BearingPoint profits up fourfold

Pre-tax profits at a big winner of government contracts, BearingPoint, increased by almost fourfold to €846,002 in 2012.

Figures lodged with the Companies Office show that the Irish arm of BearingPoint — which has secured millions of euro in contracts from the Department of Social Protection — recorded revenues of €23.8m in the 12 months to the end of December 31, 2012.

This followed revenues of €20m at the Irish arm of the management consultancy firm in the prior 15-month period.

Numbers employed in 2012 rose from 126 to 136 with staff costs topping €11.86m.

The firm’s revenues have been boosted with its contract work with the Department of Social Protection, with figures showing that BearingPoint has received fees of €12.16m from the department concerning three contracts in 2012 and 2011.

The figures for 2012 show the firm’s operating profits increased by over €1m or 67% from €1.57m to €2.64m. However, net interest payments totalling €1.79m reduced the firm’s profits to €846,002.