Bennett Construction posts 14% rise in profits

Pre-tax profits at Irish building company Bennett Construction increased by 14% to €9.47m last year, newly filed accounts show.

The accounts show the Mullingar-based firm generated revenues of almost €302m in the 12 months to the end of last March; 6.5% more than in the previous 12 months.

During the year in question, Bennett employed 147 people; a slight increase on the previous year. Of this total, 119 were employed in direct labour and 26 in administration.

Its staff costs increased by 14%, during the year, to €13.1m.

Directors’ pay totalled €1.34m, with that including pension contributions of €486,986 and remuneration of €861,361.

The business recorded post-tax profits of €8.12m after paying corporation tax of €1.35m.

The accounts show that 71%n — or €214.9.55m — of the business’s revenues were generated here with the remaining 29% or €87m in the rest of Europe.

At the end of March 2019, the business was sitting on accumulated profits of €41.4m.

During the year, the firm’s cash pile soared €24.6m to €87.4m.

The profit last year takes account of non-cash depreciation costs of €327,149.

In the latest accounts directors said that the company continues to achieve growth by its investment in modern business practices and management techniques to ensure that it remains at the cutting edge of the construction industry.

Management also said that it believes that further increases in revenues will occur in future years.

The group is active in construction covering a range of sectors including residential housing, hospitality, commercial, industrial, healthcare, and pharmaceutical.