Business

Tuesday 18 June 2019

Profits fall to €2.1m at Guiney's chain

The group has 12 stores
The group has 12 stores

Gordon Deegan

Pre-tax profits at retailer Michael Guiney fell by 11pc to €2.173m last year in spite of an increase in revenues.

New accounts filed by Michael Guiney Ltd show that revenues increased by 3pc from €23.8m to €24.4m.

The firm paid a dividend of €100,000 to shareholders during the year.

Numbers employed by the company remained static at 233 last year as staff costs reduced marginally from €4.46m to €4.42m.

The retailer has 12 outlets across the country.

The stores are in a number of towns and cities, including Dublin, Cork, Limerick, Castlebar, Tralee, Mullingar, Waterford, Clonmel, Dundalk, Belfast and Kilkenny.

The directors said that the group "is benefiting from a general improvement in economic activity in the economy". The Dublin-based group's balance sheet remains strong with accumulated profits of €15.5m contributing to shareholder funds totalling €15.62m. The shareholder funds included €4.45m in cash.

The profit takes account of operating lease rentals of €694,128 and non-cash depreciation costs of €708,494.

Irish Independent

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