Business Irish

Sunday 17 December 2017

McKenna Power City family share €3m dividend windfall

The firm had cash totalling €54.5m at year end.
The firm had cash totalling €54.5m at year end.

Gordon Deegan

The McKenna family, which own electric and electronic retailer Power City, shared a €3m dividend windfall last year.

That is according to new accounts just filed by Power City Ltd which show that pre-tax profits at the firm last year increased by 20pc to €6.2m.

Revenues rose by 9.5pc to €81.8m in the 12 months to the end of September 26 last. Numbers employed increased from 208 to 232.

The filings show that the company paid a dividend of €3m to shareholders last year and this followed a dividend payout of €949,000 in 2014. The shareholders in the firm are listed as Dermot McKenna Jnr, Liam McKenna Jnr, Aidan McKenna, Colin McKenna, Sinéad McKenna and Stephen McKenna.

The firm had cash totalling €54.5m at year end. Accumulated profits at the end of September last totalled €90.52m.

Power City's stores are located in the eastern part of Ireland, with its Dublin stores at Tallaght, Blanchardstown, Sallynoggin, Finglas, Coolock, Fonthill, Carrickmines, while there are also stores in Bray, Naas and Drogheda. The directors said they are satisfied with the results.

Irish Independent

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