased from 156 to 170, with the number of architects employed rising from 136 to 150.
Staff costs increased 25pc from €11.1m to €13.96m. This included a hike in remuneration for the nine directors - from €2.42m to €2.82m - made up of €1.8m in pay and €1m in pension contributions.
The directors state that the financial position at year end "was considered satisfactory". The firm recorded post-tax profit of €765,429 after paying corporation tax of €235,180.
The architectural firm is in business for over 90 years and some of its other projects including the award winning Criminal Courts of Justice, the five star Westin hotel in Dublin and a string of large-scale commercial office space projects across the capital for developer Johnny Ronan - including a planned 22-storey tower for Dublin's quays.
Of HJ Lyons's revenues, €17.45m was recorded in Ireland with €778,542 generated in Europe.
The firm's accumulated profits stood at €4.13m at the end of last September, with its cash pile also increasing from €2.5m to €2.6m.