Construction and engineering group CLG consolidated its businesses in a new group company, Paperside Ltd, last year and, while the latest figures show that it lost €2.7 million in the 12 months to June 30th, it seems to be successfully negotiating its way through a recession that has hammered its sector.
Its operating loss was €1.8 million, but this figure was stated after €3.2 million in charges, the largest of which was €2.5 million in impairments of fixed assets and investments. The result also included a €320,000 gain on a sale of some assets.
Total revenues were €16 million and the group's operations generated over €4 million in cash. Net assets were €9 million at the end of June.
CLG customers
Owned by the Connors family, the group has done work for the likes of the Department of Education, Irish Rail, the ESB and various other utilities.
It is also a partner with engineering giant Balfour Beatty in a joint venture that won a contract from State-owned energy company Bord Gáis in late 2011.
That deal, worth a total of €500 million over nine years, meant that in early 2012 the venture took over responsibility for the installation and maintenance of the natural gas distribution network – that is, the pipes that supply the fuel directly to homes and businesses.
Law firm
Interestingly, Dublin law firm LK Shields represented the winning joint venture when it tendered for the contract.
Its former managing partner, Larry Shields, was a director of Bord Gáis group at the time, but stepped aside from playing any part in the process to avoid a conflict of interest.
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