Cork Marts turnover reaches €6m

TURNOVER in the Cork Marts Group increased last year but group profits fell slightly due to higher interest charges.

According to the society’s annual report, turnover rose by €906,000 to €6 million. Income from its core livestock and property auctioneering business rose slightly by €30,000 to €3.85m.

The balance of €2.15m came from the more recent business of property development. This was an increase of €876,000 on the previous year.

Profit before interest was €1.39m, an increase of €490,000 on 2006. However, 2007 saw a much increased interest charge of €847,000 against profits.

As a result, profit on ordinary activities after interest was slightly down on the previous year to €792,000, a fall of €81,000.

Chairman Dermot O’Connell noted that profitability in its core business is always a challenge.

“This again highlights the importance of our diversification strategy into property development business which is expected to be our main source of group profit going forward,” he stated.

The society’s balance sheet remains very sound with shareholders funds now over €52m.

The group recently opened a new €17m marts in Corrin, Fermoy.

It recorded a throughput of 155,000 head of cattle and calves, down from 159,000 in 2006. This is the first annual decrease in four years. Sheep numbers sold fell 8% from 2006 levels to 110,000 head.