Pre-tax profits at office equipment supplier, Bryan S Ryan slipped slightly last year, despite improved sales at the Dublin-based company, accounts filed with the Companies' Registration Office (CRO) show.

Bryan S Ryan's CRO filings show its turnover grew by around 15 per cent to €5.07 million in the year to end January, 2003, from €4.46 million during the previous 12-month period.

Operating costs grew by more than €600,000 to €4.88 million from €4.26 million in the same period.

Bryan S Ryan ended the year with a pre-tax profit of €185,000, down from €197,018 in the 12 months to end January 2002.

The accounts show that directors' pay doubled. The six directors, including shareholder Mr Gary Rafter, shared €1.12 million in the year to January 31st, 2003.

The company paid its directors €550,812 during the previous 12-month period.

They also show that the company has an invoice discounting facility with Bank of Scotland (Ireland) Commercial Finance. This entitled the bank to just over €2.88 million in debts owed to the company at March 1st, 2003.

Bryan S Ryan shareholders' funds stood at €489,819 on January 1st, 2003, compared with €366,169 a year earlier.