Bennett paid more than €8m last year to directors

Building company Bennett Construction paid more than €8 million in salaries and pension contributions to its nine directors last year, new figures show.

Accounts available from the Companies' Registration Office (CRO) show that Bennett Construction made profits of €2 million in the 12 months to March 31st, 2006, compared with €290,000 during the previous year.

Directors' pay and social welfare for the 12-month period totalled €8.43 million, compared with €6 million during the previous year.

Of this, close to €4.5 million was made up of pension payments, compared with €3 million a year earlier. Pay and other benefits made up €3.7 million, while their social welfare contributions topped €300,000.

The company has nine directors, including Christopher and John Bennett, who own the business through its parent, Hume Estate Company. The figures do not show what each individual director was paid.

The company's 218 workers were paid €11.4 million in wages and social welfare. The figures also show that Bennett paid more than €804,000 into its employees' pension fund, which stood at €4.8 million on March 31st last, from €3.15 million a year earlier.

Bennett Construction is involved in a number of high-profile projects, including plans for a shopping centre in Mullingar, Co Westmeath, and a joint hotel bus depot venture with Dublin Bus and CIÉ.

The strong growth in profits at the company resulted from an increase in activity.

Turnover for the 12 months was €132.8 million, a 19 per cent increase on the €111.4 million recorded a year earlier.

The accounts show that, while costs also increased, they did not accelerate at the same rate - rising 15.5 per cent to €117.7 million.

Bennett's tax bill for the year was €75,560, leaving it with a final surplus of €1.99 million. Its tax liability was low because it was allowed over €226,000 against the final bill for losses sustained by other companies within the group.

During the year, Christopher Bennett paid the company almost €749,000 for work done on premises which belonged to him. Bennett also loaned €252,800 to QB Properties, a firm belonging to members of his family and of which he is a director.

The results indicate that the company hired plant worth €4.5 million from another group company, Bennett Plant Hire.

At the end of the year, it owed this firm €14.6 million, compared with €11.3 million 12 months earlier.

Bennett's balance sheet was strong, thanks to the increased profits, and shareholders' funds increased to €8 million. The accounts also show that its cash reserves grew €3 million to €6.3 million.