Friday 19 January 2018

Losses mount at Carphone Warehouse's Irish arm

Carphone-Warehouse__708103a.JPG
Carphone-Warehouse__708103a.JPG

Gordon Deegan

Pre-tax losses at the Irish arm of Carphone Warehouse continued to mount as revenues declined last year.

New accounts filed by The Carphone Warehouse Ltd with the Companies Office show that the firm recorded a pre-tax loss of €9.69m and this followed a pre-tax loss of €9.14m in fiscal 2012.

Revenues declined by 3pc from €108.73m to €105.43m in the 12 months to the end of March 2013, the accounts show.

The firm last year received a cash injection of €45m from its parent, according to the filing.

The cash injection changed a net deficit position of €28.6m to net assets totalling €7.6m at the end of March last.

Last year's loss resulted in accumulated losses at the firm increasing from €29m to €37.7m and, according to the directors, "this reflects an ongoing competitive marketplace, impacting trading margins during the period".

The note states that the parent company has provided a written consent, which is legally binding, to continue to provide necessary financial support and other resources to the company for the foreseeable future.

The figures show that the firm's cost of sales marginally increased from €84.58m to €84.94m in spite of a drop in revenues.

However, the firm reduced its operating expenses from €31.19m to €27.87m.

Irish Independent

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