Sam McCauley store chain paid €2m dividend last year

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Sam McCauley store chain paid €2m dividend last year


Pre-tax profits at the Sam McCauley pharmacy group tumbled last year to €1.1m. Stock Image: PA
Pre-tax profits at the Sam McCauley pharmacy group tumbled last year to €1.1m. Stock Image: PA

Pre-tax profits at the Sam McCauley pharmacy group tumbled last year to €1.1m, due to increased costs.

New accounts filed show that the expanding pharmacy retail group sustained the 75pc drop in pre-tax profits as revenues rose by 1.6pc, going from €78.78m to €80m in the 12 months to the end of September last.

In May, during the year under review, Carlyle Cardinal Ireland (CCI) acquired a majority stake in the business in a deal understood to be worth €50m.

The takeover came ahead of nine directors resigning.

The accounts show that €472,500 was paid out to directors for compensation of loss of office during the year.

The accounts confirm that the business paid out a dividend of €1.985m during the year.

The accounts also disclose that the business is in expansion mode and paid €5m for two pharmacy businesses this year. The directors state that, in a post-balance-sheet event, the company acquired Karas Medical Hall Ltd trading in Bawnogue Dublin 22 in February 2018 and Fermoy Medical Hall Ltd in April of this year.

The purchase of the two new chemists brings to 32 the shops operating under the Sam McCauley brand. Prior to the Carlyle Cardinal Ireland group acquiring control of the company last year, the firm was in business 60 years.

It has a strong presence in counties Carlow, Cavan, Cork, Dublin, Kerry, Kilkenny, Meath, Tipperary, Waterford,  Wexford and Wicklow.

According to the directors’ report, they “are confident of future revenue growth in existing stores along with store acquisitions and greenfield store developments adding to the growth within the group over the next 12 months”.

The directors state that they are satisfied with the performance of the company last year.

Staff costs at the Co Wexford group last year increased from €16.09m to €17.22m. Numbers employed increased from 560 to 592. The compensation paid to directors for loss of office of €472,500 contributed to overall directors’ pay last year increasing from €713,594 to €1.168m.

At the end of September last, the group had shareholder funds totalling €28.35m that included accumulated profits of €17.9m. The firm’s cash pile last year decreased going from €4.32m to €2.4m.

The firm’s cost of sales last year increased from €45m  to €47.6m while administrative expenses increased from €28.9m to €31.3m.

Operating profits at the group decreased by 73pc, going up from €5m to €1.3m.

The firm also received “other operating income” of €259,833.

The group incurred a €494,314 tax bill that gave the group a post tax profit of €662,661.

Irish Independent

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