McKenna family, owners of Power City share €3m dividend

The McKenna family which owns Power City last year shared another €3 million dividend windfall.

That is according to accounts just filed by Power City Ltd which show that pre-tax profits at the firm last year increased by 22 per cent to €6.4 million.

The rise in profits came as revenues at the business increased by 3 pre cent to €87.85 million in the 12 months to the end of September.

The directors state that “trading for the period continued to be strong”.

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Numbers employed at the McKenna-owned firm last year increased from 250 to 254.

The €3 million dividend for the McKenna family is the same as the one in 2017.

The company had cash totalling €41 million at year end. The retailer’s accumulated profits at the end of September last totalled €96.5 million.

Power City’s stores are located in the eastern part of Ireland with its Dublin stores at Tallaght, Blanchardstown, Sallynoggin, Finglas, Coolock, Fonthill, Carrickmines and Swords, while there are also stores outside Dublin in Bray, Naas and Drogheda.

The company’s profit takes account of €1.5 million in non-cash depreciation costs.

The firm also incurred €1.335 million in capital expenditure and financial investment acquiring assets during the year.

The figures show that the company’s cost of sales increased from €66 million to €66.4 million with administrative expenses increasing from €13.99 million to €14.58 million.

Directors’ remuneration for the six directors who served last year totalled €977,000, made up of emoluments of €822,000 and €155,000 in pension contributions along with €13,000 in social insurance costs.

The firm’s staff costs last year totalled €7.8 million compared to €7.7 million in 2017.