Pre-tax profits at Dwyer Nolan fall to €2.8m

Stock image

Gordon Deegan

April 06 2021 02:30 AM

Pre-tax profits at Dublin building company, Dwyer Nolan Developments last year tumbled by 78pc to €2.8m.

Accounts show that Dwyer Nolan Developments Ltd recorded the €10.1m drop in pre-tax profit after revenues declined by 15pc from €29.76m to €25.32m in the 12 months to the end of May last. The directors state that the results for the year and the financial position at the year end were satisfactory. The directors said that they expect to see continued growth in future years as a result of the improved economic climate.

The directors said that the company continued to operate during the Covid-19 crisis “albeit at reduced capacity”. Edward O’Dwyer and Ann O’Dwyer state that they expect that management can meet the risk presented by Covid-19 in 2021.

The business enjoyed mixed fortunes last year with its planned fast track housing projects.

In February 2020, An Bord Pleanála refused planning permission to the firm for 359 dwellings at Regles, Lusk, Co Dublin.

This followed the company securing planning permission for 129 apartments on a site a short distance from Ikea’s flagship store on Dublin’s north side.

Staff costs last year, including directors’ remuneration, increased from €1.52m to €2.2m.

The number of people employed was steady at 22 and the chief factor behind the increase in staff costs was directors, Edward Dwyer and Ann Dwyer more than doubling their aggregate pay from €298,067 to €737,912.