Canadian expansion sees surge in profits at Ward & Burke
New figures lodged with the Companies Office show Ward & Burke Group Ltd recorded the increase in profits after revenues rose 57%, from €46.6m to €73.3m in the 12 months to the end of December 2013. The group’s pre-tax profits last year increased by 164%, from €1.8m to €4.75m.
A major contributory factor behind the sharp increase in profits was the performance of the group’s Canadian business where revenues increased by 128%, from €11.39m to €26m.
The Co Galway group only entered the Canadian market in 2011 where it has focused on micro-tunnelling for utility companies in the Toronto area. Last year, the group’s Canadian activities accounted for 37% of the overall business.
The rise in the group’s fortunes coincided with the group’s Irish business also increasing last year by 35% from €20.93m to €27.6m.
The group’s UK operation also enjoyed a successful year where revenues increased by 37%, from €14.34m to €19.64m.
The rise in revenues saw staff numbers rising from 170 to 200.
The three directors, Padraig Burke, Michael Ward, and Robert Ward last year shared aggregate pay of €2.31m, made up of €2.16m in remuneration and pension contributions of €150,806. The average pay for each of the three last year, excluding pension contributions, totalled some €721,982. This followed the three sharing €2.35m in aggregate remuneration in 2012.
The pre-tax profit takes account of non-cash depreciation costs of €1.63m and non-cash goodwill amortisation of €279,699.
The profits contributed to accumulated profits at the firm increasing from €9.5m to €13.46m with share-holder funds standing at €13.76m.
The group’s cash totalled €2m.
The accounts show that the group’s operating profit last year increased by 120% from €2.28m to €5m.
The pre-tax profit last year includes a €331,114 profit on the sale of a fixed asset.
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