Pretax profits at Galway engineering group almost treble

The rapid expansion of Galway civil engineering group, Ward & Burke's business in Canada in 2013 contributed to a dramatic increase in pretax profits.

Results filed at Companies Office show profits almost trebled at Ward & Burke Group Ltd to €4.75 million, from €1.8 million previously.

Group sales rose 57 per cent to €73.3 million, from €46.6 million in 2012.

A major factor was the performance of the group’s Canadian business, where revenues more than doubled, from €11.4 million to €26 million.

The group only entered the Canadian market in 2011 as markets in Britain and Ireland stagnated, and it has focused on micro-tunnelling for utility companies in the Toronto area. Last year, the Canadian business accounted for 37 per cent of the group’s overall business.

The rise in the group’s fortunes coincided with recovery in the Irish business, where revenues last year were 35 per cent higher at €27.6 million. UK operations also enjoyed a successful year, with sales jumping 37 per cent to €19.64 million.

The group now employs 200 people, up from 170 a year earlier.

The figures show Pádraig Burke, Michael Ward and Robert Ward – the directors who have overseen the expansion and recovery – shared aggregate remuneration of €2.31 million last year, comprising €2.16 million in pay, and pension contributions of €150,806. The figure was down marginally on the €2.35 million shared in 2012.

Each of the three has a one-third share in the group. They established the Kilcolgan-based business in 2001.