A year of ‘belt tightening’ as no new openings planned at Sam McCauley
It expects this year to be even worse than last year as HSE cutbacks take hold.
Turnover at the Co Wexford-based company fell €702,083 to €84.7 million in the year to the end of September 2009.
Latest accounts show pre-tax profit was €2.2m after a deduction for diminution in the value of assets of €3.9m.
A further €7.1m was written off the revaluation reserves in respect of diminution in value of assets, the accounts said.
“Overall, in what was an extremely difficult trading environment, the directors are pleased with the performance of the group in 2009.
“It, however, is important to point out that the full impact of the HSE cutbacks will not be felt until 2010, which will be an even more difficult year for the group,” the accounts read.
The directors said there are no plans for new openings and they see 2010 as a year for consolidation and belt-tightening.
The number of people employed in retail and distribution fell from 553 to 506, although the number employed in administration increased from 52 to 58. Staff costs fell from €15.2m to €14.5m.
Directors remuneration fell slightly from €994,832 to €876,305.
Following the payment of a €1.5m dividend in the previous year the directors did not propose the payment of a dividend last year.
The accounts also noted that its Uniphar shares have been revalued to €3 per share as thedirectors consider that these shares have diminished in value and that their market value is lower than their cost.
Sam McCauley Chemists was founded in 1953 by the late GB McCauley, who acquired the Brooke Kelly Pharmacy, which operated since the early 1900s.
In 2007 it announced plans for a €5m expansion programme.
The pharmacy group has around 23 stores nationally, with a strong presence in counties Carlow, Cork, Dublin, Kerry, Kilkenny, Tipperary, Waterford, Wexford and Wicklow.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
