Walls Construction has successful first year after Management Buyout
Walls Construction, which completed an investor backed Management Buyout (MBO) 12 months ago, has reported a rise in turnover to over €101 million for 2015, which was ahead of that projected and a rise of 20% year-on-year.
Commenting on the 2015 accounts, which have just been filed, Walls Construction Managing Director Eugene O’Shea is upbeat about the sector and the outlook for Walls Construction.
Speaking about the construction sector in Ireland, O’Shea said, “Construction output is expected to reach €15 billion for the year 2016 and with growth now returning to all sectors, the MBO has positioned Walls to benefit from these new opportunities. Given that the company has traded successfully for 66 years and has its pre-downturn management team intact, we look forward to continuing this year-on-year growth through 2016, 2017 and beyond.”
Trading profit in 2015 was €2.255m, which is a six fold increase over the previous year. “One of the major projects that we started in the last year is the new Central Bank of Ireland headquarters on Dublin’s North Wall Quay. As a company, we retain the capacity to grow to meet the needs of our strong client base and are excited about competing for new projects coming to market, so that we can replace our current flagship projects due for completion over the next 10 months,” said O’Shea.
“Other major projects include the HOB and TASC buildings for the Dublin Airport Authority, the UCC Gateway project in Cork, Beacon South Quarter in Sandyford for IRES and 100 Mount Street for Hardwicke, while fit-out projects recently commenced for Squarespace and other private clients are testament to continued high levels of activity in that sector,” said O’Shea.
“Walls Construction was founded in 1950 and since then our teams have worked with clients from every sector to deliver world class infrastructure all over Ireland. We have a proud record of delivery and look forward to continuing relationships with clients who have supported us in the past,” concluded O’Shea.
Since 24th April 2015, as a result of the investor backed MBO, Walls Construction has operated under a new ownership structure and is now separate from PJ Walls Holdings Group.
