Operating income at the holding company behind the Maughan family's Gowan Group almost tripled to €1.5 million last year from €534,000 the year before, the company's latest accounts show.
Convest, chaired by veteran Dublin businesswoman Gemma Maughan, is involved in a number of activities including the sale of cars and light commercial vehicles, and the distribution of consumer electronics and industrial tools.
The Gowan Group announced the closure of two of its prominent Dublin car dealerships in October, with its landmark outlet in Ballsbridge, Dublin, sold for an estimated €18 million, and another just off the Glenageary Roundabout in Dún Laoghaire, Co Dublin on the market for nearly €2 million.
The group also distributes De Dietrich kitchen appliances, Nordemende televisions, and has deals with Whirlpool and the high-end German brand Bauknecht. It acquired Senator Windows in 2006, and also has an extensive property and investment division.
Convest’s accounts for the year ended December 31st, 2017, show turnover increased to €182 million from €166.6 million the year before. The increase came largely from the company’s Irish arm where it rose from €161 million to €178 million.
However, profit for the financial year was largely unchanged at €1,116,000, compared with €1,128,000 the year before. This was largely due to an impairment charge of €3.2 million on fixed assets compared with just €339,000 the year before.
Company employees
The company employed 245 staff during the period, which was up from 243 the year before. It spent €11.9 million on wages and salaries, which was up from €11.1 million the year before.
Directors' emoluments were unchanged, totalling €200,000. The directors were listed as Ms Maughan, Michael Maughan and Fiona Thomas.
The company said management had put in place “effective processes for development and marketing of the brands it represents”.
The directors said they were “satisfied with the performance” of the group and that all businesses were “well positioned to benefit from the continued growth projected for the Irish economy”.
The company paid a dividend of €119,000 to shareholders during the year.
