The Irish arm of electrical and tech retailer, Currys last year returned to profit to record pre-tax profits of €2.3m.
New accounts filed by Currys Ireland Ltd show that the company returned to profit after revenues rose by 11% from €192.35m to €213.27m in the 12 months to the end of April 27th last.
The pre-tax profit of €2.3m followed a pre-tax loss of €282,000 in the prior year- a positive swing of €2.58m.
The directors state that they "continue to manage the cost base of the company and review regularly opportunities to drive efficiencies and savings".
They state that "the economic climate and competitive environment in Ireland remains challenging".
They state that they "are continually driving measures to maximise shareholder value and shareholder's funds".
The directors describe the company as a specialist electrical and computing retailer which sells consumer electronics, personal computers, domestic appliances, photographic equipment, communication products and related services.
It states that the company is an omnichannel retailer, selling products in stores, over the internet and by phone and provides product support services to customers.
The directors state that directors consider the uncertainty caused by high inflation and the cost of living crisis.
Numbers employed increased from 377 to 385 last year as staff costs rose from €17.07m to €17.9m. The company incurred zero redundancy costs last year after incurring a €143,000 cost under that heading in fiscal 2023.
A breakdown of staff numbers shows that 297 were employed in retail, 47 in corporate and 41 in services.
The profit last year takes account of non-cash depreciation costs of €5.6m.
The company’s operating profits increased almost three fold from €1.69m to €4.5m last year.
Interest costs of €2.2m resulted in the pre-tax profit of €2.3m. The company recorded a corporation tax credit of €197,000 resulting in post tax profits of €2.5m.
The directors recommended that no dividend be paid in the current year.
At the end of April last year, the company’s shareholder funds totalled €27.1m. The company’s cash funds decreased from €4.6m to €3.3m.
The company’s parent is the UK based Currys plc.
Reporting by Gordon Deegan
