Gowan Group back in profit
The MD of one the country's largest family-owned businesses, the Gowan Group, said that the scarcity of new housing has held back the performance of its appliance and consumer electronics business.
Michael Dwan made his comments as he welcomed a return to profit for the group in 2014. New accounts recently filed by Gowan Group Ltd to the Companies Office show that it recorded the pre-tax profit of €1.39m after recording a pre-tax loss of €5.4m in 2013 - a positive swing of €6.79m.
The return to profit followed revenues increasing by 29pc.
The group delivered an Earnings Before Interest Tax Depreciation and Amortisation (EBIDTA) positive result of €1.6m versus an EDITDA loss of €0.5 loss in 2013.
Established in 1969, the Gowan Group distributes Peugeot and Honda vehicles in Ireland.
The group also distributes a number of other blue chip brand names in Ireland including Senator Windows, Neff, Aga, Elica and NordMende.
Mr Dwan said: "A welcome return to profit in 2014 reflects an improving economy in Ireland where car and van sales in particular experienced significant gains... The dearth of new housing development has held back the performance of our appliances and consumer electronics business but we are seeing evidence of increased activity this year."
He added: "Senator Windows has built on the fine recovery performance of last year and I expect double digit growth in this business in 2015. All in all, we look forward to the future with confidence."
Numbers employed increased marginally to 209 with staff costs increasing to €12m.
The group has shareholder funds of €63m that includes accumulated profits of €61m.
The firm's cash stood at €15.37m.