Sunday 22 July 2018

€3m dividend for McKenna family as Power City profits dip

Power City faces stiff competition from a number of rivals in the sector, including DID Electrical, Currys, and Harvey Norman.
Power City faces stiff competition from a number of rivals in the sector, including DID Electrical, Currys, and Harvey Norman.
John Mulligan

John Mulligan

Profits at the Power City chain slipped 6.4pc to €4.4m last year, but the McKenna family that owns the business split another €3m dividend as revenue remained steady at €85.3m. The business sells electrical appliances and electronic goods from a network of stores, primarily in Dublin, but also with locations in Bray, Naas and Drogheda.

Newly-filed accounts for Power City for the 12 months to the end of September last year, show that while its gross profit edged 4.5pc higher to €19.3m, compared to the 2016 financial year, higher administrative expenses, at just under €14m, resulted in operating profit falling to €5.3m from €5.5m.

The company's shareholder funds increased to €94.9m at the end of last September as it continued to trade profitably.

It employed an average of 250 people at the end of last September.

The accounts also show that the company forked out almost €13.9m for tangible fixed assets during the last financial year, compared to just €1.8m the year before.

Power City is controlled by Dermot McKenna Jnr, Liam McKenna Jnr, Aidan McKenna, Colin McKenna, Sinéad McKenna and Stephen McKenna.

The business faces stiff competition from a number of rivals in the sector, including DID Electrical, Currys, and Harvey Norman.

Irish Independent

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