Revenues more than doubled last year at the main company operated by developer Gerry Gannon to €77.19 million.

New accounts show that higher costs at Gannon Homes Ltd last year contributed to pre-tax profits at the firm declining by 17 per cent from €6.19 million to €5.14 million.

In the 12 months to the end of December last, the company’s revenues increased by €40.94 million or 113 per cent from €36.25 million to €77.19 million.

The directors state the increase in turnover for the year reflects the increased activity in house construction and sales, which is a feature of overall feature performance. The company continues to develop stock for sale reflecting a confidence in the underlying demand .

Last year it recorded operating profits of €8.6 million and interest payments of €3.5 million reduced profits to a pre-tax profit of €5.14 million.

At the end of December last, the business was sitting on accumulated losses of €110.5 million.

Legacy debt issues

In their report, the directors say the company continues to deal with legacy debt issues caused by the last recession. Its loan facilities are held by Nama and they are confident Nama will continue to provide the company with financial support.

Numbers directly employed by the firm last year decreased from 21 to 12 and staff costs reduced from €1 million to €533,347.

Last month, Mr Gannon’s Gerard Gannon Properties lodged plans for 1,950 apartments at Clongriffin in north Dublin.