Company report: Magir Ltd
The Magir group trades through a chain of 53 MediCare pharmacies around Northern Ireland and three retail outlets. It is one of two large Northern Ireland owned groups of high street pharmacies.
The company has been trading with a positive operating profit in recent years. In the last three years the group has recorded positive pre-tax profits following a period when, as the group faced significant net borrowing costs, the net interest bill more than offset the operating profits.
Interest paid in the most recent year cost £2.5m.
During the last year interest bearing loans and borrowings fell by just over £4m and at the year-end amounted to £52.2m.
The overall trading results for the group have been improving steadily over the last four years.
As a result, net borrowing has fallen and the value of shareholders' funds has returned to positive figures.
Michael Guerin controls 74% of the issued share capital in the business.
The annual accounts show that in 2016 the group purchased goods from Sangers (NI) valued at nearly £10m. The group balance sheet shows that the assets are valued at over £44m.
Of the £44m, over £38m is attributed to intangible assets.
During the year, £4.5m of the intangible assets were amortised.
Employment in the group has reached 545 employees having increased from 483 people four years ago.