Roughan group reaps €300k profit despite 15pc revenue fall
One of the country's largest engineering firms, the Roughan & O'Donovan Group, has returned to profit in spite of a drop-off in revenues.
The firm recorded a pre-tax profit last year of €293,539 after pre-tax losses of €157,846 in 2011, according to accounts filed with the Companies Office.
Revenues declined by 15pc from €14.1m to €12m in the 12 months to the end of October.
The figures show that the numbers employed by the firm last year rose by four to 125, with the group's staff costs reducing from €8.4m to €8m.
According to the directors' report: "Despite challenging economic conditions, the group has successfully secured sufficient work that, with careful cost control measures in place, the directors remain satisfied that the company is strong and well positioned to meet the challenges ahead."
Established in 1974, the group specialises in transportation, bridges, building structures, environmental and energy for projects. At the end of October last it had shareholder funds of €4.965m.
Projects the group has been involved in include the Limerick Southern Ring Road, the N7 Naas Road and the Navan Rail Line.
The figures show that the firm became less reliant on the Irish market last year, accounting for 94pc of business compared with 97pc in 2011.
Last year, the group's domestic revenues totalled €11.38m, with €603,961 generated in Europe and €52,820 in "rest of world".
According to the directors' report, the principal risks and uncertainties facing the company include cutbacks in Irish government spending on infrastructural projects, which "could materially reduce the quality and quantity of work offered for tender in what is the group's geographic market".
The report adds: "Uncertainty about forecast economic growth and infrastructure spending in international jurisdictions where the group is seeking to expand its operations is a concern."