O’Brien Plant Hire profits double

WILLIAM O’Brien Plant Hire doubled its profits to €1.56 million last year.

The company, based in Cork, was acquired by William O’Brien Jnr last October when he bought out the firm’s remaining family shareholders to gain 100% of the business.

Pre-tax profits increased to €1.56m in the year to end May 2007 from €706,000 in the previous financial year, accounts just filed at the Companies Registration Office reveal.

The company employs 75 people and has operations in Cork, Limerick and Waterford.

Staff costs increased to €4.9m from €4.2m in 2006.

The accounts show that the company operates defined contribution pension schemes for the majority of its employees.

It also has plant and machinery assets to the value to €21m in the year to May 2007.

The company paid €160,860 in corporation tax in the year, up from €16,474 in the previous year.

According to the accounts, William O’Brien Plant Hire directors in the year were William O’Brien Snr, William O’Brien Jnr and Michael O’Sullivan.

Remuneration for the company’s directors rose to €367,512 from €285,511 in the previous year.

The accounts showed William O’Brien Snr holding 108,815 ordinary shares and William O’Brien Jnr owned 146,884 ordinary shares in the company.

It also noted that the directors intend to maintain current business policies.

The company recently purchased land in Little Island, Cork, where it hopes to build a group head office and maintenance facilities for its fleet of 68 vehicles.

Previously a minority shareholder, William O’Brien Junior has been managing director of the business since 1999.

The company provided the cranes used to install flood lighting at Croke Park, using the largest mobile self-erecting tower crane in Europe and the only one of its kind operating in Ireland.

William O’Brien Jnr was unavailable for comment on the results yesterday.