The managing director of one of the State’s best-known architectural firms, Murray O’Laoire, has confirmed that the company is set to make a loss this year with a projected 35 per cent drop in turnover. Calbhac O’Carroll was commenting yesterday on Murray O’Laoire Architects Ltd’s financial results for 2008, which show that the company’s pretax profits increased by 58 per cent to €959,122.
The increased profit came on turnover of €20.8 million, 4 per cent down on the €21.7 million recorded in 2007. Mr O’Carroll said: “2008 was clearly a difficult year in construction, and Murray O’Laoire Architects felt the impact, as a result of which our turnover fell.
“We took corrective action, reduced costs and increased our focus on overseas markets. As a result, we achieved a modest increase in profit.” However, the accounts state that the loss for the current year will be significant. The firm predicts a return to profitability in 2010, as it looks to source half its business from outside Ireland.