Walls group files profit for 2006 up 14% on year before

Operating profit at the Walls construction group rose by 14 per cent to €11.4 million last year as turnover increased from €161.7 million to €192 million, according to company accounts just filed.

PJ Walls Holdings, the main company behind the group, had works in progress valued at €76.9 million at the end of 2006, up from €20.3 million the previous year. Pretax profits rose by 11 per cent to €10 million in 2006.

One of the group's biggest projects is the €500 million Northern Cross development next to the company's headquarters on the Malahide Road in Dublin, which includes the Hilton Dublin Airport Hotel, a Meadows and Byrne outlet, offices for investment bank JPMorgan and 800 apartments.

The company is also working on the €300 development of the former John Player cigarette factory in Dublin 8, the €140 million Trinity Biosciences project in Dublin 2 and the redevelopment of The Point music venue in the Dublin docklands.

It also refitted and remodelled the clubhouse at Luttrellstown Golf Club in west Dublin and was involved in the construction of Pier C at Dublin airport.

The group owns British building company Neilcott Construction. Walls is aiming to grow its turnover above €200 million in 2007, despite the slowdown in the construction sector.

The company employed 413 staff in 2006, but this figure has fallen slightly this year. Wages and salaries fell from €17.8 million to €16.6 million in 2006.

Three directors of PJ Walls Holdings - group chairman Liam Walls, chief executive Pat Veale and finance director Shaun Greene - purchased land from the group for €300,000 last year and entered into a €1.7 million development agreement to construct a building on the land, according to the accounts. The group authorised the sale of residential units totalling €3.44 million to the three men in 2006.

PJ Walls Holdings had cash of €31.1 million at the end of 2006, an increase from €19.9 million the previous year.

Its retained profits rose from €31.4 million to €37.5 million during the year, while shareholders' funds increased from €36 million to €42.8 million.