Dublin wine merchant Cassidy Wines recorded a pretax loss of €192,333 in the year to the end of May 2011, despite a 4 per cent increase in sales. This compared with a profit of €51,433 in the previous year.

Accounts filed with the Companies Registration Office show that sales for the 2011 financial year rose to €20.86 million.

This rise in turnover was attributed to an increase in trading with multiples.

However, the company directors noted that margins had decreased as a result of this.

In the accounts, the directors state that in light of last year’s experience, they have reviewed the business model and implemented changes to the products the company is selling. “As a result, [we] expect that the gross margin will increase,” they state.

They say the company continues to manage its cost base “to meet the challenges of the current economic environment”.

Cassidy Wines began trading in 1977 as a supplier of fine wines to the retail trade.

Its headquarters are in Dublin’s Citywest Business Campus.