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O’Hare and McGovern success continues

A Newry building firm has more than doubled its pre-tax profits against a back of continuing difficulties in the construction sector. O’Hare and McGovern has some major Public Private Partnership contracts for schools in Northern Ireland. In 2010 the firm made £6.4m profit on a turnover of £67m compared to a £3.1m on a turnover of £62m in 2009. The directors said the performance reflected in the successful completion of a number of projects. In September last year the firm announced that it was making 24 people redundant. Earlier this year a consortium of which O’Hare and McGovern is a part of won a major Public Private Partnership contract in the  Irish Republic. The Solas Education for life consortium will develop projects for six third level education institutions. The directors said that it had been a successful year and that the company was continuing to grow its reputation. O’Hare and McGovern is the largest part of the Carnbane House Group – group turnover was £94m with pre-tax profits of £4.4m. The value of the group’s investment in a Dundalk- based developer Carnville Developments was written down by more that a£3m. Carnville’s liabilities exceeds its assets by more than 14m Euro however the directors say it can continue as a growing concern based on projected profits from a full build our of its site.


Newry Democat

21 October 2011