Pre-tax profits more than doubled at DID Electrical last year to €1.3m boosted by the opening of a new flagship store in Limerick city.
New accounts filed by DID Electrical Appliances Ltd show that profits increased by 151% as revenues decreased by 29.5% from €142.17m to €100.69m in the 12 months to the end of September last.
The revenue figures are skewed as the prior period was for a 18 month period.
The pre-tax profits of €1.3m follow pre-tax profits of €519,672 for the prior 18 month period where profits were impacted by exceptional costs of €3.34m.
DID Electrical is owned by tech retail group and Apple premium partner Select, which purchased the business from the Houlihan family in 2023.
DID Electrical - which operates 24 stores across the country - opened its new flagship store at the Childers Road Retail Park in Limerick in July 2025.
The directors state that they "are satisfied with the results of the company and that the decisions and investment made will benefit the company and work towards ensuring the medium and long-term growth".
On the company's future developments the directors state that "pressures remain high in the Irish retail and corporate business sectors as challenges surrounding timing of new product development continue to strain the industry".
They state that despite this, the directors are confident that the business will be able to deliver on these strategic points.
The director's report states that the board believes that the general economic conditions, and the retail sector climate particularly, will continue to evolve, change and mature over time, with further impact of the eCommerce sales affecting the high street sales environment.
They state however "that the company is now well positioned to maximise its growth story in the short to medium term, and deliver long-term value enhancement for all stakeholders".
Numbers employed reduced from 366 to 344 as staff costs declined from €18.02m to €12.52m.
The profit takes account of combined non-cash amortisation and depreciation costs of €733,884 and operating lease charges of €3.18m.
The firm paid out dividends of €150,000 and this compared to dividends of €12.5m for the prior 18 months that included the Houlihan family sharing a €11m dividend in specie payout made up of freehold premises assets.
At the end of September last, the firm had accumulated profits of €3.72m. Cash funds reduced from €4.3m to €3.18m.
Separate consolidated accounts for the owner of DID Electrical, Select Technology Sales and Distribution Group Ltd show that revenues increased by 12% from €279.43m to €314.7m in the 12 months to the end of September.
Sales in Ireland totalled €214.86m made up of DID Electrical and Select Store sales for the 12 month period.
Pre-tax profits declined by 27% to €2m as directors report that "sales in the Irish retail and business market sectors performed very well".
Reporting by Gordon Deegan
