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Dunnes profit halved

PRE-TAX profit at the UK business of Irish-owned retail group Dunnes Stores last year more than halved to £12.3m (€15.3m).

Returns lodged by Dunnes Stores (Bangor) Ltd at Companies House in the UK show that revenues at the group declined by 6.5pc from £177.8m (€221.6m) to £166.3m (€207.3m) in the year to the end of January 28 last.

The figures show that pre-tax profit dropped by 53pc from £26.2m (€32.6m) to £12.3m (€15.3m).

The main factors behind the sharp drop were overheads increasing from £43.4m (€54m) to £47.3m (€58.9m) and interest receivable falling from £5.1m (€6.4m) to £357,000 (€445,000).