This article is from page 16 of the 2008-06-03 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 16 JPG
ONE of the biggest construction companies in the mid-west tripled its profits before tax to €1.6 million, ac- cording to the most recent accounts filed with the companies office. Accounts to the end of September 2006, show that the Michael Lynch (Group) Ltd increased its profits be-
fore tax from €507,000 in 2005 to €1.6 million in 2006.
Last week, An Bord Pleanala gave the company the go-ahead for a large-scale housing development at Lifford in Ennis which should go some way towards making up for failing to secure a planning permis- sion for a €50 million retail park at Clonroadmore.
The Ennis company almost dou- bled its turnover going up from €27 million to €42 million, underlining the money-generating capacity of the firm during the building boom.
The accounts show that the group’s operating profit was €2.1 mullion in 2006 — up from €1.52 million in 2005 – and retained profit combined with shareholders’ equity funds
amounted to over €8 million.
Underlining the importance of the company to the local economy, the number of people on payroll was 71 with staff costs for 2006 amounting to €4.8 million.
And the value of the company’s landbank continues to increase with the returns showing that in 2004, the company had development lands val-
ued at €5.7 million. This increased to €12.4 million by September 2005 and to €15 million at the end of Sep- tember 2006.
The accounts stated that the com- pany proposed not to pay a dividend in 2006.
The returns to the companies office list Seamus Lynch and Mary Lynch as directors of the firm.