South Dublin based builders Dwyer Nolan Developments is set to ramp up its house completions this year as pre-tax profits last year declined by 36% to €19.72m.
New accounts filed by Dwyer Nolan Developments Ltd show that the group recorded the drop in profits as revenues decreased by €24.37m or 26% from €92.4m to €68m in the 12 months to the end of May 2023.
The pre-tax profits of €19.72m last year follow pre-tax profits of €30.98m in the prior year.
Directors Edward O'Dwyer and Ann O'Dwyer lead the firm and the accounts also disclose that during the year, Dwyer Nolan Developments acquired an investment property with a fair value of €1.18m from Edward O'Dwyer.
The group recently lodged Large scale Residential Development (LRD) plans to Dublin City Council for 321 apartments at Swords Road and Santry Avenue, Santry that includes a 13 storey apartment block.
The firm previously lodged a Strategic Housing Development (SHD) to An Bord Pleanala for 350 apartments on the site in July 2022 but no decision has yet been made resulting in the LRD application for the site which is currently occupied by Chadwicks Builders Merchants.
Last year, the Shankill based company recorded a gross profit of €24.35m after incurring €43.67m in cost of sales.
Administrative expenses of €4.37m resulted in an operating profit of €19.97m. Net interest payments of €251,927 resulted in a pre-tax profit of €19.72m.
On the business's financial performance last year, the directors state that the result for the year and the financial position at year end were considered satisfactory.
The report states that in recent years the company continues to focus on the delivery of high quality large scale apartment developments.
They state that "changes that the company have implemented in recent years have allowed them to meet market demand and hit their targets with regards the delivery of completed developments."
In a report signed off on April 17, the directors state they expect to increase the delivery of completed units by one third in the coming year and together with a strong project pipeline they anticipate continued growth in the future.
The company recorded a post tax profit of €17.19 after incurring a corporation tax of €2.5m.
The group's balance sheet shows accumulated profits of €181m. The group's cash funds increased almost four fold from €9.8m to €34.32m.
Numbers employed, including directors, last year decreased remained at the same level at 20 as staff costs increased from €2.28m to €3.44m.
Pay to directors increased almost three fold from €696,000 to €2.01m.
Reporting by Gordon Deegan
