Tuesday 17 September 2019

Doonbeg resort builder Keating's profits soar to €4.8m in 'strong' results

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Stock image

Gordon Deegan

Pre-tax profits at the builder of The Lodge at Trump Doonbeg, L&M Keating, soared 18-fold to €4.84m in 2017.

New accounts show that the west Clare-based firm, enjoyed the sharp increase in pre-tax profits after revenues increased by 10pc from €61.42m to €67.6m.

Last year, the business - now rebranded to Keating - was purchased by Dublin-based CBD Capital.

The founder of the company, Louis Keating, remains a minority shareholder in the business.

"The strong financial performance in 2017 was a result of investment, a clear focus on lean processes and quality delivery across all projects," said CEO Gordon O'Regan.

"This has led to a concentrated effort to improve overall productivity, which is something that has been embraced across the company," he said.

Mr O'Regan said that he is confident for future growth. "We recently opened a Dublin office to support our international expansion and have been attracting more specialist projects.

"We are capitalising on our specialist expertise in marine engineering to compete for projects in markets such as the UK and further afield," he said.

The directors paid out a dividend of €1.78m in 2017.

The firm recorded a post-tax profit of €4.19m in 2017 after paying corporation tax of €650,617.

At the end of December 2017, the company had shareholder funds of €7.3m that included accumulated profits of €6.37m.

The company's cash pile during the year more than doubled from €6.3m to €12.9m.

A breakdown of the company's revenues show that €64.54m was generated in Ireland with €3m generated in UK.

Numbers employed by the business increased from 88 to 106 with staff costs increasing from €4.5m to €7.1m.

Pay to directors increased from €466,405 to €1.448m.

Irish Independent

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