Thursday 30 March 2017

Pre-tax profits soar to €2.9m at chemist chain

Sam McCauley operates 30 pharmacies across the country
Sam McCauley operates 30 pharmacies across the country

Gordon Deegan

Pre-tax profits at Irish-owned pharmacy chain Sam McCauley rose by 53pc to €2.98m last year.

New accounts just filed by the Co Wexford-headquartered group that operates 30 pharmacies across the country employing hundreds of staff show that revenues increased marginally from €74.16m to €74.78m in the 12 months to the end of September last.

The firm last year paid a €3m dividend to its shareholders and this followed a €500,000 payout to shareholders in 2014.

The firm is over 60 years in business and has a strong presence in counties Carlow, Cavan, Cork, Dublin, Kerry, Kilkenny, Tipperary, Waterford, Wexford and Wicklow.

According to the directors' report, "2015 was a year of consolidation and the directors are pleased with the performance achieved in a retail market that continued to be difficult outside the larger population areas".

The directors state that "the outlook for 2016 is better and the group is well positioned to benefit from the expected improvement in consumer confidence and spending". The group last year reduced its overall bank debt from €13.4m to €11.1m. At the end of September last, the group had shareholder funds totalling €30.7m that included accumulated profits of €18.44m.

The cash pile last year decreased from €1.14m to €887,446.

Interest payments on the group's bank interest payments totalled €507,372. Cost of sales last year increased from €42.77m to €43m while administrative expenses increased from €27.94m to €28.47m.

Operating profits at the group reduced by 7pc from €3.76m to €3.49m. The firm also received 'other operating income' of €285,129 and this followed €322,081 income under that heading in 2014.

The group incurred a €1m tax bill that gave the group a post tax profit of €1.96m.

The group last year spent €1.43m in acquiring fixed assets. The company sustained an impairment of a financial asset of €1.1m in 2014 that didn't re-occur in 2015.

Numbers employed by the group decreased to 528.

Irish Independent

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