Architectural firm reports pre-tax loss of €908k

Losses at the architectural firm that co-designed the Aviva Stadium continued to mount last year as revenues plunged even further.

According to accounts just filed by Scott Tallon Walker Ltd to the Companies Office, the firm recorded pre-tax losses of €908,276 following pre-tax losses of €881,628 in 2011.

The two years of successive losses coincided with revenues declining sharply.

Last year, revenues fell by 31% from €6.4m to €4.4m and this followed revenues declining by 37% from €10.1m to €6.4m in 2011.

The numbers employed at the multi-award-winning firm — that has devised a masterplan for transforming Cork’s Spike Island into a tourist attraction — last year declined from 80 to 68.

Staff costs declined by 36% from €5.1m to €3.2m that included remuneration for the firm’s 11 directors declining by 11% from €1.47m to €1.31m.

The directors’ report states: “As expected, 2012 was a challenging year for Scott Tallon Walker with turnover impacted.

“The Irish construction industry continued to face many difficulties. The fragile economic environment restrained private sector investment. This investment was not replaced by an increase in public sector investment therefore demand continued to fall which resulted in a reduced turnover.

The loss last year reduced the firm’s reserves even further — shareholder funds reduced from €7.1m to €6.1m with the firm’s cash reducing from €4.5m to €3.1m.

The loss takes account of non-cash depreciation costs totalling €145,631.

The figures show that the firm’s net operating expenses totalled €5.3m made up of administration costs of €4.5m and establishment costs of €795,941.

The firm also paid €478,740 in rent to a company co-owned by directors, Ron Tallon and Niall Scott.