Business Irish

Sunday 22 January 2017

Michael Guiney returns to profit as revenues hit €21.58m

Gordon Deegan

Published 29/11/2016 | 02:30

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Discount department store retailer Michael Guiney last year returned to profit after revenues increased by 7pc to €21.58m.

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The retailer has 10 outlets across the country including stores in Dublin, Cork, Limerick, Castlebar, Tralee, Mullingar, Waterford and Clonmel and employs 197 people. New accounts show that it recorded pre-tax profits of €116,662 in the 12 months to the end of January 31st last.

The pre-tax profit of €116,662 followed the business recording a pre-tax loss of €236,837 the previous year - a positive swing of €353,499.

The upturn followed revenues increasing by 7pc going from €20.1m to €21.58m - a new store opening at Kilkenny in 2015 boosted revenues.

The Dublin-based group's balance sheet remained strong with accumulated profits of €11.8m contributing to shareholder funds totalling €11.86m.

The shareholder funds included €2m in cash.

The business paid €66,247 in dividends to shareholders during the year.

The profit last year takes account of operating lease rentals of €909,165 and non-cash depreciation costs of €625,933

During 2015, the numbers employed by the group increased from 163 to 197 with staff costs decreasing from €4.6m to €3.9m.

Company directors, Michael Guiney, Suzanne Guiney and Gretta Guiney, last year shared €158,328 in remuneration.

Guineys first opened in doors in 1971 and was based solely in Dublin until 1992, when the firm's Cork store opened.

Irish Independent

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