Revenues surge 17pc at building firm behind new Central Bank HQ
Pre-tax profits at the construction firm that built the new Central Bank HQ declined marginally last year to €4.1m as revenues surged.
New accounts just filed by Walls Construction Ltd show that the business recorded the slight drop in pre-tax profits to €4.1m from €4.16m, as revenues increased by 17pc, to €190.32m from €162.6m, in the 12 months to the end of December last.
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The accounts show that the shareholders of the company enjoyed their second big pay day last year since a management buy-out (MBO) in 2015, with parent firm Walls Construction Holdings Ltd receiving a dividend of €4.7m, which followed a dividend payout of €4.7m in 2017. The MBO was led by management and a number of private investors that included a range of shareholders in PJ Walls Holdings Ltd.
The directors stated that the business had a strong order book for 2019 and a good line of sight into 2020, and that they expect the company to continue its growth and build on its financial trading position.
The flat profits last year came after the cost of sales increased by 17pc, to €178.14m from €152.17m, while administrative expenses went up by 28pc, to €8.13m from €6.3m.
Along with the Central Bank building on North Wall Quay in the capital, other stand-out projects for the company included the 3Arena, LinkedIn's EMEA HQ and Ballymore's Dublin Landings project.
The number of staff employed at the firm last year rose to 206 from 169, increasing staff costs by 26pc, to €17.9m from €13.49m.
Directors' remuneration declined to €1.8m from €1.88m. The directors' pay included €200,000 in redundancy costs in 2018.
The profit takes account of non-cash depreciation costs of €253,407.