PJ Carroll profits hit by black market

The profits of cigarette firm, PJ Carroll, have been hit by the black market, it said.

Pre-tax profits fell 36%, to €5m, as gross revenues declined to €205.63m, from €215.3m in the previous year.

“The black market remains a huge challenge facing the business,” the company said, as it commended the gardaí and Revenue for their efforts in fighting the illicit trade.