Pre-tax loss at housebuilder Noonan rises to €6.9m

Pre-tax loss at housebuilder Noonan rises to €6.9m

By Gordon Deegan

Pre-tax losses at Dublin-based house builder Noonan Developments climbed to €6.9m last year, as revenues rose threefold to €12.9m.

The company’s bank loans were transferred to Nama in October 2010, and the directors state that “since then, the group has focused on achieving an agreed property strategy which has been approved by Nama”.

The directors said the group ‘expects to increase production in the coming year and are positioned to take advantage of any further market improvements’.
The directors said the group ‘expects to increase production in the coming year and are positioned to take advantage of any further market improvements’.

They said the group had successfully reduced its bank debt from €41.9m to €27.76m in September 2017.

The new accounts show that pre-tax losses at Noonan Group Holdings Ltd increased to €6.9m in the 12 months to the end of September.

However, the directors said the group “expects to increase production in the coming year and with a good product, strong geographic spread and with a well-established reputation built on quality, we are positioned to take advantage of any further market improvements”. The company said that it had completed 44 house sales with revenues of €12.89m and generated an operating loss of €6.15m.

At the height of the building boom in 2006, the Noonan Group posted revenues of €31m, and at the time its then seven directors shared pay of €4.29m.

However, the collapse in the industry meant revenues had slumped to €325,991 in 2013.

On the 2017 performance, the directors said in the accounts: “We achieved an increased level of house construction as there were continued signs of recovery in the Irish new homes sector.”

More in this Section

Economy grows 1.7% in third quarter of 2019; GDP up 5% in last 12 monthsEconomy grows 1.7% in third quarter of 2019; GDP up 5% in last 12 months

US and China ‘close to trade deal’US and China ‘close to trade deal’

Surging pound up 1.29% against the euro on election resultSurging pound up 1.29% against the euro on election result

Jim Power: Challenges are stacking up down on the farmJim Power: Challenges are stacking up down on the farm


Lifestyle

Jazz in Europe these days exists in a highly networked environment of cultural and political bodies, festivals, promoters, musicians and educators.Jazz Connective Festival: Intriguing, exciting and uncompromising

It will be bittersweet for Stormzy that his second album arrives the day the British Labour party was confirmed as suffering a historic general election trouncing.Album review: Stormzy remains a work in progress

Unique drawings by Quentin Blake, one of Britain’s best-loved illustrators, are available at a Christie’s online auction which runs until December 17.Your chance to buy drawings by Roald Dahl illustrator Quentin Blake

Ciara McDonnell talks to four high-profile people about their festive traditions and favourite tracksHere's what has these famous faces rockin’ around the Christmas tree

More From The Irish Examiner