Fónua sees profits fall despite rise in revenues

Ireland’s biggest handset distributor, 49% owned by Vodafone, has 60% market share

 

Fónua, the country’s biggest mobile phone distributor, with over 60 per cent market share, saw profits decline last year despite a rise in revenues.

The company, which previously traded as 20:20 Logistics, supplies handsets and accessories to all the leading the Irish network operators, as well as to major retail chains such as Dixons Carphone, Tesco, HMV and Harvey Norman.

According to newly filed accounts, the company reported a pretax profit of €5.3 million in the 12 months to the end of June 2015, as against €6.5 million a year earlier, on turnover that rose from €295 million to €309 million.

Vodafone Ireland owns a 49 per cent stake in Fónua, which ships more than 2.5 million handsets and carries out over 240,000 repairs annually through its Fónfix business.

Founded in 1997, the company was previously part of the Caudwell Group until 2006, when it became a unit of UK-based 20:20 Mobile.

Rebrand

Don Maher

Mr Maher is a former Vodafone board member.

Shareholders’ funds totalled €22 million in the 12 months to the end of June, up from €17 million a year earlier. It had net funds of €15 million, compared to €8.8 million for the preceding year.

The group, which employs more than 200 people, said staff costs, including wages and salaries, totalled €106 million.