Hike in directors' pay hits profits at O'Mahony Pike Architects
Architectural practice is involved in some of the country’s largest housing projects
O’Mahony Pike’s work includes drawing up a master plan for the Irish Glass Bottle Site in Dublin’s docklands, which hopes to house 8,000. Photograph: iStock
Pay to directors at one of the largest architectural practices in the country, O’Mahony Pike Architects, last year rose almost four fold to €2.47 million.
Accounts show that the hike in directors’ pay last year contributed to post tax profits decreasing by 40 per cent to €683,249.
The company’s post tax profits in 2017 totalled €1.13 million.
Nine directors served with the company during 2018 and they shared remuneration of €3.02 million, made up of €2.47 million in pay and €553,448 in pension contributions.
In 2017, directors’ remuneration of €1.39 million was made up of €663,304 in pay and €733,930 in pension contributions.
The company’s accumulated profits totalled €4 million, while the company’s cash reserves increased from €1.2 million to €3.15 million.
Some of the company’s work includes drawing up a master plan for the Irish Glass Bottle Site in Dublin’s docklands, which hopes to house 8,000 residents.
The company has also designed the 25-storey Jacob’s Island tower development adjacent to Mahon Point in Cork.
The company carries out a substantial amount of work for one of the country’s most high profile house builders, Cairn Homes.
Numbers employed at the company last year increased from 101 to 124, made up of 103 operational staff, 14 in management and seven office staff.
The profit last year takes account of non-cash depreciation costs of €303,566.
Separate accounts for planning consultancy firm John Spain Associates, show it recorded a post tax profit of €285,505 in the 12 months to the end of March this year, and paid a €250,000 dividend to shareholders.