The 10 directors at architectural firm Scott Tallon Walker shared management fees and dividends of €2.29 million last year, as pre-tax profits earned by the practice grew by more than 50 per cent to €1.58 million.
Accounts recently filed by the company, one of the largest and longest established architectural practices in the State, show that its turnover rose in 2004 to €10.38 million from €8.75 million a year earlier.
The records indicate that the firm won a significant amount of new business in 2004, with revenues from long-term contracts rising to €9.02 million from €4.38 million the previous year. But it carried out less work on short-term contracts, with revenues from such business falling in 2004 to €1.36 million from €4.37 million.
As the business grew, employment in the company increased to 100 from 81 in 2003 at offices in Dublin, London, Galway and Cork. Eighty-six of the staff are engaged in architectural services, with the remainder in administration.
The dividend paid out to shareholders, all of whom are directors, increased to €895,430 in the year from €444,848 in 2003.
The biggest beneficiary of the dividend was 27.66 per cent shareholder Dr Ronald Tallon, the last survivor of the firm's three founders. His son Michael Tallon, the firm's managing director, owns 19.15 per cent and his son-in-law Peter Dudley owns 11.7 per cent.
Niall Scott, son of the late Michael Scott, owns 13.82 per cent of firm. Other big shareholders include Eoin O Moráin and Bryan Roe, both of whom own 8.51 per cent of the firm.
Four other directors - Padraic Halligan, David Cahill, Michael Aston and Eugene McLernon - have minor shareholdings of 2-3 per cent.
The accounts for Scott Tallon Walker Ltd say that the company paid €1.39 million in management fees to the directors in 2004, marginally higher than the €1.33 million they received in 2003. The accounts do not break down payments to individual directors.
Big projects currently under way include the redevelopment of St Vincent's Hospital, south Dublin; a major Treasury Holdings residential development at Spencer Dock in Dublin; and a Howard Holdings hotel development at Lapps Quay in Cork.
Clients of the company have included many of the biggest companies and public sector organisations in the State. These include Bank of Ireland, Citibank, solicitors A&L Goodbody, several Government departments and the National University of Ireland colleges in Dublin, Cork and Galway. The company has also carried out work for The Irish Times Ltd.
After expenses of €8.7 million, the firm reported an operating profit of €1.51 million. This compared with a profit of €962,000 in 2003.
The profit retained at the end of the year was €498,985, up from €450,582 in 2003.
The firm finished 2004 with €5.34 million in cash, up from €4.42 million a year earlier. Scott Tallon Walker did not make anyone available to comment on the results.
