Pharmacy chain profits up 55% in year before sale

Pre-tax profits at the newly-acquired Sam McCauley Chemists group jumped 55% to €4.63m last year, new figures show.

Two months ago, private equity house Carlyle Cardinal Ireland (CCI) acquired a majority stake in the pharmacy group in a deal understood to be worth €50m.

Newly-filed accounts show revenues increased by 5% to €78.8m last year.

The business is more than 60 years old and has a strong presence in counties Carlow, Cavan, Cork, Dublin, Kerry, Kilkenny, Tipperary, Waterford, Wexford, and Wicklow.

The Wexford-headquartered group operates 36 stores around the country and staff costs last year amounted to just under €14m.

Operating profits at the group increased by 45.5%, in the year to the end of September, to €5m.

The business incurred a €844,201 tax bill that resulted in it posting a post-tax profit of €3.78m.

Directors’ pay levels last year decreased from €887,110 to €713,594, with that figure including €39,386 in pension payments.

The accounts also show that rents totalling €270,100 were paid to director, Samuel B McCauley during the year.

Sam McCauley Chemists marks CCI’s eighth investment, with others including AA Ireland, Payzone, and Abtran.

Management called last year one of “steady growth with the opening of two new stores in Tipperary and Navan towards the end of the year”.