Construction News

28/04/2008

Cleary & Doyle Contracting Turnover Slumps

Building firm Cleary & Doyle Contracting (C&DC) have recorded a €6.3m loss for the year ending June 2007.

The company's turnover fell from €94m in 2006 to €52.6m last year.

The balance sheet indicates an excess of liabilities over assets amounting to €3,063,657. Operating costs rose by 18%.

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Tax hikes and a rise in interest payments amounted to €263,000.

The construction arm of development company Cleary & Doyle Ltd. recently stopped tendering for major products as part of a restructure.

The auditors said: "The directors have considered this position. However, it is their intention that the company shall continue to enjoy the financial support of its fellow subsidiaries and will remain in operational existence for the foreseeable future."

The company said it was fully committed to current contracting projects.

(GK/JM)

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