Profits rise by 72pc at Homestore + More chain
Published 30/12/2015 | 02:30
Pre-tax profits at the firm that operates expanding home furnishing retail chain Homestore + More jumped by 72pc to €8.82m last year.
In the best ever year for Ogalas Ltd, revenues at the independently-owned retail chain rose by 22pc from €64.46m to €78.72m in the 12 months to the end of January 2015. The growing business took on an extra 104 staff during the year to bring staff numbers to 404.
The first store opened in Tallaght, Dublin, in 2004. It now operates 17 nationwide having added three more this year.
The accounts will be the last made publicly available by Ogalas. The firm recently re-registered as an unlimited company, removing the requirement to file annual accounts with the Companies Office.
The profit takes account of non-cash depreciation costs of €1.78m. Remuneration for the firm's three directors who served during the year remained static at €1.08m. The directors who served in 2014 are listed as Jonathan Stanley, Daniel Maher and John Noonan. Staff costs increased by 16pc, from €8.9m to €10.32m. Cost of sales last year rose from €37.7m to €45.4m with administrative expenses rising from €19.89m to €22.66m. Operating profits increased by €3.69m, or 71pc, from €5.18m to €8.87m while €52,967 interest payable reduced the profits to €8.82m.
The firm recorded a post-tax profit of €7.63m last year after paying corporate tax of €1.19m.
The balance sheet remains strong with shareholder funds totalling €28.58m that included accumulated profits of €12.67m. The cash pile during the year rose from €6m to €7.26m. The firm's expansion last year included payment for tangible fixed assets of €1.48m that followed a spend of €1m under that heading in 2013.