Sunday 22 September 2019

Profits at Gannon Homes increase 41pc to €6.19m

Building up: Revenues at the firm owned by developer Gerry Gannon increased by 4pc last year
Building up: Revenues at the firm owned by developer Gerry Gannon increased by 4pc last year

Gordon Deegan

Pre-tax profits at Gerry Gannon's building firm, Gannon Homes, last year increased by 41pc to €6.19m.

This followed revenues at the firm increasing by 4pc, from €34.8m to €36.25m.

The company recorded an operating profit of €8.6m and interest payments of €2.49m contributed to the pre-tax profit of €6.19m.

According to the directors the increase in turnover for the year reflects the increased activity in house construction and sales, which is a feature of overall market performance. 

During the Celtic Tiger years, Mr Gannon was one of the country's best-known developers and his firm has been making a steady comeback in the housing market in recent years.

The directors state that the company continues to develop stock for sale ,reflecting a confidence in the underlying demand for new homes.

As a result of the legacy from the country's recent economic decline, the company's accumulated losses stood at €115m last year - down from €121.3m a year prior.

Gannon Homes' cash pile last year reduced from €12.4m to €8.4m.

The company last year recorded revenues of €18m from the sales of investment properties.

Numbers employed by the company last year reduced from 26 to 21, with staff costs  decreasing from €1.2m to €1.03m.

Mr Gannon and Aidan Kenny are listed as directors and pay to directors last year increased from €55,067 to €56,290.

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