Builders P Elliott saw 36% rise in profits, latest figures show

PROFITS AT builder, P Elliott and Company grew 36 per cent to €11.33 million in 2006, the year that marked the construction boom’s peak, the latest figures show.

According to the company’s annual report, which it published yesterday, group turnover was up 42 per cent at €310 million from €219 million the previous year.

The group said its net profit before tax in 2006 was up 36 per cent at €11.33 million from €8.26 million the previous year.

Margins remained steady at 7.7 per cent in 2005 and 2006, while the company’s debts came to 34 per cent of assets.

Commenting on the results, Noel Elliott senior, chairman of the Cavan-based private company, said that a key feature of 2006 was its expansion into the northern Irish market and the opening of an office in Belfast. The group also expanded its business in the Munster region during the year.

It completed four regional offices in Springfort business park, Nenagh.

Mr Elliott added that another highlight of the year was forming a joint venture Alurage Ltd, with a Dutch operator of the same name, that specialises in producing glass and steel facades.

During 2006, the company invested €236 million on development land and sites. This included the old Irish Times building on D’Olier Street and a high-profile property on Belfast’s York Street.

One of the better-known projects with which it was involved in 2006 was the fitting of floodlights in Croke Park.

This helped facilitate the ground’s use for the 2007 rugby six nations tournament, which included Ireland’s record defeat of England, and the Dubs and Tyrone National League match, the first football game played under floodlights at the venue.

The group ended the year with more than €38 million in shareholders’ funds. Directors Noel Elliott junior and Mark Elliott were finalists in the Ernst Young entrepreneur of the year competition in 2006.