Kearys motors record best trading year in 2007

CORK motor dealership, Kearys recorded its “best trading year ever” in 2007 with operating profit almost doubling from €2.4 million to €4.1m.

The company said, however, this year presented a more challenging and difficult environment.

Profit before tax fell to €3.1m last year from €5.57m in 2006, after the sale of a company asset.

Accounts just filed for Carweb Limited, the holding company of Kearys, show turnover in 2007 came to €156.4m up from €133.7m in 2006. Gross profit up from €7.7m in 2006 to €9.9m.

Shareholders’ funds in the year totalled €15.8m from €15m in 2006. Profit after tax was €2.6m while the group paid a dividend of €1.87m.

Most of the company’s turnover was generated in Ireland, with just €180,000 made in Britain, according to its latest figures.

Average employment over the year was 212 up from 189. Staff costs in 2007 amounted to €9.6m from €8.1m in 2006.

Commenting yesterday on the year’s outturn, one of the company’s directors Mr O’Donovan said: “It is a very difficult time for our business and the 2007 accounts seem like a distant memory now.

“The ongoing challenge for the group is maintaining growth in sales and gross margin and controlling overheads, together with ongoing focus on working capital management.”