Roadbridge makes pre-tax profit of €24.58m

Roadbridge, the Limerick-based civil engineering group owned by Mr Patrick Mulcair (72), made a pre-tax profit of €24.58 million in 2003, according to accounts filed recently.

The group, along with Sisk, constructed the €140 million Monasterevin bypass, which was opened to traffic on Monday, well ahead of schedule.

Roadbridge is the largest Irish company involved solely in civil engineering work. It is currently involved in road, gas mains and golf course projects.

The 2003 profit represented a small decrease on 2002, when the group made a pre-tax profit of €26.4 million.

Turnover for 2003 was €136.4 million, down 27 per cent on sales of €189 million in the previous year.

All sales were in Ireland. Dividends for 2003 were €6.1 million compared to €6.4 million in 2002.

Roadbridge director Mr Conor Gilligan said he expected turnover for the group would be up about 20 per cent this year.

Group founder Mr Mulcair previously acted as a sole trader under the name Mulcair Civil Engineering.

That operation is being wound down while Roadbridge is being built up and the change is expected to be completed this year.

Founded in 1999, employment by Roadbridge is expected to grow to 800 this year, with employees being transferred from the Mulcair Civil Engineering business.

No assets were transferred into Roadbridge when it was founded, and retained profits at the end of 2003 were at €45 million.

During 2003, the aggregate number of Roadbridge employees, including executive directors, was 438, at a total cost to the group of €25.9 million.

Directors' remuneration was €1 million. Nine directors served during the year on the Roadbridge board.

The accounts note that, during 2003, the company provided services and undertook transactions with Mulcair Civil Engineering, of which Mr Mulcair is the principal.

The balance in respect of these transactions at the end of 2003 was €21 million. The accounts also note that there was a capital commitment of €36 million in relation to an investment property in Magna Park, Dublin.

Mr Gilligan explained that this related to the United Drug facility at Citywest, which is currently under construction.

Roadbridge was also involved in the recently opened Cashel bypass.

Mr Gilligan said the company handled 60 per cent of all mains gas projects in the Republic last year, including a role in the Dublin to Athlone gas interconnector.

Projects currently under way include the Fermoy bypass in Co Cork, the Dungarvan and Tramore sewage schemes in Co Waterford, and the construction of golf courses in Dunshaughlin, Co Meath, and Dún Laoghaire, Co Dublin.

The €160 million Fermoy bypass project is a public-private partnership being built by the Direct Route Consortium in which Roadbridge's partners are John Sisk, Halliburton Brown and Root (UK), and Strabag, Austria.

Sicim Roadbridge, a joint venture with Sicim of Italy, is involved in gas mains projects.

A second Roadbridge subsidiary, Southern Golf Construction Ireland Ltd, is a joint venture with Southern Golf Construction UK, -and is involved in building golf courses.