Costs hit profits at Holland & Barrett
Expansion costs at the Irish arm of health food retailer, Holland & Barrett last year contributed to pre-tax profits dipping by 7pc to €5.48m.
The retailer increased the number of stores here from 50 to 52 which contributed to revenues rising by 10pc from €30.9m to €33m.
According to the directors' report, the directors state that both the level of business and the year end financial position remain satisfactory.
Holland & Barrett is Europe's leading retailer of vitamins, minerals and herbal supplements and operates a total of 620 stores in Ireland and the UK.
The Irish firm's earnings before interest, expenses, tax, depreciation and amortisation (ebitda) last year totalled €4.3m compared to €4.8m in 2015.
As part of the firm's expansion here last year, the company opened a new warehousing facility in Dublin to cater for the expansion and facilitating deliveries North and South.
Numbers employed by the business increased from 236 to 277 with staff costs rising from €5.23m to €6.59m
Accumulated profits at the end of September totalled €31.86m. The company's cash pile increased last year from €793,000 to €1.88m.Remuneration to directors increased from €112,000 to €119,000.
It is a subsidiary of the UK based Holland & Barrett Holdings and is ultimately controlled by the US-based Carlyle Group.