Bowen Construction profits rise 18%

BOWEN Construction, the Cork-based building and engineering firm, notched up an 18% rise in profits in the year to end March.

Accounts just filed at the Companies Registration Office show pre-tax profit grew from €3.7 million in the year to March 2005 to €4.4m this year. Profits would have been closer to €5m if not for a €528,253 exceptional item relating to the writing off of an investment in British firm Ring-Gard.

Turnover for the year at the Little Island company grew by nearly €26m to €213.5m, while a rebate on plant hire costs helped to push up the company’s gross profit margin higher than the overall increase in pre-tax profits.

“In the opinion of the directors, the state of the company’s affairs is satisfactory and there has been no material change since the balance sheet date,” Bowen said.

Staff costs, which include wages, social welfare and pension costs, increased from €20.05m to €22.1m over the previous year. The number of people employed rose by nine to 269.

Directors’ remuneration grew by 10%, but salaries paid to directors fell by €400,000 to €1.9m. The overall remuneration figure rose due to a near doubling in directors’ pension contributions to €1.39m.

The directors are listed as: John Bowen; Barry Crowley; Don Brockie; Michael Allen; Henry Looney; Kevin O’Connor; Fergus Collins; Michael Browne; Patrick O’Brien; and Niall O’Meara. Mr Bowen and Mr Crowley are the company’s largest shareholders.

Mr Bowen owns approximately 70% of the shares. A note to accounts says the company leases a property at Little Island from him at the cost of €350,000 a year.

According to the company’s balance sheet, it had net assets of €21.7m at the year end and little long-term debt.

Bowen is one of the largest construction firms in Ireland and built the recently opened Jurys Hotel in Cork city.