Pretax profits at Power City dip slightly to €4.77m

Pretax profits at family owned white goods and electronic retailer

Power City dipped slightly last year to €4.77 million.

Accounts lodged by Dublin-based Power City Ltd show that profits fell from €4.9 million in the year to September 29th 2013 after revenues slipped slightly to €74.24 million, from €75.37 million.

Power City has nine stores, in Tallaght, Blanchardstown, Sallynoggin, Finglas, Coolock and Fonthill in Dublin, and in Bray, Naas and Drogheda.

The company’s operating profit rose to €4.19 million from €3.95 million. However, lower net interest payments received – €582,000 compared to €952,000 in 2012 – contributed to the lower profits.

The company’s profit takes account of €943,000 in non-cash depreciation costs.

The company also incurred capital expenditure of €691,00 acquiring assets during the year, on top of €4.3 million in capital expenditure in 2012.

Numbers employed at the McKenna family firm last year stayed at 224, although staff costs rose from €5.7 million to €6.1 million. The company paid a dividend of €939,000 to its six shareholders in 2013, up from €920,000 in 2012.

Remuneration for the business’s seven directors last year totalled €750,000, compared to €732,000, in 2012.

The accounts show that the business had cash of €53.1 million at September 28th.