Casey’s profits plummet 64%

PROFITS at furniture store Casey’s of Cork plummeted by 64% after directors increased their pay and pension contributions by 77% to €1.12m.

Abridged accounts filed by John Casey Limited for the year to the end of January 2003 show that while sales increased to 10,446,760 in 2003 from €9,697,115, pre-tax profits fell to €412,979 from €1,147,133 a year earlier.

Gross profits improved in the period to €4,190,713 from €3,533,502. However, accounts show that “directors’ remuneration (including pensions contribution)” jumped from €254,752 to €1,124,868 in 2003.