Profits more than double at Dublin developer Dwyer Nolan
Group on the rebound since exiting Nama with turnover jumping to almost €50m
Dublin City Council agreed to buy the homes in Hampton Wood in Finglas at an average cost of more than €380,000 each for use as social housing
Dwyer Nolan, a housebuilder behind a number of recently built residential developments in Dublin, saw profits more than double last year as turnover rose by more than a third.
The company, which was set up by Edward and Ann O’Dwyer more than 40 years ago, reported pretax profits of €21.7 million for the 12 months ending March 2018, up from €9.2 million a year earlier.
Recently filed accounts show revenues jumped from €11.8 million to €49.6 million on the back of a string of recently completed developments in Finglas and Lusk in Dublin. The company is also behind the Glenbrook estate in Newtownmountkennedy, Co Wicklow.
Dublin City Council late last year announced plans to spend €35 million to acquire 92 houses and apartments in a single estate in the Finglas and Ballymun area of north Dublin that were built by the group. The council agreed to buy the homes in Hampton Wood at an average cost of more than €380,000 each for use as social housing.
Other developments from the group include more than 200 houses along Ministers Road, in Lusk, which were last year denied planning permission because the plans did not take into account a cycling route set to run by the estate.
The accounts for Dwyer Nolan show the developer has bounced back since exiting Nama. The agency appointed a receiver to the group and a related company, Parkzone Developments, formerly Dwyer Nolan Homes, in late 2012.
“The results for the year and the financial position at the year end were considered satisfactory by the directors, who expect to see continued growth in future years as a result of the improved economic climate,” the Shankill-headquartered company said in a note attached to the accounts.
Shareholders’ funds totalled €129.5 million at the end of the reporting period, up from €111.3 million a year earlier. The company said net cash generated from operating activities rose from €4.7 million to €27.4 million.
A dividend of €666,700 was paid to the directors during the year.