Profit and revenue up at John Paul Construction

Irish builder John Paul Construction enjoyed another strong performance last year with a big surge in both operating profit and revenue.

John Paul, whose current projects include the redevelopment of the former Central Bank building on Dame Street and the new ESB headquarters on Fitzwilliam Street in Dublin, reported operating profit that rose 40 per cent in 2017, from €6.3 million to €8.7 million. This follows on from a 300 per cent rise in operating profit for the company from 2015 to 2016.

Accounts filed by John Paul Holdings Ltd recently show revenue increased 25 per cent last year from €280 million to €349 million.

Pretax profits jumped to €7.7 million from €5.6 million, having more than trebled in 2016.

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The latest figures show the company had €19.5 million in net assets at the end of 2017, just over €1 million more than at the end of the previous year.

John Paul and its various subsidiaries employed 326 people at the end of the reporting period, up from 258 a year earlier. Staff costs, including wages and salaries, jumped from €18.7 million to €25.7 million.

The company reported an impairment of €975,000 on investment property. The carrying value of property sale also resulted in an upward revaluation of €2 million being taken to the profit and loss account.

The group declared dividends totalling €5.5 million to an intermediate holding company called Passfield Unlimited.

John Paul was recently appointed to carry out a significant upgrade at Stillorgan Village Centre. Other recent projects include the Pearse Lyons whiskey distillery and visitor centre in the Liberties and the €68 million redevelopment of the National Rehabilitation Hospital in Dún Laoghaire.