Home furnishing group Des Kelly Carpets saw profits soar 62 per cent last year to almost €2 million as sales at the Dublin-based group rose.
Operating profit at the company for the 12 months to the end of April 2006, climbed from €1.2 million in 2005. The boost came as a record number of homes was constructed in the Republic last year. Controlled by Des and Youlanda Kelly, the firm operates 13 outlets in Dublin, Meath and Kildare. The Kellys are the only two listed directors of the firm, and were paid total remuneration of €375,000 last year, up from €305,000 in 2005. Pension contributions of more than €26,000 were also paid.
Gross profit in the last financial year rose 20 per cent to almost €10.2 million, while administrative expenses climbed over 13 per cent to €8.2 million.
Accounts recently filed for the firm, which employs more than 120 people, also reveal that it now has retained profits of more than €6.1 million and equity reserves of more than €8.7 million.
The company's land and buildings are also listed as being worth more than €18.7 million. It paid more than €3.2 million to acquire a new premises during the financial year, while it paid €1.9 million to buy another outlet in 2005.
The company now has net debt of €9.8 million, compared to €8.3 million at the end of the 2005 financial year.
A supporter of Dublin's Bohemian Football Club, Des Kelly has been the team's main sponsor since 2002. A number of years ago he also explored the possibility of acquiring UK football club Darlington.
