New accounts for O’Mahony’s Booksellers show that the firm had the profit increase in spite of the book firm’s revenues dipping from €8.98m to €8.94m in ¦the 12 months to the end of February this year.
The firm operates outlets in Limerick, Tralee, Co Kerry, and Ennis, Co Clare, and the accounts show that the firm’s operating profits totalled €241,956 for the year.
It recorded the pre-tax profit of €161,022 after interest payments of €56,734 and a €24,000 writeoff of investments are taken into account.
The O’Mahony’s business was also helped by the books market here growing 10.8% in value last year and 4.4% in volume according to Nielsen annual book sales report for 2015.
According to Nielsen, the year’s big hitters included Anne Enright’s The Green Road and Until Victory Always by Jim McGuinness.
Nielsen added that The Girl on the Train by Paula Hawkins outsold Grey: Fifty Shades of Grey as told by Christian by more than two to one to take the top spot in the adult fiction category.
According to the directors’ report section of the latest accounts, “the economic downturn may continue to affect future operations.
However, tight control of the cost base resulted in improved operating profits for the year”.
The firm’s cashpile increased sharply, going from €24,613 to €383,700.
Shareholder funds also increased, going from €161,673 to €309,592.
On the company’s going concern status, a note attached to the accounts states that the directors are satisfied, having reviewed the company’s forecasts and projections, that it has adequate resources to continue in operational existence for the foreseeable future.
The numbers employed by the firm last year decreased from 72 to 69 with staff costs reducing from €1.9m to €1.85m.
Pay for the directors, Frank and Peter O’Mahony, last year fell from €223,525 to €200,828.
The figures show that the firm paid Frank O’Mahony €103,200 in rent for its flagship store on O’Connell St in Limerick and a separate premises on Limerick’s Dock Rd.
The accounts also state that the company has a contract with Peter O’Mahony to provide consultancy services and €95,000 was paid to him last year.