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”.
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.”