Fleming sees profits rise by 15%

PROFITS at Cork construction and hotel firm JJ Fleming Holdings jumped by nearly 15% last year, according to accounts just filed at the Companies Registration Office.

Profits for the year to end October 2004 came in at €19.4 million from €16.9m the previous year.

Turnover for the 12 months surged by 45%, or €57m, to €181.9m.

No reason was given in the accounts for the sudden jump in turnover.

The company, which is based in Bandon in West Cork, is producing 500 residential units a year in Ireland, and is now set to tackle the Dublin market. The company which employs 391 people directly and 1,700 indirectly, has plans to build 750 apartments in South County Dublin over the next four years.

The company’s balance sheet showed shareholders’ funds increased to €51.3m at its year end, though the amount of cash held fell to just under €40,000 from €8.6m in 2003.

The wages and salary bill for the year more than doubled to €14.03m; during the year the company increased its workforce from 247 to 391.

Directors’ fees for the year rose from €106,056 to €280,138. The directors are listed as John, Noreen and Michelle Fleming.

The accounts value the company’s work in progress and building land at just under €130m, up from €66m the previous year.

Apart from house building, the company is involved inn the hotel industry. It owns the Inchydoney hotel in Cork.

Last October, the company agreed to buy the Fota Island golf course for an estimated €20m from Toyota distributor Tim Mahony.

Flemings is set to redevelop the 550 acres of land surrounding the golf course, which hosted the Irish Open in 2001 and 2002.

The company will build a second nine-hole course on the land along with a 120-bedrooom hotel and 280 golf lodges for the holiday home market. The redevelopment could cost €130m in total.

JJ Fleming Holdings, 30 years in business this year, has investments and developments in Limerick, Cork, Kerry and manufactures steel frame housing in a factory in Ringaskiddy.