Gowan Group slips back into the red
Maughan family business recorded a sharp dip in performance last year
Sales at the holding company Convest, which includes Gowan’s Peugeot garages, fell by €10.5 million to just under €104 million last year
Sales at the holding company Convest, which includes Gowan’s Peugeot garages, Senator Windows and the KAL group of appliance distributors, fell by €10.5 million to just under €104 million last year. The group also slid into the red, recording a €5.5 million loss after profits the previous year of €4.8 million.
The directors of the Gowan Group, chaired by veteran Dublin businesswoman Gemma Maughan, blamed the slide on “the continuing weakness of the domestic economy, which is impacting on consumer demand” for its products.
Almost all of the sales decline was accounted for by its operations in the Republic, with its UK arm, which represents about 5 per cent of its business, holding steady. The group employed an average of 210 people during the year.
The Maughans’ business is still in a solid financial position on the back of its strong performance during the last economic boom, however, with accumulated profits of €60 million and cash of €16.6 million.
The group has previously said that its margins came under pressure last year as car sales remained weak that year, although the industry has experienced a turnaround this year.
Gowan has said that it expects an improvement in the business in its results for this year.
As well as cars, the group also distributes De Dietrich kitchen appliances, Nordemende televisions and it also has deals with Whirlpool and the high-end German brand Bauknecht.
The Gowan Group acquired Senator Windows in 2006, and it is likely that its performance in 2014 also improved on the back of the overall pick-up in the construction industry.