Flynn Management & Contractors report significant growth
Flynn Management & Contractors report significant growth in 2015 and forecast revenue of circa €100m for 2016 The principal activities of Flynn Management & Contractors continue to be Main Contractors working within the Irish market. Their core markets, that make up a significant element of the turnover, are the Commercial Office Sector, particularly Foreign Direct Investment projects, Airport Infrastructure Projects and Retail Fit-Out (both Landlord & Tenant) Projects. The company is currently broadening their product offering as they target works in Life Sciences and Health Care Markets.
Turnover at Flynn Management & Contractors has grown significantly in the last couple of years. They anticipate further growth in 2016 and forecast that turnover will reach €100m for the year ending 31st December 2016.
Profitability has held strong and, per the company’s recently filed audited accounts for the year ended 31st December 2015, profit after overheads (before tax) was 6.0%. The retained profits in the company are €4.1m, with over 80% of these reserves held in cash at bank. Staffing more than doubled from 34 in January 2015 to 87 in December 2015.
The directors of Flynn Management & Contractors are satisfied with the increased activity levels experienced during the year and the performance and profitability of the company. They anticipate continued growth into 2016 and 2017 and have appointed new members to Senior Management, and strengthened their teams through key recruitments to deliver on that anticipated growth. Building the strength of their Senior Management Team has been a key task over the last 12 months and the company feels well positioned to benefit from the strong market anticipated in the next 3-4 years.
Flynn Management & Contractors opened a regional office in Limerick in 2015 to service the south and western regions and this has enabled them to improve the offering they provide to their clients outside Leinster.
The directors have also appointed an Advisory Board that will develop to a fully constituted board to assist with governance, strategic planning and are actively engaged in preparing for 2014 Companies Act responsibilities, specifically with regards to a Compliance Policy Statement and the formation of an Audit Committee.
Management of risk is closely controlled through careful project and client selection and tight financial controls around project reporting. Project reports are reviewed closely at both Project Team and Senior Management levels and variances from Budgets discussed as appropriate.
The company assesses the strong credit worthiness of all clients but feel that the quality of their blue chip client list mitigates any risks associated with recoverability of amounts due to the company.
Construction recently reported that Flynn Management & Contractors are working on a prime site at 26/27 Grafton Street in Dublin that will see new international fashion retail outlet “& Other Stories” locate on the city’s most expensive shopping thoroughfare.