Des Kelly group sees signs of improvement

Des Kelly Carpets Ltd, the property-holding part of the Des Kelly Interiors group, had accumulated profits of €8 million at the end of April 2012, according to recently filed abridged accounts for the year to that date.

The figure is a drop of €370,000 on the equivalent figure at the end of the previous year.

The Des Kelly group of companies has been selling carpets, beds and furnishings in Dublin for more than 50 years. It is owned by Des and Youlanda Kelly, of Dunboyne, Co Meath.

Tough few years
Financial controller with the group Chris O'Neill said that after a tough few years the group was beginning to see signs of a pick-up in business since August.

“Hopefully there is some light at the end of the tunnel now,” he said.

The group employs approximately 100 people in 12 outlets, many of which it owns.

Abridged accounts for the main retail company, Des Kelly Interiors Ltd, for the same period, show that it suffered a pre-tax loss of €102,253 that year, down from a pre-tax loss of €385,679 the previous year. It had a gross profit of €5.7 million, down from €6.4 million the previous year.

Land and buildings at year’s end were valued at €10 million. Bank loans were €4.2 million.

Shareholders’ funds at the end of the year were €4 million.

AIB held mortgages over properties in Leixlip and Salins, Co Kildare, Dunshaughlin and Dunboyne, Co Meath, and Coolock, Naas Road, Glasnevin, Donabate and Swords, in Co Dublin.

Notes to the accounts show that during the year Mr Kelly purchased goods worth €101,177 from the company at arm’s length prices.