Cork Marts turnover close to €80m last year
Chairman Matt Murphy said in his annual report to shareholders that this reflects a very positive trade at the group’s six sales centres and also an increased throughput of numbers.
“Our income from all areas of our business operations increased by €384,000 to €3.27m. This resulted from the improved throughput at our mart sales and a very good year in our CCM Property Services division.”
Mr Murphy said the group’s operating profit before depreciation improved by €111,000. During 2004, the group disposed of a five-acre field in Skibbereen, which was of no long-term interest. This contributed to the results to give profit on ordinary activities of €413,000.
Mr Murphy revealed the society is currently working on revised plans for a proposed new livestock mart at its site in Corrin, Fermoy.
“We feel that the time is right to reapply for full planning permission for this project after our previous application was refused in 2003,” he said. Mr Murphy said the group’s ambitious redevelopment of its property in Midleton is about to take its first big step into the marketplace with the official opening of Market Green Shopping Centre.
“Tesco will be the anchor store and we have let over 25,000 square feet of retail space in 13 mall units. There is 100% occupancy secured in advance of completion. We recently signed a 25-year lease with a well-established cinema operator and we are about to start construction of this five-screen cineplex with an additional 20,000 square feet of retail space for letting.
“Full planning permission has been received for a retail park of over 50,000sq ft and marketing of this phase of the development is about to commence with likely construction before the year end.”
Mr Murphy also confirmed that planning permission for the development of its mart site in Macroom has been granted by the town council. This will incorporate the extension of the mart buildings, additional mart parking, a hardware, DIY store and garden centre of 27,000sq ft, office units, retail units and associated car parking.
Mr Murphy said the Cork Marts business is going through a period of exciting change. The strategy of utilising its asset base for the best long-term benefit of shareholders is becoming a reality.
“However, our commitment and focus on our core business of livestock marts remains, as evidenced by our future investment plans for our centres,” he said.
