Dublin property company Dwyer Nolan Developments almost doubled its pretax profits to €32.8 million in the year to May 31st last, according to company accounts just filed.
Turnover at the company, which is owned by Eddie and Ann O'Dwyer, increased from €41.9 million to €104.8 million. The company had retained profits of €110 million on May 31st, 2007, up from €82.3 million at the end of the previous year.
Directors' remuneration rose to €555,000 from €367,000. The firm employed four people in administration, up from three the previous year. Its wages and salaries bill rose from €458,000 to €643,000. The value of the firm's sites and work in progress fell from €109 million to €74.3 million during the year to the end of May.
Dwyer Nolan Developments repaid bank loans of €30 million and spent €50.5 million on investments during the year. The company made a provision under "accruals" for the payment of €25 million to buy shares in its Hungarian subsidiary, Eurotrust Consulting, which is due to be paid by April 1st next year.
Some €19.3 million of the company's turnover represents sites sold to Dwyer Nolan Homes, which is controlled by Mr O'Dwyer's sons Edwin, William and Keith. Dwyer Nolan Homes provided services to Dwyer Nolan Developments to the value of €21.6 million during the year.
The turnover also includes apartments worth €2.4 million sold to Eddie O'Dwyer during the year.
Mr O'Dwyer was unavailable for comment yesterday.
Dwyer Nolan Homes built St John's Wood at Johnstown, Naas, Co Kildare, and Dun Emer in Lusk, Co Dublin. It is building a housing and apartment scheme, Hampton Wood, near Santry in Dublin, and a retail and residential development with a nursing home and medical centre in Newtownmountkennedy, Co Wicklow.
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