Bennett Construction awards 54% pay rise to directors

The directors of building group Bennett Construction granted themselves an aggregate 54% pay increase last year as revenues and profits at the business rocketed.

New figures show the five directors of Bennett (Construction) Ltd last year shared a pay-pot of €1.2m — up €424,735 from the €780,856 paid out in directors’ remuneration in fiscal 2013.

The directors are listed as Jim Bennett, Stephen Bennett, Paul Bruton, Carole Smilie, and Michael Pigott. Average pay for the five last year was €240,000 each.

The increased pay for the directors follows pre-tax profits increasing by 31.5%, going from €399,783 to €525,925 in the 12 months to March 31.

This followed revenues at the Co Westmeath firm increasing by 29% from €63m to €81.2m last year.

The Mullingar-based international construction firm last year completed work on the pedestrian bridge connecting the Google Docks building to the Google Gasworks building and Gordon House at Barrow St, Dublin.

The firm enjoyed the vast proportion of its growth in Europe, with revenues from that sector increasing by 65%, going from €17.75m to €29.44m with Irish revenues increasing by 14% from €45.27m to €51.78m.

Numbers employed by the firm last year increased from 72 to 83 with employment costs, including directors’ pay, going up from €5m to €5.89m.

The accounts show that 58 are employed in direct labour with 25 in administration.

Accumulated profits at the firm last year increased from €16m to €16.5m. The firm’s cash went up from €10.6m to €13.1m.

The profit last year takes account of non-cash depreciation costs of €192,330.