Profits up at cash-rich Power City despite decline in sales

Profits at Power City, the electronics retailer owned by the McKenna family, last year grew by 7 per cent to €9.3 million.

New accounts show that Power City Ltd recorded the increase in pretax profits despite revenues falling by 10.48 per cent to €94.5 million in the 12 months to the end of September 24th last.

The company’s directors noted that “trading during the year continued satisfactorily”, with costs declining slightly during the period. It did not pay a dividend for the year, having paid out €2.5 million in the previous 12 months.

The cash-rich firm saw its cash funds increasing sharply from €30.22 million to €43.42 million during the year.

The Irish Times view on Irish banking: some welcome new competition

---

Gerard Howlin: We now know which hospitals are overspending and which are delivering. Let’s fund them accordingly

---

Home renovations: seven hidden budgeting pitfalls to avoid

---

Quiet quitting: You always had workers who did 9-5 but it’s a creeping malaise, employers say

---

With no dividend payout last year, the firm’s accumulated profits increased from €107.58 million to €118.83 million.

Directors’ pay was 45 per cent, or €1.3 million, lower at €1.58 million. This was comprised of emoluments of €1.39 million and pension contributions of €196,000.

Seven directors served during the year but only three remain on the board: Liam T McKenna, Dermot B McKenna and Sinead McKenna. Joseph Kelly resigned from the board on December 5th last and Stephen Kelly, Stephen McKenna and Karen McKenna all resigned on February 22nd this year.

Numbers employed at the McKenna-owned firm last year decreased by one to 230.

Power City’s stores are located in the eastern part of the State, with its Dublin stores at Tallaght, Sallynoggin, Blanchardstown, Finglas, Coolock, Fonthill, Carrickmines and Swords, while it also has outlets in Bray, Co Wicklow. Naas, Co Kildare and Drogheda, Co Louth.