Bennett Construction, part of the Mullingar-based group owned by Christopher and John Bennett, made a pretax profit of €4.5 million on a turnover of €180 million in the year to end March 2007, according to accounts just filed.
The group, which is involved in a range of significant construction projects, built Commerzbank House in Dublin's IFSC, Microsoft's headquarters in Sandyford, the Helix performing arts centre at Dublin City University, and the Civic Offices at Ballymun, among many other buildings. It is headed by an unlimited holding company, Hume Estate Company, and does not produce consolidated accounts.
The company paid corporation tax of only €2,642 because of relief arising from losses incurred by other group com-panies, according to the accounts.
The turnover figure represented a 35 per cent increase on the previous year's €133 million. Pretax profits the previous year were €2 million. At the end of the latest financial year the company had €12.6 million in accumulated profits. However, it owed €44.3 million to group companies at year's end, down from €49 million at March 2006.
During 2007 it employed 194 people involved in direct labour and 24 administrative staff, at a cost of €12 million. The directors' emoluments totalled €5.8 million, down from €8.5 million the previous year when €4.5 million was contributed towards their pensions. There were seven directors on the board at year's end.
The accounts show there were substantial inter-group dealings during the year. Construction work carried out for group companies totalled €46.5 million, while plant hire totalled €4.6 million.
The group holding company, Hume Estate Company, is 60 per cent owned by Christopher and 40 per cent owned by John.
A group company, Forest Park Mullingar Property Developments, purchased development land for €14.4 million from Christopher and John Bennett in the year to end March, 2007. No mortgage is registered against it in the Companies Registration Office.
Another group company, BBT Developments Ltd, which was in receipt of rental income, had stock of €33.3 million at the end of March 2007, as well as debtors totalling €13.4 million. It owed €42.7 million to creditors, including €29.8 million in bank borrowings. A further €8.8 million was owed to group com-panies, including Bennett (Construction), which had carried out development work valued at €16 million during the year.
Lenadoon, a company 50 per cent owned by Hume Estate and 50 per cent owned by Christopher Bennett, saw its accumulated profits go to €5.4 million from €1.9 million during the year to end March 2007, according to abridged accounts just filed.
Christopher and John Bennett, Patrick Oman and Ashley Mathews, are shareholders in James H Wood & Son, which is involved in the development of a site on East Wall Road, Dublin.
