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.

The company’s directors and holdings of the 7,614 issued shares are listed as: Peter Casey - 2,501 ordinary, David Casey - 2,501 ordinary and James V Casey - 2,612 preference and Eamon Holmes, company secretary.

The company listed as an exceptional item “Loan to Templeglen Investments Limited forgiven €317,011.” David and Peter Casey are listed as directors of Templeglen Investments Limited.

The company made no provision for bad debts in the year under review compared to €6,424 a year earlier.

The company’s stocks were valued at €1m, up from €777,000 a year earlier.

Shareholders funds at the end of the period were listed at €4m.

The accounts reveal John Casey Limited has a 100% interest in Fishertron Limited, whose principal activity is that of restaurateur.