Kerry's Garvey Group posts 54% fall in pretax profits

Pretax profits at the Garvey group of Supervalu and hotels last year declined by 54 per cent to €2.3 million.

New accounts filed by Commidare Holdings Ltd show the Co Kerry business group recorded the decrease in pretax profits as revenues increased by 2 per cent from €121 million to €123 million in the 12 months to the end of January 5th this year.

The business started as a corner shop in Dingle and it today comprises nine Supervalu stores across the southwest along with two hotels in Dingle.

The group is one of the largest privately owned firms in Munster and today employs 837.

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Profits at the company declined due to a €853,018 fall in the value of the company’s quoted investments and this followed an increase of €1.2 million in value of quoted investments in 2017.

Dividend of €300,000

The group’s pretax profits also declined due to an exceptional cost of €309,104 concerning a non-cash writedown in property.

The group last year paid out a dividend of €300,000, while operating profit decreased by 7 per cent from €4.15 million to €3.85 million.

The group continued its expansion last year as it incurred €5.3 million in acquiring tangible fixed assets and this followed a spend of €2.4 million under the same heading in 2017.

Staff costs at the group last year increased from €16.32 million to €16.95 million.

The directors of the group are listed as Tomás Garvey, Esther Garvey, Jim Garvey, Kevin McCarthy, Shane Garvey and John Gilmartin and directors' remuneration last year increased from €640,155 to €709,001. During the year, the group paid €2.2 million to Tomás Garvey for property-related assets and investments.