Cork-based O’Mahony-Pike Architects profits down 40%

Pay to directors at one of the largest architectural practices in the country soared to €2.47m last year.

Newly-filed accounts for O’Mahony Pike Architects — which has offices in Cork and Dublin — show that the pay hike contributed to post-tax profits decreasing by 40% to €683,249.

Nine directors served with the company last year and they shared remuneration of €3.02m made up of €2.47m in pay and €553,448 in pension contributions.

At the end of last year, the company’s accumulated profits totalled €4m while the size of the company’s cash pile increased from €1.2m to €3.15m.

The firm is one of a number of leading professional companies in the planning arena reaping the dividends from the building boom in the commercial property sector in the capital.

Some of the company’s work includes drawing up a master plan for the Irish Glass Bottle Site in Dublin’s docklands which envisages a home for 8,000 residents, together with significant, sustainable employment.

The company has also designed the 25-storey Jacob’s Island tower development adjacent to Mahon Point in Cork.

The company carries out a substantial amount of work for one of the country’s most high profile house builders, Cairn Homes.