Pre-Tax Profit At Garvey Group Jump By 176% In 2017
Recent accounts filed by Commidare Holdings showed that pre-tax profits at the Garvey group soared by 176% to just over €5 million in 2017.
Operating profit at the Garvey group, which operates retail businesses, namely SuperValu, and hotels, rose to €4 million in the period ending 6 January, an increase of 13.6% in 2016.
The group’s turnover for the year was 121 million, an increase of 3%.
It recognised a gain in the fair value of quoted investments of €1.2 million, up 38.5% on the previous year.
It also reported a loss on the disposal of quoted investments of €8,302, compared to a loss of €329,579 in 2016.
The reports also revealed that, after the financial period, Tomás Garvey, director, and shareholder, sold property to the group for €1.9 million.
The group also increased its number of employees, with its new headcount at 774 people, including directors. Wages and salaries increased as a result, up 5.4% on the previous year.
Last year the Garvey group continued its expansion as it spent €2.4 million in acquiring tangible fixed assets, following on from spending €9.6 million in 2016.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.