THE RIPPLES from the collapse in the Irish building trade this year are being felt far and wide.

Hugh Wallace, co-founder of the successful Dublin-based architects firm Douglas Wallace, said the practice has let go 15 of its 175 staff recently, while others could be relocating to eastern Europe, where it has projects on the boil.

He is expecting a “flat” year in revenue terms for the group and is not making any bold predictions about when the economy might turn.

“Unlike other recessions here, the problem this time is that I don’t think anyone knows where the bottom is,” Wallace told The Irish Times.

Douglas Wallace had a bumper 2007 with revenues rising by 40 per cent and after-tax profits more than doubling.

The firm posted turnover last year of €17.5 million, up from €12.4 million a year earlier. After-tax profits soared to €931,758 from €427,123.

This windfall allowed the owners, including Wallace, to pay themselves a dividend of €285,000.

This year has brought about a dramatic turnaround.

Not one to sit on his hands, Wallace is eyeing up business opportunities outside Ireland to try and retain some momentum for the business.

Work outside Ireland accounted for 24 per cent of turnover in 2007.

Commissions in the likes of Poland, the Czech Republic and Romania have helped to cushion a 25 per cent fall in activity here so far this year, he said.

After more than two decades with the business, Wallace had hoped to slip quietly into retirement by the end of 2010, handing over the reins to younger executives at the firm.

Given the current economic backdrop, he might have to revise that timetable.