ELECTRICAL RETAILER Power City made a pretax profit of €5.6 million in the year to the end of September 2010 but paid no dividend to its shareholders.
The retail chain, which is controlled by the family of Wicklow- based businessman Liam McKenna, saw its turnover drop to €77.4 million from €87.2 million. Turnover in 2008 was €95.9 million.
The company was for many years a beneficiary of the property boom, which stimulated demand for household items such as fridges, cookers, and laundry and entertainment equipment.
The accounts state the company is committed to building a new store in Naas, Co Kildare, this year. The group already has six stores in Dublin as well as branches in Bray, Co Wicklow, and Drogheda, Co Louth.
Five members of the McKenna family are shareholders and directors of Power City Ltd.
The €5.6 million profit in the most recent year compares with €6.9 million the previous year. At the end of September 2010, shareholders’ funds were €75.8 million.
The accounts show the company had an average of 198 employees during the year, including directors, at a cost of €5.4 million. Employment costs the previous year, when the average number employed was 217, were €5.7 million. Directors’ remuneration during the year was €711,000, down from €870,000 the previous year. Auditors’ fees were €27,000, down from €34,000.
Power City’s accounts were audited by PricewaterhouseCoopers.
The directors during the year were Liam McKenna, John Doyle, Liam T McKenna, Dermot McKenna, Sinéad McKenna, Aidan McKenna and Joseph Kelly.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)