Profits rise at McMahons Builder Providers as revenues top €122.87m

Limerick company recorded pre-tax profits of €13.5m, an increase of 3%

The principal activities of the McMahon group are general builder providers, property investment and development.

Pre-tax profits at the builder providers group operated by Limerick timber tycoons, the McMahon family, last year increased by 3% to €13.5m.

New consolidated accounts filed by Derevoya Holdings Ltd show McMahon Builder Providers business's profits increased as revenues rose by 8%, from €114.14m to €122.87m.

Profits were boosted last year by a €4.48m non-cash fair value movement on investments and other operating income of €2.3m.

The consistently strong profits of recent years allowed the group to pay a dividend of €693,000 in 2024.

The report says it it is the intention of the directors to declare and pay a dividend of €829,000 on the ordinary shares for 2024.

The group recorded an operating profit of €12.28m and a €942,000 gain on the disposal of investments, a foreign exchange gain of €197,000 and net interest receivable of €86,000 boosted profits.

The principal activities of the McMahon group are general builder providers, property investment and development, the manufacture of steel reinforcement products, and the provision of financing.

The accounts show Mark McMahon and his wife, Mai McMahon, together hold 78.23% of the share capital of the company.

The business was established in 1830 and was involved in cooperage, manufacturing, and sawmilling and today, McMahons has grown to become one of the country’s largest independent builder’s providers with a network of 11 stores countrywide as well as a Truss manufacturing plant and three hardwood and sheet material branches.

The directors say “the primary risk faced by the company and the group is the growing inflation rates and increases in prices of raw materials”.

At the end of December last, the group had shareholder funds of €122.57m, which included accumulated profits of €116.5m.