Profits up 33% in Cork building firm

Profits rose sharply at Cork-based developer Bowen Construction last year. Turnover rose by a third to €101 million and operating profit more than doubled to €3.7 million.

The company, which operates in the building and civil engineering contract sectors, saw pre-tax profit rise to €3.57 million, up 118 per cent on the €1.64 million recorded in 2002.

Directors of the company, a subsidiary of Bowen Holdings, were pleased at the group's performance during the year to end March 2003. In accounts completed in January and since filed with the Companies Registration Office, they state that they plan to expand the firm in the current year and continue the recent improvement in its performance and profitability. The firm has almost doubled its cash reserves in the past two years.

Its eight directors, led by Mr John Bowen and Mr Barry Crowley, shared remuneration of €1.66 million, up just over 1 per cent on the previous year.

Numbers employed by the firm rose sharply during the year to 256 from 198. The rise was weighted on the production side where numbers more than doubled to 217 from 106. Administration staff numbers fell to 39 from 92 a year earlier.

The firm's pay bill jumped by a quarter to €12.4 million and contributions to the staff defined contribution pension scheme were up 54 per cent to €667,606. Insurance costs rose in the period. In the year to end March 2002, Bowen paid €534,598 in insurance costs. Last year, this was €1.38 million