Profits up at Power City despite fall in revenues

Pretax profits at Power City increased by 4 per cent last year to €5.8 million.

The Irish-owned electrical retailer increased its profits in spite of revenues decreasing by 10 per cent from €77.4 million to €69.5 million in the 12 months to the end of September 24th last year.

The figures just returned to the Companies Office show that at the end of September 24th last the company had accumulated profits of €78.4 million.

According to the directors’ report “the directors are satisfied with the results for the year”.

The filings show that the company paid a dividend of €3.6 million to its shareholders in 2011, and this followed a dividend payout of €4.6 million in 2010.

Power City’s stores are located in the eastern part of Ireland, with its Dublin stores at Tallaght, Sallynoggin, Finglas, Coolock and Fonthill, while there are also stores in Bray, Naas and Drogheda.

The accounts show the company at the end of September last year had seven directors, including five from the McKenna family that established the firm.

The directors’ report states that “the principal risk currently facing the company is the economic environment in Ireland which continues to be very difficult for retailing”.

The figures show the firm’s operating profit declined from €4.5 million to €4.4 million. However, net interest payments received increased from €1.08 million to €1.39 million last year resulting in the higher pretax profits.