Power City revenues top €100m as profits rise during pandemic

Both revenues and accumulated profits at the McKenna family-owned electric and electronic retailer Power City last year topped €100 million.

New accounts show that pretax profits at Power City Ltd increased by 26 per cent from €6.2 million to €7.8 million in the 12 months to the end of September 26th last.

The cash-rich firm saw its cash pile increasing sharply from €32.74 million to €48.1 million during the year.

The financial year covers the first six months of the Covid-19 pandemic and the increase in profits followed revenues rising by 12.5 per cent from €89 million to €100.2 million during the period.

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The directors noted that trading for the period “continued to be strong”. They said costs continue to be well-managed, although they rose slightly.The directors added that they were satisfied with the results for the period and are reviewing a number of capital projects for 2021/22.

The company last year paid out a dividend of €2 million and this followed a dividend payout of €3 million in 2019. The firm’s accumulated profits at the end of September last totalled €100.83 million.On the impact of Covid-19, the directors acknowledged that prolonged disruption may have a permanent impact on customer demand. Numbers employed at the company last year decreased from 255 to 244 and staff costs increased from €8 million to €8.66 million.

Power City has stores in Tallaght, Blachardstown, Sallynoggin, Finglas, Coolock, Fonthill, Carrickmines and Swords and others in Bray,  Naas  and Drogheda.

The company’s profit takes account of €1.65 million in non-cash depreciation costs.

Directors’ remuneration for the six directors increased from €949,000 to €1.58 million. Stephen McKenna and Karen McKenna were appointed to the board last December. They join Liam T McKenna, Dermot B McKenna, Sinead McKenna, Aidan McKenna and Joseph Kelly on the board. Stephen Kelly was appointed to the board on the same date.