Timber suppliers McMahons sees profits shoot up to €4m
Pre-tax profits at the group owned by Limerick timber tycoons, the McMahon family last year increased by 42pc to €4m.
Documents recently filed with the Companies Office by Derevoya Holdings and subsidiaries show that the group that operates McMahons' Builder Providers recorded the jump in pre-tax profits after revenues increased by 13.5pc to €75.5m.
The strong performance by the group allowed the business to pay a €700,000 dividend to its shareholders last year. The directors state that "an improved operating performance is forecast for 2017".
The directors state that the group has restructured its financing through Ulster Bank and a group restructure during the year included significant inter-company loan write-offs and debt forgiveness.
Numbers employed by the group last year increased from 209 to 220.
The group's operating profits last year increased by 42pc, going from €3.8m to €5.43m.
However, interest payments totalling €1.1m contributed to the group having €4m in pre-tax profits.
The amount owed in bank loans during the year by the group reduced from €31.4m to €27.38m.
The group's accumulated profits stood at €24.88m. Shareholder funds stood at €37m. The group's cash reduced from €5.19m to €4m.
Staff costs last year increased from €6.45m to €6.87m.
Directors' remuneration increased from €737,133 to €1.05m.