Bennett Construction turnover rises 36% to €131m

Profit rises by a third to almost €2 million in year to end March 2016, accounts show

The Binary Hub student housing development, near Thomas Street in Dublin, one of the projects in which Bennett Construction has been involved.

The Binary Hub student housing development, near Thomas Street in Dublin, one of the projects in which Bennett Construction has been involved.

 

Mullingar-based Bennett Construction, whose projects include the Helix at DCU and the international headquarters of Penneys/Primark, saw revenue surpass the €100 million mark for the 12 months ending March 2016.

Recently filed accounts for the group, which also has operations in London and Munich, show it recorded a profit before tax of €1.99 million, up from €1.5 million a year earlier.

Turnover at the family-owned firm founded in 1917 jumped 36 per cent to €131.2 million, having risen 18.5 per cent to €96.3 million in the prior year.

It marks a remarkable recovery for the company, which saw revenue plunge to €40 million from €70 million in 2011, as the recession hit before it staged a comeback based on finding success overseas.

During the reporting period, turnover from the group’s Irish operations rose to €82 million from €66.3 million, while revenue from outside the Republic increased to €49 million, compared with €30 million a year earlier.

Staff numbers rose to 120 from 101 during the year with related costs, including wages and salaries, rising to €9.2 million from €6.7 million.

The directors – Jim Bennett, Stephen Bennett, Paul Bruton, Carole Smilie, Michael Pigott and Paul McGee – shared remuneration of €867, 518, down from €1.1 million in the previous reporting period.

Recent projects the construction firm has worked on include Airbnb’s European headquarters in Dublin and the Binary Hub student housing development, near Thomas Street.