Pre-tax profits at one of the contractors engaged in the €1.73 billion National Children’s Hospital (NCH) project last year increased by 20 per cent to €189,471.
Professional services firm Arup is delivering mechanical and electrical engineering services for the controversial project and new accounts for Ove Arup & Partners Ltd show that last year, it recorded the increase in pre-tax profits after revenues increased by 9per cent from €64.33 million to €70.22 million.
In the 12 months to the end of March last, numbers employed by the company increased from 549 to 561 as staff costs increased from €41.48 million to €45.26 million.
The bulk of the increase in numbers employed came in the “technical” area with an increase of 13 from 487 to 500 with numbers employed in “administration” decreasing from 62 to 61.
Five of the board stepped down in April 2018 and this contributed to directors’ pay, including pension contributions, decreasing by 67 per cent from €1.78 million to €584,750.
The pay to directors last year was made up of emoluments of €524,582 and pension contributions of €60,168.
The directors state that the business recorded revenues per employee of €124,000 in fiscal 2019 –an increase on the €111,000 revenue per employee in 2018.
The operating profit per staff member was €8,200 in 2019 compared to €5,300 in 2018.
The firm operates from four locations here in Dublin, Galway, Limerick and Cork and some of its other projects include the Gort to Tuam PPP Scheme and the redevelopment of Boland’s Quay in Dublin that will accommodate up of 2,500 workers when complete.
The directors state that administrative expenses increased in line with turnover. The directors state that the company “has a solid, diversified portfolio to navigate the market challenges and a breadth of quality employees”.
The profit last year takes account of non-cash depreciation costs of €622,998.
At the end of March last, shareholder funds at the company totalled €12.11 million as the company’s cash funds reduced to €1.27million.