20% bite taken out of Horgan’s profits

THE Mitchelstown-based supplier of fine foods and cheese Horgan’s Delicatessens saw its profits fall by 20% last year, according to its latest accounts.

The company, owned by Michael and Maura Horgan, saw its operating profits fall to €709,232 in the year to December 28, 2002, from €889,555.

Profits before tax also declined year-on year, from €572,227 to €436,189 according to documents filed recently at the Companies Registration Office. However, turnover for the year was up from €25.4 million to €26.6 million.

While there was a drop in profits, Horgan’s has a healthy balance sheet with retained profits of €2.11m and equity shareholders funds of €2.75m. Horgan’s employed 98 people at the year end, up from 91 in 2001. The drop in selling and distribution staff was offset by a rise in warehousing numbers.

The wages and salary bill for the year came to €2.98m from €2.69m the previous year. The figure equates to an average salary of just over €30,000 a year.

The company’s three directors, Michael and Maura Horgan and Peader MacCranna, received remuneration, pension contribution and fees of €208,546, up on the €184,276 they were paid the previous year. Total staff costs increased from €2.99m to €3.2m, the accounts disclosed.