Happy reading for bookstore

BOOKSELLER Hughes & Hughes saw profits more than double last year, according to its latest accounts.

Pre-tax profits at the Irish-owned book company were €910,360 in the year to end February 2005, from €414,395 in the previous year.

Turnover at the company, owned by Derek Hughes and his family, increased from €20.1 million to €24.4m.

Hughes & Hughes has 13 outlets in Ireland and is the largest Irish-owned bookseller. The company has one shop outside of Ireland, at Dermot Desmond's London City Airport development.

The company's balance shows that equity shareholders' funds grew to €1.41m in 2005 from €601,730.

Long-term debts decreased from €544,845 to €336,376.

The company's three directors, Mr Hughes, Mark Gould and Keith Webster, shared remuneration of €344,204, an increase of more than €85,000 year-on-year.

The number of people employed rose by 15 to 153 as a result of more store openings, pushing up the total wages bill to more than €3m from €2.5m.

According to the accounts, the company leased office space to Mr Hughes and charged rent of just over €57,000.

The accounts also show that the directors owed €38,172 to the company at the end of last year.