Crampton profits jump as turnover dips by 28%

Turnover at G&T Crampton fell 28 per cent to €160 million last year.

Despite the fall in turnover the accounts for the year to end December 2002 show the 106-year-old Dublin builder increased profits after tax and minority interests to €8 million from €5.6 million. Retained profits were €13.6 million.

The firm is 89.9 per cent owned by three members of Crampton family: the two joint managing directors Mr George David Crampton and Mr John Philip Crampton, and Mr George Cecil Crampton.

The remaining 10.1 per cent is held by around 20 other shareholders.

Dividends totalling €907,000 were paid during the year, compared to €765,000 the previous year. Neither managing director was available for comment yesterday.

The accounts show the company employed 259 people last year, down from 287 in 2001 and that staff costs fell to €17.8 million from €18.2 million.

Directors' remuneration for the year was €3.3 million of which €2.67 million was in respect of services other than as directors and €60,000 was pension contributions.

The company lists six directors including the two joint managing directors. The additional directors are chairman Mr Henry Hosford, Mr Colm McKenna, Mr John O'Brien and Mr Patrick Walsh.

The company disclosed an unprovisioned deficit in its pension scheme of €4.17 million under the terms of Financial Reporting Standard (FRS) 17.

An additional contribution of €1 million was made to the scheme. Crampton also made ex-gratia pension payments of €877,000 to retired employees.

According to a note in the accounts Crampton "will be reviewing, with the scheme's actuary, the ongoing level of annual contributions to the scheme to ensure that sufficient assets are available to fund the scheme's obligations to members".

The company said it made a contribution in respect of operatives who are members of the Construction Industry Federation Operatives' Pension Scheme and that these were charged to the profit and loss account.

The accounts show the company had work in progress worth €343 million at the end of 2002 compared to €360 million at the end of 2001.