Sam McCauley Chemist profits soar by more than a third, surpassing €2m
Accounts for the group, which were just filed, show turnover for the year to the end of September was up from €40.7m to €46.9m.
At pre-tax level, profits were €2.06m for the period, down on the €2.8m it made the previous year.
However, the latter figure includes a €1.2m gain on the sale of a subsidiary in 2003.
“2004 represented another year of strong growth for the Sam McCauley Chemists group, highlighted by the major expansion and refurbishment of the company’s flagship Redmond Square branch in Wexford,” the directors said in the accounts.
“An aggressive expansion plan has been finalised, which will result in an increase in the total number of outlets from 15 to 21 in 2005, including two stores in Dublin, marking the group’s initial entry into the capital.
“Turnover of like for like stores continues to be very buoyant and this fact, combined with the new outlets, is projected to grow turnover to over €60m in 2005.”
Despite the rise in profits, the dividend payment to shareholders was cut by €300,000 on the previous year to €200,000.
The shareholders of the company are listed as Sam and Leslie McCauley, Gerry Griffin, Patrick McCormack, Eric Jenkins, Colm Byrne, Anne Marie Cremin, Shane Kelly, Mark Sadja and Paul Maher.
The Ardcavan, Co Wexford-based, company also said in the accounts it lost a High Court case against the Pharmaceutical Society of Ireland and the State during the year.
Though it did not disclose the nature of the case, it said if the Supreme Court upheld the
High Court ruling it would face a liability of €250,000.
The company’s balance sheet showed shareholders’ funds had risen by around €1.5m to €15.5m.
At its year end, the company employed 449 people across its 15 outlets.
Directors’ fees and pension contributions totalled €1.13m.
