Pretax profits up 48% at Michael Cotter’s Park Developments

Company became less reliant on residential business

Pretax profits at Michael Cotter’s Park Developments last year increased by 48 per cent to €17.2 million.

New accounts show that Park Developments (Dublin) Ltd recorded the increase in profits as revenues rose by 37 per cent from €90 million to €123.57 million in the 12 months to the end of June last.

The company had pretax profits of €11.38 million in the prior year.

The accounts show that the firm recorded revenues of €87.6 million from residential contract work and€35.8 million in revenues from industrial contracting work.

The company became less reliant on its residential business last year, with this accounting for 71 per cent of revenues compared to 88 per cent in the prior year.

The business received other operating income of €5.13 million that was mainly comprised of a management charge of €5.1 million.

Numbers employed by the business last year increased from 60 to 68 as staff costs rose from €6.6 million to €7.05 million.

Pay to eight directors increased to €1.5 million, comprising €1.46 million in emoluments and €43,573 in pension contributions.

Bankers

A note attached to the accounts states that the company is a member of the Gansu Group and the group holds facilities with AIB and Bank of Ireland.

The note states that “all loans were fully performing throughout the year”.

“The directors believe that the group can continue to manage its business and pay its liabilities as they fall due, including the servicing of interest on all of the group’s external bank facilities”.

In a post-balance sheet event on December 23rd last, the group refinanced and extended facilities with Bank of Ireland and AIB to 2025.

The company paid a dividend of €197 to its immediate parent. This followed a dividend payout of €161,272 in the prior year.

At the end of June 2021, the company had shareholder funds of €120.98 million that included accumulated profits of €112.98 million.

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