Associated Hardware posts €460K loss
Published:  27 October, 2009

DUBLIN: Irish builders' merchants and DIY group, Associated Hardware, reported a €460 000 loss last year.

Accounts for the group filed with the Companies' Registration Office show that turnover fell 22% to €158.7m in 2008, down from €205.9m the previous year.

The company blames the impact of last year's difficult economic conditions and in particular the decline in house building on its members, which had a knock-on effect on its business, for its 2008 losses.

The business lost €115 300 in 2008, compared with a €775 850 gain the previous year. The company said: "This adverse impact is likely to continue for the whole of 2009."

Increased interest payments to its banks were also a factor: interest payments on its bank loans and overdrafts increased to €358 700 from €220 600.

It ended the year with a loss before tax of €461,800, compared with a profit of €580 600 in 2007, the year which marked the end of the building boom. After tax charges were taken into account, the group had a loss for the year of €516 800, compared with a profit of €480 000 in 2007.

Associated Hardware buys products from suppliers and sells them to its members, largely independent builders' merchants. It also operates retail businesses through its Homevalue and Parabuild subsidiaries.

A loss of €410 000 on its pension fund investments forced it to recognise losses for the year of more than €926 000.

The group had an overall deficit in its pension fund of €528 700 at the end of the year. 

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