Former Gallagher firm back in profit

The firm co-founded by businessman and failed presidential candidate Sean Gallagher returned to profit last year after three years of successive losses.

Smarthomes Ltd, based in Dundalk, Co Louth, recorded a profit of €46,048 in the year to the end of Dec 2011, following three years of accumulated losses totalling €1.38m.

In July last year, Mr Gallagher disposed of his shareholding in Smarthomes in line with his commitment to step aside from all commercial activity ahead of the presidential election.

Managing director of Smarthomes, Eamon Conway, replaced Mr Gallagher at the firm in Apr 2010.

In a statement yesterday, Mr Conway said: “As projected, Smarthomes returned to profit in 2011. The focus of Smarthomes in the last number of years has been on extensive research and development work and the group is now focused on retrofit opportunities within the home energy management sector.”

However, a note in the Smarthomes Ltd’s accounts shows that a firm in which it has an 84% shareholding, Climote Ltd, recorded a loss for 2011 of €854,216 and had reserves of €355,984. Mr Gallagher also disposed of his share in Climote.

Mr Conway said the focus for the future continued to be energy management.

The accounts show that the profit last year reduced Smarthomes’ accumulated losses to €779,338. The firm’s shareholder’ deficit stood at €29,336.