Barry Group has announced profits before tax of €3m in its full year-end results for 2009, an increase of more than 12% on the €2.67m it earned the previous year. Managing director, Jim Barry said: “We’ve managed to increase our net profit on a reduced turnover through aggressively managing our cost base and prudent management of credit risk. The Irish retail environment continues to be extremely competitive and operating margins continue to be squeezed. Our profits in 2009 were driven primarily through reducing our cost base, out-performing the market and re-inventing our retailer offering.”
Turnover reported in the financial year ending 31 January 2010 showed a fall in sales from €212.5m achieved in 2008 to €207m in 2009, which the company attributes to a consumer spending slowdown and a significant reduction in the average cost per box, reported across the industry.more >