Wednesday 20 November 2019

Constuction giant's directors get 54pc pay rise as revenues rocket

CHQ Dublin
CHQ Dublin

Gordon Deegan

The directors of Bennett Construction granted themselves an aggregate 54pc pay increase last year as revenues and profits at the business rocketed.

New figures show that the five directors of Bennett (Construction) shared a pay-pot of €1.2m - up €424,735 from the €780,856 paid out in directors' remuneration in fiscal 2013.

The directors are listed as Jim Bennett, Stephen Bennett, Paul Bruton, Carole Smilie and Michael Pigott and the average pay for the five last year was €240,000 each.

Pre-tax profits rose by 31.5pc to €525,925 in the 12 months to the March 31st last. Revenues at the Mullingar, Co Westmeath, firm rose by 29pc to €81.2m. The international construction firm last year completed work on a bridge linking the Google Docks building to the Google Gasworks building in Dublin.

Bennett Construction, established in 1917, recently completed the refurbishment and upgrading of over 50 Bank of Ireland branches. It was also the main contractor for the design and fit-out for a new Primark store in Dresden, Germany, and did refurbishment work in recent years on Dublin's CHQ building. The firm enjoyed the vast proportion of its growth in Europe with revenues from that sector rising by 65pc to €29.44m with Irish revenues rising by 14pc to €51.78m.

Numbers employed increased from 72 to 83 with employment costs - including directors' pay - going up from €5m to €5.89m. The accounts show that 58 are employed in direct labour with 25 in administration.

Irish Independent

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