Pre-tax profits fell by 73 per cent to £1.227 million (€1.45 million) last year at the specialist building group that is in legal dispute with the Department of Education over its school building programme.
New accounts from the McCloskey family-owned Western Building Systems (HLD) Ltd show that the group's pre-tax profits decreased sharply as revenues declined by 27 per cent from £34.35 million to £24.88 million in the 12 months to the end of April last.
A subsidiary of the Co Tyrone-based Western Building Systems (HLD) Ltd, Western Building Systems Ltd paid out a dividend last year of £1.4 million. This followed a dividend payout of £3.08 million in fiscal 2018.
In a report with the numbers, the company’s directors said the group’s order book was “already very strong”, and they pointed to strong post-year trading.
During the period under review, the business became ensnared in a public row with the Department of Education over aspects of its school-building programme.
WBS has built 42 schools around the State in the last 15 years and the Department of Education is suing the company in the High Court.
In a note attached to the accounts, the directors state that the company and its legal advisers are strongly contesting the case
