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.