Prof­its at Gan­non Homes in­crease 41pc to €6.19m

Irish Independent - Business Week - - IN PERSON - Gor­don Dee­gan

PRE-TAX prof­its at Gerry Gan­non’s build­ing firm, Gan­non Homes, last year in­creased by 41pc to €6.19m.

This fol­lowed rev­enues at the firm in­creas­ing by 4pc, from €34.8m to €36.25m.

The com­pany recorded an oper­at­ing profit of €8.6m and in­ter­est pay­ments of €2.49m con­trib­uted to the pre-tax profit of €6.19m.

Ac­cord­ing to the di­rec­tors the in­crease in turnover for the year re­flects the in­creased ac­tiv­ity in house con­struc­tion and sales, which is a fea­ture of over­all mar­ket per­for­mance.

Dur­ing the Celtic Tiger years, Mr Gan­non was one of the coun­try’s best-known de­vel­op­ers and his firm has been mak­ing a steady come­back in the hous­ing mar­ket in re­cent years.

The di­rec­tors state that the com­pany con­tin­ues to de­velop stock for sale ,re­flect­ing a con­fi­dence in the un­der­ly­ing de­mand for new homes.

Build­ing up:

Rev­enues at the firm owned by de­vel­oper Gerry Gan­non in­creased by 4pc last year

As a re­sult of the legacy from the coun­try’s re­cent eco­nomic de­cline, the com­pany’s ac­cu­mu­lated losses stood at €115m last year – down from €121.3m a year prior.

Gan­non Homes’ cash pile last year re­duced from €12.4m to €8.4m.

The com­pany last year recorded rev­enues of €18m from the sales of in­vest­ment prop­er­ties.

Num­bers em­ployed by the com­pany last year re­duced from 26 to 21, with staff costs de­creas­ing from €1.2m to €1.03m.

Mr Gan­non and Ai­dan Kenny are listed as di­rec­tors and pay to di­rec­tors last year in­creased from €55,067 to €56,290.

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