Revenues double at Gannon Homes
Boost: Revenues have soared at Gerry Gannon’s property group. Photo: Collins
Revenues more than doubled at the main firm operated by one of the country's best-known builders, Gerry Gannon, last year to €77.19m.
New accounts show that higher costs at Gannon Homes Ltd last year contributed to pre-tax profits at the firm declining by 17pc, to €5.14m from €6.19m. In the 12 months to the end of December last, the firm's revenues increased by €40.94m or 113pc, to €77.19m from €36.25m.
The directors stated that the increase in turnover for the year reflected the higher activity in house construction and sales, which was a feature of overall performance.
They stated that the company continued to develop stock for sale, reflecting a confidence in the underlying demand for new houses.
They said they were confident in the company's ability to remain profitable going forward. The firm last year recorded operating profits of €8.6m, and interest payments of €3.5m reduced profits to a pre-tax level of €5.14m.
At the end of December last, the business was sitting on accumulated losses of €110.5m.
In their report, the directors stated that the company continued to deal with legacy debt issues caused by the adverse conditions in the property market during the last recession. The firm's cash pile increased to €20.8m from €8.42m. The value of the firm's stock totalled €87.34m.
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