Wednesday 13 December 2017

Profits soar by 77pc to €6m at Galway building firm

Coffey Construction's cash pile during the year increased from €1.22m to €2.66m.
Coffey Construction's cash pile during the year increased from €1.22m to €2.66m.

Gordon Deegan

Pre-tax profits soared to €6m last year at the main firm of Galway-based construction business Coffey Construction.

The 77pc increase in pre-tax profits at Coffey Construction (I) Ltd came as revenues rose by 5.5pc to €35.9m last year

The directors said that they are satisfied with the results for the year which has seen the group continue to be profitable.

Numbers directly employed by the firm fell from 224 to 155 with staff costs declining by 21.5pc to €7.97m. The operating profit takes account of non-cash depreciation costs of €680,775. The firm's accumulated profits jumped to €5.14m.

The firm's cash pile during the year increased from €1.22m to €2.66m. Directors' remuneration fell from €409,110 to €377,993.

Interest payments paid out by the firm totalled €377,900.

Irish Independent

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