Builder's profit tops €900,000

Coffey Construction Ltd, a public works company with registered offices in Limerick, made a profit before tax of €908,980 in the year to August 31st, 2002, according to its most recent accounts.

The company had a turnover of €51.3 million during the year according to the accounts, which recently become available. The turnover represented work in the Republic.

Retained profit was €2.65 million and the company had €1.86 million cash at bank and in hand.

The company had 263 employees working in production and 17 in management and administration. Wages came to €10 million and directors' remuneration, emoluments and pension contributions were €2.4 million. There were eight directors on the board.

The company is a 76.63 per cent subsidiary of Coffey Construction UK Ltd, which held 76,632 shares. Mr Patrick Coffey, of Southgate, London, had a 1,000 shares and Ms Olive Coffey, of Athenry, Co Galway, had 15,335 shares. Mr Padraig Burke, of Kilcolagan, Co Galway, had 7,000 shares.

Mr Coffey and Ms Coffey are directors of the Irish and UK Coffey companies.