PJ Caroll profits fall amid black market competition

Operating profits at the Irish arm of cigarette firm PJ Carroll fell 20% to €8.4m last year in the face of continuing competition from the black market.

Revenues slipped to €30.28m after “numerous years of decline”.

Gross revenues, which include duty excise and other taxes of €185m, fell 2% to €215.3m in 2015.