The Irish arm of UK billionaire Mike Ashley's Sports Direct and BrandMax stores last year paid out an interim dividend of €1m as it received almost three times that in Government Covid-19 wage subsidy supports.
New accounts show that the directors of Mr Ashley's Heatons Unlimited Company paid out an interim dividend of €1.02m in the 12 months to the end of April 25 last.
This followed an interim dividend payout of €650,623 the previous year.
The accounts for the 12 months to the end of April 25, which covers the first year of the Covid-19 pandemic impact on business, show that the company received €2.87m in Irish Government Employment Wage Subsidy Scheme (EWSS) grants.
The business - which has its Irish headquarters at Heaton House at the IDA Business Park in Whitetown, Tallaght - last year recorded pre-tax losses of €28.57m due to an onerous lease provision of €33m.
The pre-tax loss of €28.57m followed a pre-tax profit of €17.69m in fiscal 2020.
The directors state that the onerous lease provision was made due to the challenging conditions experienced during the year and envisaged to continue into the future.
The directors made the onerous lease provision as revenues declined by €43.79m or 29% from €150.58m to €106.78m.
The pre-tax loss last year also takes account of non-cash depreciation costs of €16.65m and foreign exchange losses of €2.38m.
The costs were offset by interest received of €2.06m and other operating income of €4.43m which included the EWSS Covid payments.
The company's operating lease costs last year totalled €10.22m which were down only marginally on the €10.48m lease costs in fiscal 2020.
Numbers employed last year reduced from 1,208 to 1,084 as staff costs reduced from €28.58m to €20m.
Directors’ emoluments last year totalled €443,640.
By April 25 last, Heatons Unlimited had shareholder funds of €17.13m that included accumulated profits of €16.4m. The company’s cash funds stood at €3.54m.
Mike Ashley is best known outside the business world through his involvement with Premier League team Newcastle Utd and last October he sold the club for £305m to a Saudi led group.
