Two brothers in construction firm share €1.4m windfall

Two members of the Bennett family that operates Bennett Construction shared a dividend windfall last year of €1.4m as pre-tax profits at the firm doubled to €400,000.

Stephen Bennett, 33, and Jim Bennett, 36, shared the dividend as revenues at the firm increased by 19% from €53.38m to €63m in the 12 months to the end of March 31 last year.

The international construction firm based in Mullingar last month began work on the Google pedestrian bridge that will connect the Google Docks building to the Google Gasworks building and Gordon House at Barrow Street, Dublin.

The construction firm has other projects in Dublin, Berlin and London and other offices in London and Berlin.

The accounts filed by Bennett (Construction) Ltd to the Companies Office show that its pre-tax profits doubled last year from €200,016 to €399,783.

It enjoyed a 31% increase in its Irish business with revenues here increasing from €34.3m to €45.27m. The firm’s European business declined by 6% from €19m to €17.7m.

Numbers employed at the company increased from 68 to 82, with staff costs increasing by €1m, from €4.02m to €5.02m.

However, emoluments including pension contributions to directors Stephen Bennett, Jim Bennett, Paul Bruton, Paul McGee, Carole Smilie and Michael Piggott last year dropped marginally from €831,469 to €801,563.

Cost of sales last year increased from €49.9m to €59.8m with administrative expenses decreasing from €3.2m to €3m.

The firm’s operating profits increased by 9.5% from €157,085 to €172,336. However interest receivable income of €227,447 compared to €43,361 contributed to the sharp rise in pre-tax profits last year.