Pretax profits at the builder providers group operated by Limerick timber tycoons, the McMahon family, increased by 3 per cent last year to €13.5 million.
Consolidated accounts filed by Derevoya Holdings Ltd show that McMahon Builder Providers profits increased as revenues rose by 8 per cent to €122.9 million.
Profits were boosted last year by a €4.48 million non-cash fair value movement on investments and other operating income of €2.3 million.
The consistently strong profits of recent years allowed the group to pay a dividend to its owners of €693,000 in 2024.
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The report also states that it is the intention of the directors to declare and pay a dividend of €829,000 on the ordinary shares for 2024.
The principal activities of the McMahon group are general builder providers, property investment and development, the manufacture of steel reinforcement products and the provision of financing.
The business was established in 1830 and was involved in cooperage, manufacturing, and sawmilling. Today, McMahons is one of the country’s largest independent builder’s providers with a network of 11 stores.
The directors state that “the primary risk faced by the company and the group is the growing inflation rates and increases in prices of raw materials”.
The directors state that the Group “had a strong balance sheet at year end” and the group “is well positioned to manage the risks relating to increased inflation and prices”.
At the end of December last the group had shareholder funds of €122.57 million which included accumulated profits of €116.5 million.
The group’s cash funds decreased from €14.69 million to €11.96 million.
Employee numbers last year increased from 259 to 272 while staff costs rose from €11.9 million to €13.45 million.
Directors’ remuneration, including pension payments, decreased sharply from €2.62 million to €1.57 million.
Its post-tax profits totalled €10.7 million after a €2.8 million corporation charge was taken into account.
Other operating income was last year made up of rent of €1.63 million and €677,000 in sundry itemse.
The group in 2024 paid €2.47 million to purchase tangible fixed assets.
