Friday, September 3, 2010 Previous editions
Wednesday, August 26, 2009
ONE of the country’s biggest pharmacy chains, Sam McCauley Chemists, saw its pre-tax profit fall last year in what is described as an extremely difficulty trading environment.
The Wexford-based company is not ruling out further openings but sees the immediate future as being a period of consolidation. Last year it opened stores in Wexford and Clonmel.
According to the accounts the directors note last year was an "extremely difficult trading year" but said they are pleased to report an increase in turnover from €79.4 million to €85.4m in the year to the end of September 2008. It added that "not surprisingly", in view of the current economic climate, profit before tax reduced from €4.2m to €3.4m.
The directors recommended paying the first dividend since 2004 which amounted to €1.5m for the year.
Administrative expenses in the year were just over €29m compared with €27.1m in 2007. There were 605 people employed by the company in the year compared with 581 in the previous year. Staff costs increased from €14.4m to €15.2m.
Sam McCauley Chemists was founded in 1953 by the late GB McCauley, who acquired the Brooke Kelly Pharmacy, which operated since the early 1900s. In 2007 it announced plans for a €5m expansion programme.
The pharmacy group has 23 stores nationally, with a strong presence in Carlow, Cork, Dublin, Kerry, Kilkenny, Tipperary, Waterford, Wexford and Wicklow.
This year has proven to be a turbulent year for the country’s pharmacies, many of which have been caught up in a dispute with the HSE on fees paid under the community drugs schemes.
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