O'Flynn Construction, the Cork-based building group, made a profit of €19.7 million in 2002, according to accounts filed recently.

The group's profits increased significantly over the year, growing from €10.7 million in 2001. No dividend was paid.

The group is owned by Messrs Michael and John O'Flynn. It is behind a planned €400 million development at a 90-acre former Army barracks in Ballincollig, Co Cork, having bought the barracks from the Department of Defence for €41 million two years ago.

The property development and investment group had accumulated profits of €38.9 million at the end of 2002.

The group includes a number of Irish property development, property investment and accommodation companies, as well as investment companies in the Isle of Man, the Netherlands and the British Virgin Islands.

Turnover for the group in 2002 was €74.6 million, up from €46 million the previous year. Directors' emoluments were €1.3 million.

There were five directors on the board during the year: Mr Michael O'Flynn, Mr John O'Flynn, Mr Michael Kelleher, Mr Brian O'Neill and Mr Patrick O'Flynn.

The average number of employees during the year, including the directors, was 144 and employee costs were €6.4 million.

At year end, the group had listed investments worth €3 million and unlisted investments with a value of €6.4 million. Bank loans at year end were €52.5 million. Cash at hand or in the bank was €19.7 million.

Planning permission for the Ballincollig development was granted earlier this year and is the largest planning permission application approved to date by Cork County Council. The development is to be one of the largest commercial developments outside Co Dublin and will include 900 new homes and a new town centre on the western outskirts of Cork city.

The plan includes more than 200,000 sq ft of retail space, with a supermarket and hotel. The scheme is projected to create 3,000 jobs.

The sale of the barracks to the O'Flynn group came as part of the rationalisation of the Defence Forces. The Ballincollig barracks was one of six vacated by the Army.

In February, O'Flynn Construction Ltd, part of the O'Flynn Construction group, was fined €200,000 after it pleaded guilty to breaches of the Health and Safety Act. Cork Circuit Criminal Court heard that a nine-year-old boy died when a 45-gallon barrel containing wood preservative exploded at a site owned by the group.

Stephen Long, of Douglas, Cork, was one of a number of youngsters playing near a bonfire when the barrel exploded on the Mount Oval site, Rochestown, Cork. The breaches of the Safety Act were failing to provide adequate fencing around the site and failing to ensure members of the public were not exposed to risk in the construction area.