B&Q records profits of €3.2m

B&Q Ireland has swung into the black with pre-tax profits of €3.2 million following losses in the previous year.

In it latest set of accounts, covering the year to the end of January 2009 the company said trading performance was in line with expectations.

The company refers to a fatality in its Tallaght store in the accounts and said the directors “regret to report” such an incident. In March this year a customer in his 50s was killed when fencing fell on top of him from a top shelf storage area at the retail store in Dublin.

“The company is currently participating in a health and safety investigation and await the outcome of this prior to making any comments,” the accounts read.

Meanwhile, in the accounts the directors said they believe that B&Q Ireland continues to offer “great products and great prices to attract customers to stores”.

“In the medium-term, B&Q aims to grow its share of home improvement expenditure by strengthening its appeal to both the Do-it-Yourself (DIY) and Do-it-For-Me (DFM) customer,” the accounts read.

During 2008/09 B&Q said it continued with its renewal programme which included updating product ranges, introducing more services and improving its store environments to “ensure B&Q is the first and only store for a greater proportion of customers’ home improvement spend”.

The pre-tax profits of €3.2m compare to losses of €1.6m in the previous year. Turnover was up from €121.8m to €124.1m in the year to the end of January 2009. Gross profit was up from €47.5m to €53.6m.

The number of people employed by the company increased from 789 to 820 while staff costs also increased from €17.9m to €19m. Directors’ fees in the year were €20,000. No directors waived emoluments in respect of the year ended 31 January 2009. B&Q has nine shops in Ireland.