Mangan Bros rack up pre-tax profits of €5.5m
Wholesale distributor and cash and carry company Mangan Bros Ltd, which was acquired by BWG Group earlier this year, returned pre-tax profits last year of €5.5m.
New returns to the Companies Office show that Mangan recorded a turnover last year of €195m, with sales in Ireland accounting for 99.6pc of revenues. The accounts also show that the company's accumulated profits at the end of 2007 were €35.8m, and that five directors of the then family-owned business shared directors' fees and emoluments of €1.4m last year.
Earlier this year, Ireland's largest food wholesaler, BWG, which operates the Spar and Mace symbol groups here, acquired its Ennis-based rival for around €40m.
The Mangan Group operated the Mace franchise in the west of Ireland, as well as the Vivo and Xpress Stop symbols -- covering some 250 retailers in total in the west of Ireland.
The accounts for Mangan Bros Ltd showed that last year pre-tax profits remained static with 2006 levels, with profits of €5.51m compared to profits of €5.52m the previous year.
The figures show that Mangan increased the size of its business last year by 1.3pc, from €192.5m to €195.2m.
The company's cost of sales last year were €175.6m -- an increase of 1.5pc on the €172.9m cost of sales in 2006.
The accounts show that the company employed 270 people at the end of last year, incurring staff costs of €8.7m.
According to the directors' statement, they were "pleased with the turnover and the profitability in the year and further growth is anticipated in 2008".
It stated: "While the group operates in a highly competitive sector, it expects to be able to continue to maintain and build its market position.
"There is no particular concentration of credit, financial or other business risks affecting the group and the board exercise adequate policy and minimise the effects of any such risk on the group."
Last year, Mangan celebrated 75 years in business -- Martin and Tommy Mangan established the operation in the west Clare village of Kilmihil in 1932.