Pendergardens Developments plc has released its financial accounts for 2021, showing a profit before tax of €1.6 million, an increase of 29.5 per cent from the previous year’s €1.2 million.

The company’s performance steadily improved from 2020, with the results indicating that widespread drops in expenses within the company proved to have a significant effect.

With the Pendergardens Tower being completed in May 2020, Pendergardens Developments continued to sell apartments within the building throughout 2021, managing to sell 10 apartments, as well as six car spaces in the residential car park and 32 parking spaces next to the public car park, leading to a revenue of €9.9 million.

While this means there was a 0.12 per cent drop from 2020’s €11.3 million generated through such sales, the corresponding cost of sales also dropped from 2020’s €7.8 million to €7.7 million in 2021.

The company’s major improvements throughout the year were mainly recorded in other costs, such as a €242,253 drop in selling expenses from 2020’s €478,109, amounting to just €235,856 in 2021, as well as €374,333 in administrative expenses, representing a nine per cent decrease from the previous year.

Despite COVID-19 restrictions still being in place and there still being a preference for remote working within the community throughout the year, revenue from the Pendergardens public car park also improved in 2021, with an increase of 33 per cent being recorded.

The improved occupancy levels of the public car park are also being sustained in 2022 as of the publishing of the report.

The company’s finance costs were mainly made up of a bond interest payable of €1.4 million, a steep drop of 27 per cent from 2020’s €1.9 million.

Pendergardens Developments’ performance throughout 2021 is in line with the directors’ expectations, and they “expect the Company to continue to be profitable in the foreseeable future”, the board claimed.