THE DIRECTORS of a civil engineering company in Co Kildare have said they are having difficulty getting paid and have taken a “cautious view” concerning the value of the work in progress figure in their latest accounts.
Regan Civil Engineering Ltd, of Kilcullen, Co Kildare, suffered a pretax loss of €479,861 in the year ended March 31st, 2009. This compared with a profit of €280,798 in the previous year.
The company had a turnover of €24.16 million compared with €36.6 million the previous year. The numbers employed reflected this drop in activity, with the average number of employees dropping to 68 from the previous year’s 137. At the end of March 2009, the company, owned by Bartley and John Regan, had shareholders’ funds of €4.46 million.
The directors, in their report accompanying the accounts, said the firm faces significant challenges “gaining new contracts and settling on acceptable terms all its contracts with its customers”.
They said that due to the situation here they are looking for contracts overseas. They said they have opened discussions with their bankers. They said the risk factors cast doubt over the firm’s ability to remain as a going concern, but that they are confident that given its resources it will be able to continue in “operational existence” for the foreseeable future.
