O’Mahony Pike revenues jump to €14.3m after director pay-outs
Some of the company's projects include Horgan’s Quay in Cork. Picture: Jed Niezgoda
Profits at one of the country’s best known architectural practices, O’Mahony Pike Architects, were hit in 2022 by a pay-out of €200,000 to directors for compensation for loss of office.
New accounts show that O’Mahony Pike Architects Ltd recorded a pre-tax profit of €1.12m in 2022.
This followed revenues at the company — with offices in Cork and Dublin — increasing by 11% from €12.88m to €14.33m.
Co-founders John O’Mahony and James Pike resigned from the board in January 2022, while director Thomas Sweetman resigned at the end of 2022.
The accounts don’t disclose which directors received compensation for loss of office, but state that €200,000 was paid out last year under that heading.
At the time Mr O'Mahony and Mr Pike stepped down in January 2022, the company in a statement said that the two “have been central to the development of the practice and its focus on innovation and quality”.
The company stated that they "have generously contributed to the industry as a whole, in their leadership, energy, and debate, and always encouraged talent to flourish and progress in the practice”.
In 2017, Mr Pike was awarded the RIAI James Gandon Medal for Lifetime Achievement.
The pre-tax profits of €1.12m followed a pre-tax loss of €907,171. The return to profit followed directors’ overall pay declining by €1.1m — from €3.5m to €2.4m — that included €1.62m in remuneration, €589,513 in pension contributions, and the €200,000 for the compensation for loss of office at the company.
The current directors state that "both the level of business and year-end financial position of the company were in line with the directors' expectations".
The company received other operating income of €702,259 in 2022, and this follows €2.38m under that heading in 2021. The other operating income for 2022 included €483,714 in Government grants.
Numbers employed in 2022 declined from 140 to 128, with staff costs reducing from €12.78m to €10.75m. The profit for 2022 included non-cash depreciation costs of €304,626.
Some of the company's projects include 10-12 Hanover Quay and Lansdowne Place (Phase One) in Dublin and Horgan’s Quay in Cork.
On the company's future developments, the directors state that “the company will continue to develop opportunities arising within the construction sector”.
The company’s website states that “we pride ourselves on the fact that over 60% of our work is repeat business, a testament to our client focused approach to architecture and urban design”.
Shareholder funds totalled €7.66m, which included cash of €5.3m.
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