Pay to directors at international construction business Ward & Burke surged last year by 78 per cent to €14.82 million on the back of another record performance by the Co Galway headquartered engineering group.
New consolidated accounts filed by the Kilcolgan-based Ward & Burke Group Ltd show that directors’ remuneration surged as pretax profits increased by 16.5 per cent from €38.53 million to €44.87 million last year.
This followed global revenues increasing by 21 per cent to €647.29 million.
The accounts show that remuneration to directors increased from €8.3 million in 2024 to €14.82 million last year.
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The pay to directors applies to all directors employed across the entire group of companies and subsidiaries operating in Ireland, the UK, Canada and the US.
The directors did not recommend a dividend last year.
The group last year recorded post tax profits of €36.78 million after incurring a corporation tax charge of €8.08 million.
Ireland remains its largest market where revenues last year increased by 26 per cent to €274.45 million while revenues in Europe increased by 18 per cent to €163.3 million while revenues in ‘Rest of World’ rose from €177.18 million to €209.52 million.
The growth in the group overseen by shareholders and directors for Ward & Burke Group Ltd, Pádraig Burke, Michael Ward and Robert Ward resulted in numbers employed increasing by 142 from 1,152 to 1,294.
Staff costs, including directors’ salaries, last year increased by €24.15 million to €150.54 million.
The profits for last year take account of non-cash depreciation costs of €21.7 million, non-cash amortisation costs of €824,158 and a €7.6 million loss on foreign currencies.
The record performance further strengthened the group’s balance sheet as accumulated profits hit €199.2 million.
The group’s cash flow statement show that the group generated €55.54 million in cash from operations last year.
