Losses at builders’ merchant and DIY group Dublin Providers Ltd (DPL) fell by almost €2 million to €875,000 last year as the market stabilised, according to latest figures.
Returns just filed for the year show that sales fell by around 7 per cent to €41.1 million from €43.8 million in 2011.
Its operations lost €645,860, down from €2.6 million the previous year, thanks to sharp reductions in costs.
The group earned €500,000 on the sale of assets, but a near €230,000 interest bill on bank loans and overdrafts left it with a pretax loss of €875,274 for 2012, around one-third of the €2.8 million deficit it recorded for the previous year.
Directors Jeremiah Maher and Noel Keogh point out that the group’s DIY and builders’ providers businesses depended on the level of housebuilding and repair, maintenance and improvement markets
“The results of the merchanting and DIY businesses for 2012 were influenced by the stabilisation in activity in the construction sector during the year which was added to by the continued growth in the repair, maintenance and improvement and DIY markets,” says their report
The directors say they expect the same level of general activity in their business during the coming year.
The group’s balance sheet remained strong, with shareholders’ funds of €32.8 million at the end of 2012, a slight dip on the €33.6 million it reported 12 months earlier.
DPL owed over €10 million to trade creditors on December 31st. It had a €3.1 million overdraft with its bank and a longer term debt of €1.8 million.
The group made significant savings in its wage bill during 2012. It employed 182 people, compared with 207 the previous year, and paid €5.6 million in salaries, pensions and welfare in 2012, €1.2 million less than in 2011.
Headquartered at Kilmainham, Dublin, DPL has been in business for 38 years and has 10 branches around the country. SOurce: The Irish Times