One of Ireland's oldest family-run construction firms has seen its turnover plummet in the last year, according to a news report by The Irish Times.

The report revealed that the company's turnover from operations in the Republic dropped by more than €18.2 million last year.

John Graham Holdings Ltd, which is headquartered in Hillsborough, Co Down reported turnover of £25 million from the Irish Republic in 2010. But latest company accounts show that fell to just over £8 million in the 12 months to March 2011.

Established in 1798, the firm is a privately owned company operating in the construction, asset management and project investment markets whose primary focus is constructing and maintaining infrastructure.

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The firm currently employs over 1,000 people and operates mainly in Ireland and Britain. They have been recently involved in high profile construction projects including the €40 million Samuel Beckett Bridge in Dublin and the £9.6 million Peace Bridge in Derry.

Frances McDowell, Environment Editor for the Irish Times, reported: "Although impacted by the downturn on both sides of the Border, the latest financial results show the group has managed to weather the economic fallout. In the 12 months to March, total turnover rose to more than £218 million."

He added: "However, pre-tax profits dipped slightly from £4.3 million in 2010 to just over £4 million in 2011."

Meanwhile management at John Graham Holdings have described the results as a "satisfactory performance-given the current ongoing difficult economic conditions".

(LB/BMcC)