This article is from page 11 of the 2006-05-02 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 11 JPG
THE Whelan Group has confirmed its status as one of the country’s largest quarry operators by increasing the size of its business by one quarter in 12 months.
The group’s most recent returns to the Companies Office show profits increased from €2.77 million in 2002 to €3.338 million in 2003, resulting in accumulated profits of €12.2 million.
Turnover increased from €46 million in 2002 to €58 million in 2003, making the group one of the most successful home grown businesses in Clare.
In 2001, the size of the company’s business stood at €35 million.
The accounts also show that the numbers employed increased from 289 in 2002 to 305 in 2003, with employee costs going from €6.94 million to €8.13 million.
A recent purchase of Polish quarrying company, PW Properties which owns four Polish companies in the quarrying and construction sector, underlines the expansion.
The Whelan Group has negative goodwill of €8 million, due in part to the the acquisition of PW Properties.
The principal activities are described as “the manufacture of quarried stone, readymix concrete, precast concrete and asphalt products.
“The group is also engaged in road surfacing, road and bridge construction, sewage schemes, landfill construction and other associated civil works.”
In all, the group controls nine separate companies.
These include CW Shipping and Shannon Explosives. Others include Whelan Limestone Quarries, Whelan Limestone Quarries (Contracts) Ltd, Whelan Asphalt Products, Whelan’s Quarries (Carrigtwohill) and Staleen Properties.
The group has €95 million in assets, although the real value of the asset base is probably higher, as the quarries were last valued in 2002.
Some €12 million was spent in 2003 to acquire new assets, while the company’s net debt increased from €38 million at the start of 2003 to €56 million by year end.
The accounts also show that the group’s directors received salaries of €340,000 in 2003, while three directors availed of interest free directors’ loans.
In 2003, Paddy Whelan received an €84,551 loan, Enda Whelan received €90,000 and John McKeogh received €30,000.