Sam McCauley profits rise by 53% to almost €3m

Pre-tax profits at Irish-owned pharmacy chain Sam McCauley last year rose by 53% to €2.98m.

Newly filed accounts show that the group’s revenues for the 12 months to the end of last September marginally increased from €74.16m to €74.78m.

The Wexford-headquartered group operates 30 outlets across the country, employing more than 528 staff. In business for more than 60 years, it has a strong presence in counties Carlow, Cavan, Cork, Dublin, Kerry, Kilkenny, Tipperary, Waterford, Wexford, and Wicklow.

The firm last year paid a €3m dividend to its shareholders, which followed a €500,000 payout to shareholders in 2014.

According to the directors’ report section of the accounts, “2015 was a year of consolidation and the directors are pleased with the performance achieved in a retail market that continued to be difficult outside the larger population areas”.

The report added that the outlook for 2016 was “better” and the group is “well-positioned to benefit from the expected improvement in consumer confidence and spending.”

The group last year reduced its overall bank debt from €13.4m to €11.1m. At the end of September 2015, the group had shareholder funds totalling €30.7m. That figure included accumulated profits of €18.44m. The group’s cash pile last year decreased from €1.14m to €887,446.

Operating profits at the group fell by 7% from €3.76m to €3.49m. It also received ‘other operating income’ of €285,129 and this followed €322,081 income under that heading in 2014. A €1m tax bill was incurred, resulting in a post-tax profit of €1.96m.

Numbers employed by the group last year decreased from 554 to 528; with 453 employed in retail and distribution and 75 in administration. Staff costs decreased from €14.3m to €13.64m while directors’ pay slid from €961,372 to €887,110. That total included €165,993 in pension payments.

The group last year spent €1.43m in acquiring fixed assets. It sustained an impairment of a financial asset of €1.1m in 2014 that didn’t re-occur in 2015. The cost of sales increased from €42.77m to €43m while administrative expenses increased from €27.94m to €28.47m.