Profits at Michael Guiney increase by a fifth

Pretax profits at retailer Michael Guiney increased by one-fifth to €2.26 million last year.

Newly filed consolidated accounts for the Michael Guiney group show that the jump in profits followed revenues rising by 19 per cent from to €22.55 million in the 12 months to the end of January 2022.

The first Michael Guiney store opened its doors in 1971 on Thomas Street in Dublin and in the year under review the group celebrated 50 years in business.

The company – which sells household items and clothing – has 12 outlets in Dublin, Cork, Tralee, Waterford, Limerick, Castlebar, Clonmel, Mullingar, Dundalk, Belfast and Kilkenny.

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Last year it paid out a dividend of €150,000 to shareholders and this followed a dividend payout of €80,000 in the previous year.

Numbers employed increased from 164 to 179 and the business did not avail of any Covid-19 supports here last year but did receive Covid-19 UK furlough payments of €295,953.

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Staff costs totalled €4.23 million while directors’ pay increased marginally from €226,600 to €230,377.

More than 95 per cent of the group’s sales are recorded in Ireland with the remainder in the UK.

After tax, the group recorded profits of €1.87 million.

Covid-19 impacted the business during the year under review and, addressing the firm’s going-concern status, the directors state that “the group has a strong balance sheet including strong cash resources at year end and [is] not as exposed as some competitors as assets are largely owned not rented”.

Accumulated profits stood at €20.92 million while its cash funds increased from €2.63 million to €3.29 million.

The accounts disclose that in 2020, Michael Guiney loaned Michael Guiney Limited €700,000 and at the end of last January, €365,000 was outstanding to Mr Guiney for this transaction.