Durkan reports profit drop and salary hike

Durkan's pre tax profit has taken a major slump from £5 million to just £1 million in the course of the past year.

Durkan's pre tax profit has taken a major slump from £5 million to just £1 million in the course of the past year.

The figures are reported as financial accounts for the year to January 31 show a dip in revenue from £160 million to just £140 million.

However, Danny Durkan, chief executive at the group, announced that the results were satisfactory, given the state of the market.

Durkan's three main areas of operation are contract work for local authorities and housing associations, and private residential and commercial property construction.

"It is anticipated that the company will show significant growth in both turnover and profit in the next few years," Mr Durkan said.

Recruitment at the firm is likely to suffer significantly, with almost 70 per cent of the company's staff counted as labour, and a wages bill that runs in to £14 million.

However, of the directors, the highest paid director added £70,000 to his salary, bringing him up to £380,000 per year, with an added £18,000 to his pension fund.