Power City’s pre-tax profits surge 11% to €8.72m during pandemic hit year

Revenues at family-owned electric and electronics retailer grow

Pre-tax profits at the McKenna family-owned electric and electronics retailer, Power City jumped 11 per cent last year to €8.72 million.

Accounts just filed show that the business continued to flourish in 2021 as its revenues increased for the second year of the Covid-19 pandemic.

Sales rose by 5 per cent to €105.54 million in the 12 months to September 25th las, after a 12.5 per cent increase from €89 million in the previous year.

The company paid out a dividend of €2.5 million last year, following a €2 million dividend payment in 2020.

Directors' pay surged 82 per cent to €2.89 million, including pension contributions of €141,000. The increase followed the appointment of three new board members in December 2020 – Stephen McKenna, Karen McKenna and Stephen Kelly. John Doyle resigned in December 2020 and Aidan McKenna resigned last September.

In their accounts statement, the directors said trading “continued to be strong”, with costs continuing to be well-managed although they rose slightly during the year.

On the impact of Covid-19, the directors acknowledge that the prolonged pandemic disruption may have a permanent impact on customer demand.

Numbers employed at the business last year dipped from 244 to 231 as staff costs increased from €8.66 million to €10.7 million.

The cash-rich firm saw its cash funds decreasing sharply from €48.14 million to €30.2 million during the year.

Power City's stores are located in the eastern part of Ireland with stores at Tallaght, Blanchardstown, Finglas, Coolock, Fonthill, Carrickmines, and Swords, in Dublin, while there are also stores in Bray, Naas and Drogheda. Another store at Sallynoggin in south Dublin is currently being rebuilt.