Revenue at Park Developments doubles

Revenue at Michael Cotter’s Park Developments last year more than doubled to €254.39 million. The property development company’s latest accounts show that despite the large rise in revenues at Park Developments (Dublin) Ltd, the group’s pretax profits increased only marginally from €17.2 million to €17.78 million in the 12 months to the end of June last.

The group’s revenues increased by €130.8 million or 106 per cent from €123.57 million to €254.39 million.

The company’s residential contract work was its best performing sector in 2022, increasing from €87.68 million to €182.35 million, while industrial contract work doubled from €35.88 million to €72 million, with other income totalling €6 million.

The company also received other operating income of €7.58 million that was mainly made up of a management charge of €6.6 million.

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In a note with the accounts the directors said that residential work accounted for 72 per cent of the firm’s activities, while industrial projects accounted for 28 per cent.

Numbers employed by the business last year increased from 68 to 75 as staff costs rose from €7.05 million to €8.71 million. The breakdown of those employed shows that 43 are employed in production; 20 in administration and 12 in management.

Pay to eight directors increased to €1.89 million, made up of €1.82 million in emoluments and €65,250 in pension contributions.

The accounts noted that the company is a member of the Gansu Group and the group holds a facility with Allied Irish Bank plc and Bank of Ireland.

The note also said that “all loans were fully performing throughout the year. The directors believe that the group can continue to manage its business and pay its liabilities as they fall due, including the servicing of interest on all of the group’s external bank facilities”.

The company recorded a post-tax profit of €16.33 million after paying corporation tax of €1.45 million.

At the end of June 2022 the firm had shareholder funds of €138.4 million that included accumulated profits of €130.4 million. The group’s cash funds increased from €2.6 million to €16.54 million