Friday 30 September 2016

Healthy pre-tax profits of €3.5m at pharmacy chain

Gordon Deegan

Published 12/01/2016 | 02:30

Revenues rose by 2pc to €23.5m last year at Hickey’s Pharmacy. Photo: Arthur Carron/Collins
Revenues rose by 2pc to €23.5m last year at Hickey’s Pharmacy. Photo: Arthur Carron/Collins

Pre-tax profits at a firm that is part of one of the largest independently owned pharmacy retail groups in the country almost tripled to €3.49m last year.

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New accounts show that Hickey's Pharmacy Ltd's revenues increased by 2pc, from €23.1m to €23.5m, in the 12 months to the end of February 28 last.

Those revenues are contained in accounts by Hickey's Pharmacy Ltd but the group's earnings are contained in Drishlawn.

In 2014 the business put the results off-limits to public scrutiny when the directors changed Drishlawn's status to unlimited thereby removing the need for the firm to file annual accounts.

The last disclosed revenues for Drishlawn totalled €46.3m in fiscal 2013.

The accounts show that the operating profits enjoyed by Hickey's Pharmacy Ltd last year fell from €4.7m to €4.43m.

The firm enjoyed the increase in pre-tax profits after exceptional costs of €2.85m in providing against a related party loan in 2014 reduced to €332,644 in 2015.

The pre-tax profit also takes account of loan interest charges of €627,232.

Numbers employed by the Hickey firm fell from 288 to 274 with staff costs increasing from €3.8m to €4m.

Irish Independent

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