PRE-TAX profits at the designers of the Central Bank HQ have more than doubled to €2.23m.
Revenues at Henry J Lyons Architects soared 40pc from €21.99m to €30.8m in the 12 months to the end of September 2019 due to the commercial office building boom in the capital.
The bumper year, where pre-tax profits at the multi-award winning company increased by 110pc, resulted in aggregate pay for its nine directors jumping by 38pc from €3.19m to €4.41m.
The directors’ pay included pension payments of €1.2m and pay of €3.2m. The directors also own the company.
The company – which has offices in Dublin and Cork – counts developer Johnny Ronan and Google as clients.
The company’s projects include some of the most high-profile commercial developments in Dublin including the redevelopment of Clery’s on O’Connell Street, One Molesworth Street and IPUT’s Wilton Park scheme that will accommodate 3,500 to 4,000 office workers.
Other projects include Docusign’s EMEA HQ, Central Plaza on Dame Street, Hubspot’s Dublin-based HQ, Ireland House in Tokyo and the Irish Stock Exchange for Euronext.
The directors stated that the trading results for the year and the financial position at year end were considered satisfactory.
The company expanded during the year with the acquisition of Gilligan Architects Ltd. The number of people employed by the business last year increased from 190 to 239 and staff costs, including directors’ remuneration, last year increased from €15.4m to €20.4m. The company’s workforce include 211 architects.
The company’s profits take account of non-cash depreciation costs of €345,259 and operating lease costs of €572,354. The firm recorded post tax profits of €1.84m after paying corporation tax of €389,770. At the end of September 30th 2019, the company’s accumulated profits stood at €5.8m. The company’s cash funds during the year increased to €7.8m from €2.6m .
On the impact of the pandemic, the directors stated that “the extent to which Covid-19 and our precautionary measures may impact the group will depend on future developments which are highly uncertain and cannot be predicted at this time”. The directors state the company has been adjusting to having a fully remote work force. The company last year spent €990,4553 on the purchase of assets made up of €630,452 on tangible fixed assets and €360,001 on intangible assets.