Belfast Telegraph

Company Report: Heatons (NI)

 

By John Simpson

Heatons (N.I.) is a wholly owned subsidiary of the Irish registered Heatons Unlimited Company. In turn, this is a subsidiary of Warrnambool Unlimited Company. Since 2015, the smallest and largest group into which the results are consolidated is headed by Sports Direct International plc in England.

In the last five years, Heatons (N.I.) has increased the number of retail stores in Northern Ireland and the turnover of these stores has been increasing, with small decreases in 2016 and also in 2018.

Turnover in 2018 was 13% higher than in 2014.

The trading results have usually shown continuing profits in each year. Results in 2017 were less impressive than in other years, with the pre-tax figures showing a small loss. More recently, profit figures have recovered significantly to match the results in 2016.

Operating profit in the most recent year, to April 2018, was nearly 10% of turnover. This result was better than any other recent year.

After deduction of interest charges on borrowed funds, including funding through the larger group, pre-tax profits were £1.1m lower than operating profits. During the most recent year in a series of largely internal financial adjustments, the Northern Ireland company increased its borrowing by £40m but this was at the same time as the value of debtors on the balance sheet increased by just over £41m.

The balance sheet value of shareholders' funds at the end of April 2018 increased by £3.1m compared with the previous year, reflecting the retention of post-tax profits in the profit and loss account.

Average employment in Northern Ireland in 2018 reached 507 people.

Belfast Telegraph

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