Developers Dwyer Nolan record pretax profits of €31m

Dublin-based developers Dwyer Nolan last year recorded pretax profits of €31.03 million as revenues soared.

Accounts for Dwyer Nolan Developments Ltd show that the firm recorded the pretax profits in the 12 months to the end of May 31st last as revenues increased more than 17 fold from €5.7 million to €99.98 million.

The building firm – led by Edward O’Dwyer and Ann O’Dwyer – had recorded a loss of €356,183 in the previous year.

The Shankill-based company recorded a gross profit of €32.9 million after incurring €67 million in cost of sales.

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On the business’s financial performance last year in a note with the accounts, the directors said the result for the year and the financial position at year end were considered satisfactory.

The report said that in recent years the company continued to focus on the delivery of high-quality large-scale apartment developments.

“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 developments,” the accounts said.

The directors said they expected to see continued growth in the future.

The company recorded a post-tax profit of €27.22 million after paying corporation tax of €3.8 million

The accounts disclosed that the value of the firm’s land and work in progress was €49.5 million and its balance sheet shows accumulated profits of €168.28 million.

The company also has a number of developments in the planning process.

It is seeking planning permission from An Bord Pleanála for 927 apartments and duplex/triplex units across eight blocks on the grounds of the former De La Salle National School in Ballyfermot.

It is also seeking planning permission for 350 apartments at the site of the existing Chadwick Builders Merchants at the Junction of Santry Avenue and Swords Road, Santry, Dublin.

The firm has also lodged plans for 312 dwellings that includes 205 houses for a site at Minister’s Road, Lusk in north Dublin.

The overall value of that scheme is estimated to be about €100 million after Dwyer Nolan put an indicative price tag of €10.3 million on 31 dwellings to be sold to Fingal County Council for social housing.

The three applications are currently stalled due to An Bord Pleanála not being able to make decisions on Strategic Housing Developments (SHDs) currently.

Numbers employed, including directors, last year decreased by two to 20 as staff costs more than doubled from €588,138 to €1.32 million.

Pay to directors increased by 69 per cent from €412,096 to €696,000.