The DID Electrical group last year enjoyed 'a pandemic bounce' as it returned to profit to record pre-tax profits of €5.27 million.
New accounts for Home Appliances Unlimited Company, owned by the Houlihan family, show the business returned to profit after revenues jumped 32 per cent to €109.3 million in the 12 months to the end of March 31st last.
The €5.27 million in pre-tax profit follows a pre-tax loss of €466,574 in the prior year.
The year under review covers the first year of the pandemic impact on business here.
Customer demand
The directors state that after the group’s 23 stores opened after the first Covid-19 retail shutdown in May 2020 “the company found customer demand to be strong across all categories and the trend continued for the remainder of the year”.
The directors state that during the closure of its ‘bricks and mortar’ stores, the focus was on on-line trade.
The directors state that “they are satisfied with the results of the company and that the strategic and operational investments will benefit the company and work towards ensuring the medium and long term growth of the company”.
The directors state that the strong customer demand, along with the ongoing investment in the company, resulted in the company experiencing “a significant improvement in operating results from the prior year”.
The firm also received €830,234 in ‘other operating income’ last year.
Covid subsidy
Separate figures published by the Revenue Commissioners show that the business received Temporary Wage Subsidy Scheme (TWSS) payments that covered the period of the first national Covid-19 retail lockdown, but did not participate in the Employment Wage Subsidy Scheme (EWSS) introduced in September 2020.
Numbers employed by the group last year increased from 273 to 311 as staff costs rose from €11.45 million to €11.65 million.
Directors’ pay increased by 79 per cent from €366,090 to €656,296.
The profit last year takes account of non-cash depreciation and amortisation costs of €904,192 and onerous lease charge of €329,425.
The group recorded post tax profits of €4.6 million after paying corporation tax of €669,020.
The group’s operating lease payments reduced from €2.57 million to €2.34 million.
The business’s cash funds more than tripled from €4.3 million to €14.19 million.
