Profits fall but revenues surge at civil engineers
Pre-tax profits at Co Mayo road building and civil engineering group Wills Bros more than halved to €1m in 2016 in spite of revenues surging.
Accounts lodged with the Companies Office show that Wills Bros Ltd recorded the 68pc drop in pre-tax profits in spite of revenues increasing by 25pc, from €70m to €87.7m.
Growth in the UK business was the main driver behind the jump in revenues in 2016 with UK revenues increasing by 65pc, from €31.66m to €52.25m.
During the same period, revenues in Ireland declined from €38.37m to €35.5m.
According to the firm's director's report, "the group have increased their presence in the UK market and the group is in a position to benefit from an improving market in Ireland and the UK".
The report said that the directors "are satisfied with the turnover and profitability for the year".
The main activity of the firm is road building and civil engineering. The firm paid dividends of €184,000 during the year and this followed a dividend payout in 2015.
On the firm's future developments, the group stated that it expects to operate at a similar level of activity in the forthcoming year.
At the end of 2016, the firm's accumulated profits stood at €13m. The firm's cash during the year decreased from €19.47m to €12.98m.
The profits take account of non-cash depreciation costs of €1.5m.
Employee numbers at the firm increased from 198 to 199 with staff costs increasing from €9.89m to €13.05m.
Pay to directors increased sharply going from €238,026 to €403,377.