McCabe pharmacy group narrowed it losses by 75 per cent to €3.4 million last year. Accounts for Behey show that revenues at the group decreased by 2 per cent from €55.36 million to €54.2 million in the 12 months to the end of January 31st, 2012.

Operating profits declined by 11 per cent from €6.1 million to €5.4 million.

Interest payments totalling €5.4 million and non-cash depreciation costs of €2.3 million, along with asset impairments of €1 million, contributed to the group recording the €3.4 million loss. The €13.8 million loss recorded in fiscal 2011 chiefly arose from a €11.6 million write-down in assets.

The family-owned business operates 21 pharmacies across the country, with 16 located in Dublin, and also runs the Radisson Blu Farnham Estate hotel in Co Cavan.