Bowen Construction saw its pretax profit jump 20 per cent in fiscal 2006 as the group benefited from increased demand for property and higher prices, the latest accounts filed with the Companies Registration Office show.
The Cork-based company had pretax profit of €4.4 million in the 12 months to the end of March, compared with €3.7 million a year earlier. A €528,253 exceptional charge relates to a subsidiary group that went into administration in 2004. The year-earlier charge was €138,414.
Turnover meanwhile was up 14 per cent at €213.6 million.
In the accounts, the directors said they were "pleased" with the company's performance during the year and that the following year would be characterised by further expansion and the "continued improvement of the company's trading performance and profitability".
Bowen Construction was founded in 1968 in Cork and has since grown into a diversified building and engineering contractor with offices in Cork, Dublin and Waterford. It is part of the Bowen Group and has worked on projects ranging from the construction of gas pipelines between Clonmel and Waterford to the fit-out of Dublin airport's shopping mall and the renovation of several top country hotels.
According to the most recent filing, Bowen Construction employed an average of 269 people during the year, slightly ahead of the 260 on the payroll a year earlier. More than €22.2 million was paid out to staff, including €18.8 million on wages, €1.7 million social welfare and €1.7 million pension-related costs.
Meanwhile €3.3 million was paid in directors' emoluments, according to the filing. Ten directors are listed on the annual return for the same period.
Net debt at the end of March 2006 stood at €11.6 million.
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