Scott Tallon Walker profits almost double

PROFITS at leading architects Scott Tallon Walker, a firm heavily involved in the development of the Cork docklands, almost doubled last year.

Accounts just filed show pre-tax profits last year increased to €6.4 million from €3.9m in 2006. Turnover at the company — which has offices in Dublin, Cork and Galway — increased 35% to €19.2m, while operating profit soared from €3.8m to €6.3m.

Scott Tallon Walker has been involved in major projects over the years including the redevelopment of Spencer Dock in Dublin and now the Atlantic Quarter in Cork.

It noted in the accounts that it does not believe the current downturn in the construction industry will affect its trading performance for 2008.

“Scott Tallon Walker has long experience of coping with the risks that a cyclical industry brings, while at the same time delivering strong performance,” it said.

The company said the Dublin office won a number of large contracts in various sectors last year such as third-level educational, commercial, medical and retail, while the Cork office continues to enjoy new commissions from an active local development market.

“Scott Tallon Walker enjoyed another strong year in 2008. Scott Tallon Walker’s current workload is substantial and cover all stages of development. This, together with a number of long-term contracts, will provide sustained turnover in 2008,” it said.

The company said its exposure to the residential market, which it notes has seen the main downturn in the industry, has been limited to a small number of projects that were completed last year.

“The only significant residential project that Scott Tallon Walker is currently engaged in is the Watchtower at the Point Depot. The residential component of this development represents about 25% of the overall development of the site and is unique in that, when completed, it will be the tallest building in the city,” it said.

Accounts show a healthy balance sheet with cash of €6.9m and equity shareholders’ funds of more than €7.4m.

At the end of 2007, some 134 people were employed, including 118 architects.