The State’s sixth largest contractor improved its pre-tax profit to €9.6 million last year helped by “very strong” fundamentals in its business.
The John Paul Group saw profits rise almost 25 per cent during a year it completed high-profile projects including the redevelopment of Adare Manor and the Miesian Plaza in Dublin.
Turnover dipped almost 14 per cent to €301 million in 2018, however this was attributed to timing on new projects.
"The underlying fundamentals of the business remain very strong and we envisage significant growth in 2019 fuelled by the strength of activity in the greater Dublin area and increased activity in the regions including the West, with our new office base in Galway," the company's managing director, Eamon Booth said.
The John Paul Group is primarily involved in construction projects in Ireland and Britain, while it also has operations in Saudi Arabia and Bahrain through an associated company – Absal John Paul Contracting. It also holds investment property from which it earned €1.04 million in rent during the year.
Accounts to be filed for the year ended December 31st, 2018 show the group paid a €6.5 million dividend to a related party – Passfield Unlimited Company. Passfield shareholders include Conor O'Donnell, the company's finance director; Donal Winters, the company's operations director; and Mr Booth.
John Paul employed 337 employees during the period, up 11 on the previous year, and paid out €28.5 million in remuneration. Those employees worked on hotel projects in Dublin including the redevelopment of the Trinity City Hotel and the Morgan Hotel, as well as commercial projects on the Pearse Lyons Distillery and the Seamark Building.
The company, which is 70 years in business, closed the year out with €31.5 million in the bank and on hand, up more than €6 million on the previous year.
Looking ahead, the directors noted the company has a “strong order book in place”, adding that they’re “confident that the people and systems we have in place will continue to allow us to serve the needs of our clients and to deliver projects of the highest quality”.