P Elliot Releases 2006 'Boom' Profits

Figures for 2006, just released by Cavan-based builders P Elliott, show the firm's profits rose 36% to €11.33 million during the year that marked the peak of the construction sector's boom.

The rise in profits was attributed to the firm's business expansion, both in Northern Ireland and the Republic, the most prominent being in Belfast and Munster.

According to the report, published this week, annual turnover in 2006 grew by 42% to €310m, from 2005's €219m

The building firm's pre-tax profits for the 2006 financial year increased to €11.33m, creating a 36% rise.


Margins also remained steady at 7.7% in 2005 and 2006, while the company's debts came to 34% of assets.

P Elliot's Chairman Noel Elliott senior said a key feature of 2006 was the firm's expansion into the Northern Irish market and the opening of an office in Belfast in addition to expansion in the Munster region during the year.

This week the firm also announced it is to go ahead with plans for more than 1,000 new Irish homes, despite the slump in the property sector.

Planning permission has been granted for a scheme of almost 640 apartments and 120 houses at Aiken's Village in Stepaside in Dublin.

The decision came amid an appeal lodged with An Bord Pleanala.

P Elliot is also set to proceed with 300 apartments in Inchicore, Dublin, under a Public Private Partnership (PPP) scheme to provide affordable housing in the area.

(PR/JM)