Jones Engineering profits soar to €87m after takeover by US firm

Newly-filed accounts for the business show the growth came despite turnover remaining virtually unchanged, at €1.02bn. Turnover at the group has risen from €340m since 2015.

The accounts also show that the firm declared a €73.1m dividend in respect of 2023, of which €41.8m was paid in the financial year.

"The directors intend to continue with the development of existing business activities, with an increasing focus on opportunities outside of Ireland," the accounts note.

Headquartered in Dublin, Jones Engineering was established in 1890 and provides mechanical, electrical and fire protection services to customers in 19 countries. It employs more than 4,200 people.

It was acquired by Texas-based Cathexis Holdings, which is controlled by billionaire oil baron William Harrison.

Cathexis also bought Irish electrical engineering contractor firm Leo Lynch in 2022.

Commenting on the acquisition in 2022, the then chief executive of Jones Engineering, Jim Curley, said the company's clients would benefit from the "financial strength and strategic capabilities of an international investor."

Cathexis said it had identified Europe as a key investment target due to the role of the construction industry in the region's economic success.

"Supported by our deep financial resources and experience of scaling companies, we believe that further investment in both Jones Engineering and Leo Lynch will allow for growth both domestically and internationally," it said in 2022.

Earlier this year, Jones Engineering expanded its operations in Sweden, opening a new office in Gavle. The Irish firm has had a presence in the Nordics since 2015.

In September, UK-based ISG, a major construction firm that was owned by Cathexis, collapsed.

ISG employed more than 2,000 people and held about £1bn in government contracts at the time it went into administration. They included contracts on the construction of additional prison space in the UK.

ISG's chief executive said at the time that "legacy issues" relating to "large loss-making contracts" that it had signed up to in previous years had contributed to its demise.

Last month, the Sunday Independent reported that an Irish subsidiary of ISG –which built the huge Amazon fulfilment centre in west Dublin – was placed in liquidation with debts of almost €27m.