Tuesday 25 October 2016

Homestore + More profits jump to €5.1m as sales soar

Gordon Deegan

Published 23/04/2015 | 02:30

The first Homestore + More opened in Tallaght in 2004.
The first Homestore + More opened in Tallaght in 2004.

Pre-tax profits at the firm that operates home furnishing retail chain Homestore + More last year jumped by 47pc to €5.1m.

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Accounts filed by holding company Ogalas to the Companies Office, revenues at the retail chain increased 21pc to €64.46m in the 12 months to the end of January 31 last year.

Numbers employed during the year increased from 277 to 300 with staff costs going up from €7.5m to €8.9m.

The first Homestore + More opened in Tallaght in 2004. Today, there are 13 stores nationwide. The company's outlets are located in Blanchardstown, Carlow, Cork, Drogheda, Dundalk, Fonthill, Galway, Limerick, Nutgrove, Sligo, Swords, Tralee, Wexford and Tallaght.

The profit in 2014 takes account of non-cash depreciation and amortisation costs amounting to €1.7m.

The firm's cost of sales last year increased from €31.73m to €37.7m with administrative expenses increasing from €16.59m to €19.9m.

The filings show that Homestore + More also benefited from net interest receivable payments of €54,905.

The firm recorded a post tax profit of €4.4m last year after paying corporate tax of €721,812.

Remuneration for the firm's six directors who served during the year topped €1m.

The directors who served in 2013 are listed as Jonathan Stanley, Daniel Maher and John Noonan with Neil Durkan resigning on September 2013; Maria Thompson and Matthew Smith who both resigned in March 2013.

The accounts show that the firm's balance sheet remains strong with shareholder funds totalling €20.95m that included accumulated profits of €5m.

The figures show that the firm's cash pile during the year increased from €5m to €6m.

The company's expansion last year included payment for tangible fixed assets of €1m that followed a spend of €3.3m under that heading in the firm's previous year.

According to the directors' report "the directors are satisfied with the performance of the company for the year and the state of affairs at the year end date".

The report adds that "the corporate strategy for the coming year is to increase shareholder value through enhancing market share and controlling the company's cost base".

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