Losses soar at Noonan, despite revenue growth

  • Losses soar at Noonan, despite revenue growth
    Independent.t. E.
    Pre-tax losses in Dublin builders building events Noonan jumped up euros last year to 6.9 m.
    https://www.independent.ie/business/irish/losses-soar-at-noonan-despite-revenue-increase-37213378.html
    https://www.independent.ie/incoming/article37213169.ece/1a718/AUTOCROP/h342/B3.molough.jpg

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Pre-tax losses in Dublin builders building events Noonan jumped up euros last year to 6.9 m.

Almost seven times rise in pre-tax losses in the group’s business increases its revenues tripled to €12.9 million

New calculations show that pre-tax losses for the Noonan group holdings Ltd increased by 539pc, going from €1.08 m to €6.9 million, for the 12 months to the end of September.

Bank loans of the group were transferred to Nama in October 2010. “Since then, the group has focused on achieving agreed strategic property, which was approved by Nama,” said the Director.

The Directors ‘ report added that the group has successfully reduced its Bank debt from €41.9 m in 2010 to €27.76 m in September 2017.

The Director noted that the group “plans to increase production next year and with a good product, strong geographical spread and with an established reputation built on quality, we are positioned to benefit from any further improvement of the market.”

Directors to announce that a subsidiary of the housing group made up 44 for sale in Ireland with revenues of €12.89 m generating an operating loss of €6,15 M.

The Director said that “the comparative figures for the previous year there were 14 sales in Ireland with a turnover of €3.93 m and an operating loss of €439,166”.

In the midst of the construction boom in 2006, the Noonan Group recorded revenues of $ 31m from seven Directors of the exchange fee in the amount of 4.29 m.

However, the collapse in the construction industry resulted in the group selling only two homes, and the income is €325,991 in 2013.

After that the band record seven sale house in 2012 revenue in the total amount of 1.17 m. In the 2017 performance state leaders: “during the year we have increased the volume of housing construction as there are new signs of recovery in the Irish new sector of the house”.

Accumulated losses the group last year increased from €6.46 m to €13.53 m group’s Cash for the year decreased from €2.87 m to €784,808.

Accounts show that the group last year paid € 7 million to repay a short term loan and that follow the payment of €3.2 m, under the same title in 2015.

Three Directors of the company are Neal Noonan, Kieran Noonan and Barry Cahill. Directors ‘ remuneration last year increased from €214,320 up to £ 280,210.

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