Gowan sees profits fall by €9.6m to €15.2m

The Gowan Group, which holds the Peugeot and Citroën franchises for the Republic, made a pre-tax profit of €15.2 million in 2003, according to accounts filed recently.

The group is owned by members of the Maughan family with Ms Gemma Maughan owning the largest single shareholding.

The 2003 profit represents a €9.6 million drop on the figure for 2002. As well as the distribution, retailing and leasing of motor cars and light commercial vehicles, the group is also involved in the wholesale distribution of domestic appliances and kitchen fittings.

The directors during the year were chairwoman Ms Gemma Maughan, Mr Michael Maughan and Ms Fiona Thomas.

The financial details for 2003 are contained in the accounts of Convest Ltd, the holding company for the group. Turnover was €243 million, down from €298.8 million in 2002.

Dividends of €1.9 million were paid in 2003, as against €4 million the previous year. Accumulated profits at the end of 2003 were €112 million. The average number of persons employed in 2003 was 252, a slight increase on 2002.