Accounts just filed with the Companies Office by Laing O’Rourke Ireland Ltd show that revenues at the company last year dropped 75.7% from €103.6m to €25.1m to the end of March 2010.
The Irish Examiner reported that the figures show the company made a pre-tax loss of €1m compared to a pre-tax profit of €2.8m in 2009.
The losses incurred last year resulted in the company’s accumulated losses totalling €6.2m. According to the directors, they “are disappointed with the loss for the year incurred as a result of difficult economic conditions.
“Market conditions remain challenging and the business will only pursue selective profitable opportunities,” they said.
The accounts show that numbers employed at the firm more than halved during the year from 590 to 282 — a loss of 308 or 52% of its workforce with site staff bearing the brunt of the jobs losses with 185 posts lost in that sector.
The jobs losses resulted in the company reducing staff costs 45% from €33.8m to €18.7m. It also incurred a €753,000 writedown in the value of investment properties following a €2.8m writeoff the previous year.
The company’s Irish operations represent a small fraction of the group’s global activities.