Archaeology firm’s losses drop 90%

A CORK-BASED archaeological firm saw its pre-tax losses reduce significantly in the year to the end of March 2010.

Headland Archaeology (Ireland) Limited in the year to the end of May 2010 saw turnover increased by about 18% from €2.8m to €3.3m and pre-tax losses reduce by almost 90% from €0.8m to €0.09m.

The board said it is pleased to report a “much improved performance” in the current year despite the continuing impact of the credit crunch.

“In the review of operations for the year... the directors reported that the group had taken a conscious decision to maintain the material size and infrastructure of the company, contributing to the substantial 2009 loss, in order to preserve the ability of the company to continue to trade at a significant level and to be prepared to benefit from any future pick-up in the general and particular infrastructure, elements of the economy,” the accounts read.

The company said it moved back into trading profit prior to meeting the parent company management charge.

“The board continues to be proactive in developing the company and currently looks to participate in a geographic expansion with the creation of an additional local branch office and also to participate in group initiatives for a potential expansion into continental Europe,” the accounts said.

They also said no major changes in the nature of the company’s trade are planned. The directors do not recommend the payment of a final dividend.

Gross profits in the year increased from €675,662 to €1,052,008. Employee numbers fell from 64 to 53 in the year with staff costs dropping from €2.2m to €1.6m. Directors remuneration increased from €137,574 to €158,796.

Headland has worked on the N25 Waterford bypass and the N9/N10 Carlow bypass.

The company’s parent firm is one of the largest commercial archaeology companies in Europe. With its origins in Scotland, the firm started off in a former lemonade factory tucked behind Easter Road Football Stadium in Edinburgh in 1996. It has grown significantly since then and has offices in Cork, Dublin, Galway, Belfast, Edinburgh, Glasgow and Aberdeen.