Pre-tax profits at Bennett Construction fall 77% to €122k

Pre-tax profits at Bennett Construction fall 77% to 122k

By Gordon Deegan

Wednesday, March 28, 2012

Pre-tax profits at building firm Bennett Construction last year declined by 77% to 122,202.

Accounts just filed by Bennett (Construction) Ltd to the Companies Office show the firms pre-tax profits dropped from 543,910 to 122,202 in the 12 months to the end of Mar 31 last year.

The Mullingar-based firms revenues declined by 43% from 70.5m to 40.1m, although revenues from its overseas operations increased substantially as the firm responded to the downturn in construction in Ireland.

Revenues from the companys Irish operations more than halved from 69.6m to 32.3m, while the firms revenues from Europe increased from just 840,286 in 2010 to 7.82m last year.

The results for 2011 compare to the firm recording revenues of 180m in 2007 with profits of 4.5m at that time, the firm employed 218.

At the end of the year, the companys balance sheet remained strong with the firm having accumulated profits and shareholder funds of 16.8m that included 9.3m in cash.

Bennett Construction operates across a broad range of sectors including residential, commercial, industrial, healthcare and pharmaceutical.

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Pre-tax profits at Bennett Construction fall 77% to €122k