Directors at the country's largest architectural practice, Henry J Lyons, last year shared €2.93m in remuneration.
That is according to new consolidated accounts filed by Henry J Lyons (Architects) Ltd which show that remuneration to its ten directors increased from €2.76m to €2.93m in the 12 months to the end of September last.
A breakdown of the remuneration shows that pay to the directors remained static at €2.53m for 2024 while the overall increase arose from pension contributions rising from €224,520 to €402,912.
Directors' remuneration of €2.9m remains sharply down on the directors' remuneration of €3.82m paid out in fiscal 2022.
The firm last year managed to stabilise revenues increasing marginally from €30.07m to €30.66m.
The slight increase followed revenues sliding by 18% or €6.6m from €36.64m to €30.07m in the prior year which coincided with a downturn in the Dublin office market.
In fiscal 2024, the group - with offices in Cork and Dublin - recorded a very modest pre-tax profit of €478 which compared to a pre-tax loss of €135,269 in the prior year.
The group last year recorded a post tax loss of €62,029 after a corporation tax charge of €62,507 was taken into account.
The group's profits were hit last year by a €112,370 cost concerning the disposal of a subsidiary.
Last year, the company’s workforce reduced by 38 - or 14% - from 275 to 237 with the number of architects reducing from 241 to 221 and numbers employed in administration declining from 34 to 25.
Staff costs reduced from €22.29m to €21.3m.
Last week planners at An Coimisiún Pleanála rejected the firm's designs for Johnny Ronan's RGRE planned 17 storey redevelopment of global banking giant Citigroup's current European headquarters at 1 North Wall Quay in Dublin’s docklands.
However some of the firm’s schemes to get built include Clery's Quarter on Dublin's O'Connell Street along with the Central Bank headquarters on North Wall Quay and the Google Flour Mills at the Google Boland Mills Campus.
Other projects include One Molesworth Street, Tropical Fruit Warehouse, Sandyford Centre, One Lime Street, Central Plaza on Dame Street and LinkedIn One Wilton Park.
The directors state that "the trading results for the year and the financial position at year end were considered satisfactory by the directors".
The pre-tax profit last year takes account of non-cash amortisation and non-cash depreciation costs of €816,783.
A breakdown of revenues show that €29.06m was generated in the Republic of Ireland and €1.59m in the Rest of World.
On March 31 2024, HJ Lyons completed a merger by absorption with Nikki O'Donnell Architects Limited while last September, HJ Lyons disposed of its shareholding in Gilligan Architects Limited to certain directors of the company.
The group's balance sheet shows that accumulated profits at the end of September last totalled €5m while the group's cash funds reduced from €9.48m to €5.8m.
Reporting by Gordon Deegan
