Limerick timber firm McMahons’ Builder Providers returns to €1.4m profit

The group operated by Limerick timber tycoons, the McMahon family returned to pre-tax profit after an increase in revenues.

Documents filed by Derevoya Holdings Ltd and subsidiaries show the group that operates McMahons’ Builder Providers recorded a pre-tax profit of €1.4m last year after recording a pre-tax loss of €1.7m in 2013.

The firm is a general builder providers, but is also involved in property investment and development and manufacturing steel reinforcing products.

The return to pre-tax profit follows the group increasing revenues by 5.6% from €52.72m to €55.67m.

The directors’ report says “all the group’s activities are associated with the construction sector where there has been a stabilising of activity levels during 2013 and modest growth experienced returned in 2014”.

Net interest payments of €885,998 contributed to profits, while an exceptional cost of €2m incurred in 2013 was not repeated in 2014.

The accounts disclose the group is controlled by Mark McMahon and Mai McMahon who together hold 51% of the shares.

The amount owed in bank loans at the end of 2014 stood at €22m.

Its accumulated profits stood at €20.7m; shareholder funds were at €33.3m; and its cash fell from €10.32m to €5.14m.

Total salary costs last year fell from €5.6m to €5.49m.

Directors’ pay increased from €601,147 to €678,560. The directors are listed as David McMahon, Mark McMahon, Stephen Mulhall, Donagh O’Donoghue and Patrick G Boland.