Profits surge 21-fold to €2.4m at Michael Guiney retail chain
Pre-tax profits at discount department store Michael Guiney last year increased more than 21-fold - to €2.45m.
In a bumper year for the group, the long-established Irish retailer recorded the surge in profits after revenues increased by 10pc, increasing from €21.58m to €23.83m, in the 12 months to the end of January 31, 2017.
Numbers employed by the company last year increased from 224 to 233.
The retailer has 10 outlets - including stores in Dublin, Cork, Limerick, Castlebar, Tralee, Mullingar, Waterford, Clonmel and Kilkenny. New accounts show that it recorded pre-tax profits of €2.45m compared to €116,662 in 2015.
The last two years of profit at the company follow the firm recording a pre-tax loss of €236,837 in 2014.
The directors said that the group "is benefiting from a general improvement in economic activity in the economy".
The directors state that they feel that the key significant risk and uncertainty pertaining to the business is the increased competition from other retailers.
The Dublin-based group's balance sheet remains strong, with accumulated profits of €13.8m contributing to shareholder funds totalling €13.9m.
The shareholder funds included €2.7m in cash.
The business paid €39,736 in dividends to shareholders during the year.
The dividend payout followed dividends of €66,247 in 2015.
The profit last year takes account of operating lease rentals of €848,026 and non-cash depreciation costs of €762,099.
During 2016, staff costs increased from €4.2m to €4.4m. Directors' pay remained static at €158,373.