Profits drop by a quarter at Central Bank builder Walls
Pre-tax profits at the construction firm that built the new €80m Central Bank HQ last year declined by 25pc to €2.82m.
New accounts filed by Walls Construction with the Companies Office show that the firm sustained the drop in profits in spite of revenues, increasing by 44.5pc from €101.49m to €146.5m in the 12 months to the end of December last.
The strong performance by the business last year resulted in it paying a dividend of €440,000 to its parent company.
Established in 1950, Walls is one of Ireland's oldest and largest construction firms. The directors state that the financial position of the company is strong and the directors expect that the company will continue its growth and build on its financial trading position.
The business was subject to an investor-backed management buyout in 2015 that was led by management and a number of private investors that includes a number of shareholders in PJ Walls Holdings.
Walls Manager Director, Eugene O'Shea said yesterday: "Since the management buyout, turnover for Walls Construction has steadily grown to €146.5m and the company now has the capacity and projects to ensure that this steady growth continues in 2017 and beyond.
"Following on from the recent completion of the Central Bank of Ireland and LinkedIn's EMEA HQ, Ballymore's Dublin Landings project on Dublin's North Wall Quay along with a major residential development for Park Developments in Churchtown, Dublin, are two of our key projects for Walls Construction in 2017."
Numbers employed by the firm increased from 156 to 163 and staff costs increased from €11.24m to €12.5m.