Newry based O’Hare and McGovern summarises its principal activities as general contacting in the construction sector and property development.
The main company is itself a subsidiary of Carnbane House Ltd, also controlled by the same directors.
O’Hare and McGovern has managed to maintain its profitable trading record against the background of a sector facing a considerable reduction in overall workload.
At the end of 2009, the company listed investments in nine separate shared enterprises, with a direct 50% interest in eight contracts. The combined assets in these business amounted to |nearly £175m. Four of the joint venture investments recorded a post-tax profit in 2009, four recorded trading losses and one has not yet posted its first annual results. The turnover figures for O’Hare and McGovern do not include the figures for the joint ventures.
If the joint venture share of turnover is added back the turnover figures would be higher and the increase in turnover in 2009 would be lower. The key|indication of underlying performance is that operating profit and pre-tax profits, despite the recession affecting the building industry, have improved.
The out-turn in 2009 showed better results than in 2008 and this was after making allowance for the cost of a non-performing contract which brought a charge of £1.1m to the accounts.
The balance sheet value of shareholders’ funds reflects the retention of post-tax profits and the addition of £1.2m from an unrealised profit on the revaluation of some assets. In 2008 and 2009 the company decided not to pay any dividend to shareholders.
Direct employment by the company fell in 2008 to an average of 149 people. In 2009 the average level of employment recovered by 7% to reach 159 people. In September the company announced it would make up to 24 people redundant.