Builder group back in black

The group operated by Limerick timber tycoons the McMahon family returned to operating profit in 2013 after an increase in revenues.

Documents recently filed with the Companies Office by Derevoya Holdings Ltd and subsidiaries, show the group recorded an operating profit of €1.15m after sustaining an operating loss of €1.88m in 2012.

The return to operating profit follows the group increasing revenues by 4% from €50.56m to €52.72m in the 12 months to the end of December 2013.

However, exceptional costs over €2m arising from the impairment of land and buildings and some final expenses incurred in respect of the closure of two branches in 2012 resulted in the firm recording a pre-tax loss of €1.74m following pre-tax losses of €9.6m in 2012.

The 2012 pre-tax loss arose from exceptional costs of €14.38m in 2012 that related to the closure of two branches, remediation provisions and impairment of development and trading sites.

The accounts show after a loss of €432,675 on minority interest and a €2.16m unrealised loss on revaluation of certain fixed assets, the group’s loss for 2013 was €4.4m. Numbers employed by the group last year reduced from 193 to 178.

The principal activities of the firm are general builder providers, property investment and development and manufacture of steel re-inforcement products.

According to the directors’ report “all the group’s activities are associated with the construction sector where there has been a stabilising of activity levels during 2013. Notwithstanding this, there has been a continued reduction in cost base in the year.

The report goes on: “The group continues to apply a strict control on operating costs and expects a further improvement in performance in 2014.”

The operating profit in 2013 takes account of non-cash depreciation costs of €1.2m.

The amount owed by the group in bank loans at the end of 2013 stood at €20.19m and a note attached to the accounts confirms the group has “entered into discussions with their bankers and have agreed new terms which allow for part of the debt to be repaid over two years commencing October 2013”.

The group’s accumulated profits stood at €20.12m. Shareholder funds stood at €29.5m. The group’s cash during the year reduced from €20.18m to €10.32m.


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