Profits down as turnover rises at family-owned Power City

Consumer and electrical goods retailer owns 10 branches in Ireland

Recently filed accounts for Power City Limited show turnover at the group increased by 6.5 per cent to €87.2 million from €81.8 million

Recently filed accounts for Power City Limited show turnover at the group increased by 6.5 per cent to €87.2 million from €81.8 million

 

Power City, the family-owned consumer and electrical goods retailer that operates 10 stores in Ireland, saw profits fall last year despite a rise in turnover.

The retail chain, which is controlled by the family of Wicklow- based businessman Liam McKenna, recorded pretax profits of €5.5 million for the 12 months ending September 2016, versus €6 million a year earlier.

Recently filed accounts for Power City Limited show turnover at the group increased by 6.5 per cent to €87.2 million from €81.8 million.

Staff numbers rose to 238 from 232 a year earlier with related costs, including wages and salaries, jumping from €7.3 million to €7.5 million.

The accounts show the company paid a dividend of €3 million to its six shareholders, who are named as Dermot McKenna Jnr, Liam McKenna Jnr, Aidan McKenna, Colin McKenna, Sinéad McKenna and Stephen McKenna.

Directors’ remuneration totalled €804,000 last year, up from €785,000 in 2015.

Power City, whose main competitors include DID Electrical, Harvey Norman and Currys, operates 10 branches in Ireland at Tallaght, Sallynoggin, Blanchardstown, Finglas, Coolock, Fonthill, Bray, Drogheda, Naas and Carrickmines.