Jones Engineering dividend rose ahead of sale

Jones Engineering paid out a dividend of €47.15 million last year as revenue soared. The 2021 dividend payout came ahead of the owners selling the business to US- based Cathexis Holdings this summer in a deal believed to be worth more than €1 billion.

New accounts show that Jones Engineering Holdings Ltd and subsidiaries last year recorded a €48.6 million pretax profit as revenues surged by 26 per cent to €915.88 million. Last year’s pretax profit of €48.6 million was 21 per cent down on the 2020. Still, the dividend increased from €35.5 million a year earlier.

Prior to the deal being finalised on September 30th, the group’s chairman, Eric Kinsella, had 63.7 per cent of the business and chief executive, Jim Curley had a 27.3 per cent share. As part of the deal the two men have left the firm and both resigned as directors on September 30th.

Jones Engineering is a global company that focuses on large-scale infrastructure projects in the pharmaceutical, healthcare, IT and data-centre industries, and generates about half of its revenue from overseas.

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On the 2021 performance, the directors state that they are satisfied with the performance of the group. On the business’s future developments, the directors state that they intend to continue with the development of existing business opportunities with an increasing focus on opportunities outside of Ireland.

Numbers employed by the group last year increased by 230 from 1,992 to 2,131 as staff costs increased from €138.13 million to €161.48 million. Directors’ emoluments reduced sharply from €4.95 million to €1.1 million.

The dividend payout last year reduced accumulated profits to €114.96 million. The group’s cash funds increased from €106.89 million to €172.17 million.

The directors state that the group faces inflationary pressures associated with macroeconomic conditions, and management is confident that inflation risks are being appropriately managed on projects.

The group last year recorded post-tax profits of €41.6 million after paying corporation tax of €6.97 million.

Prior to the sale, over its 132-year history Jones Engineering had been led by just three people, with Mr Kinsella heading up the group since 1993.