Dublin Providers losses hit £1.2m
Published: 07 June, 2010
DUBLIN: The loss at builders' merchant and DIY group Dublin Providers trebled to £1.561m last year as the construction downturn continued.
The company's accounts for the year show that sales fell 33% to €51.7m from €78.1m in 2008. The group's operations lost €1.2m in 2009, against a €12 000 loss the previous year.
A €200 000 interest bill on its bank loans and overdrafts boosted pre-tax losses to €1.4 million, over three times the €385 000 that the company lost in 2008.
Directors Jeremiah Maher and Noel Keogh said that the group's DIY and builders' merchant businesses depend on the level of house building and repair, maintenance and improvement markets. "The results of the merchanting and DIY businesses for 2009 were influenced by the decline in activity in the construction sector during the year, which was partially offset by the continued growth in the repair, maintenance and improvement and DIY markets," their report states.
The directors expect the same general level of activity in the group's markets this year. The report also said the company has a relatively healthy pipeline of acquisition opportunities. The group's balance sheet remained strong, with shareholders' funds of €57m at the end of 2009, a slight dip on the €58m it reported 12 months earlier. The value of fixed assets held by the group increased last year to €46.6m.