Operating profit and turnover at Molloy Holdings, the Dublin pub and off-licence group, fell in the year to January 31st, 2007, but the company made a profit of €9.5 million on the sale of assets, writes Simon Carswell, Finance Correspondent
Turnover fell by 14 per cent to €38 million, while operating profit almost halved to €240,000. The company made a pretax profit of €9.52 million, compared with €177,600 the previous year.
It had retained profits of €26.6 million at January 31st, 2007, up from €10.1 million a year earlier, and overall shareholders' funds of €49.9 million, which increased from €42.8 million.
The group owns 10 off-licences and two pubs - the Foxes Covert/Molloy's Pub in Tallaght and the Gallops in Leopardstown.
Majority owner Kevin Molloy has been concentrating on the off-licence side of the business and on property in recent years. Last year he sold two pubs - the Swiss Cottage in Santry and the Greyhound Bar in Blanchardstown.
Mr Molloy could not be reached for comment.
Cash reserves at the business, which trades as an investment holding company, grew from €919,000 to €9.7 million during the year to January 31st, 2007, while stocks fell from €7 million to €6.6 million. Staff numbers fell during the year from 273 to 225, with the annual wages and salaries bill dropping from €5 million to €4.5 million. Directors' emoluments fell from €464,000 to €284,000. The directors of the company are Mr Molloy, Dr Helen Molloy and Peter Kelly.
The book value of fixed assets fell from €52.5 million to €43.7 million during the year. The company had listed investments worth €2.78 million at January 31st, 2007, up from €534,000 a year earlier. Bank loans and overdrafts fell from €9.6 million to €7.9 million during the year.
The company owns the Village Green complex in Tallaght, where its headquarters are located.
The business was started when Mr Molloy's father purchased the Foxes Covert in the 1930s. Kevin Molloy took over the business in the 1960s, buying more pubs. He started opening off-licences next to his pubs in the 1980s and later opened standalone off-licences.
