O’Flynn Construction reports surge in operating profits to €31.3 million

CORK-based O’Flynn Construction has reported a surge in operating profits for 2003. The company, which paid €41 million for the former army barracks in Ballincollig, made operating profits of €31.3 million in 2003, up nearly €10 million on the previous year.

Turnover for the year increased to €89.9m from €74.5m, according to accounts just filed at the Companies Registration Office.

O’Flynn did not give a breakdown of how its derives the turnover, but said its is involved in building, property development and property investment.

Pre-tax profits for the year came in at €27.8m, but this would have been higher had it not written down the value of an investment by €3.4 million.

At the end of 2003, the company had retained profits of nearly €55 million and its cash at bank increased by nearly €5 million to €24.2m.

The company employs 145 people and its wages bill in 2003 fell from €6.4 million to €6.1m.

Directors’ pay for the year fell from €1.29 million to €937,861. This figures excludes directors’ pension contributions which were up a touch pension at €595,319.

The accounts lists six directors: Michael O’Flynn, John O’Flynn, Michael Kelleher, Brian O’Neill, Patrick O’Flynn and Neil O’Brien. Michael and John O’Flynn, the company’s owners, were not paid a dividend last year.

During the year the company saw an increase in long-term debt from 17m to 71m. The company has committed to spending heavily on land in Cork, including a site for 24.1m in Dunkettle and a further €5 million for land in Rochestown.

O’Flynn Construction is planning a €400 million development on the 90-acre barracks, which it bought three years ago from the Department of Defence. The company plans a development of retail, commercial, offices, public administration, and business and technology at the site.