After tax profits at the company behind the McKenna family owned Power City chain of electronics retail outlets fell by three quarters last year, in part due to a €5.3m director retirement settlement.
In the year to the end of September 2023, Power City Limited recorded an after-tax profit of €2.123m, down from €8.016 a year earlier.
Turnover breached the €100m mark, up 6.1% from €94m in the previous year, with directors reporting that trading activity during the period had "continued satisfactorily".
But when higher cost of sales and administrative expenses were included, operating profit was down slightly to €7.5m from €9.2m in 2022.
However, an exceptional item of €5.33m, noted in accounts for the period just lodged with the Companies Registration Office as a director retirement settlement, reduced the overall profit for the financial period.
The accounts don't say which director or directors were in receipt of the settlement.
But four were listed as resigning during the period, with one taking up the position of Company Secretary.
No dividend was paid for the year but directors’ remuneration, including the retirement settlement, climbed to €6.67m from €1.59m in 2022.
Staff costs also jumped to €14.2m from €8.3m a year earlier, because of the retirement settlement.
The company employed 240 staff during the period, up ten from a year before.
In the accounts the directors said trading activity during the period "continued satisfactorily".
