Belfast Telegraph

Company Report: Magir Ltd

 

John Simpson

By John Simpson

The Magir group trades through a chain of 53 Medicare pharmacies and two retail outlets around Northern Ireland. Along with Gordons Chemists, it is one of two large Northern Ireland groups of high-street pharmacies.

Until 2018, the company has been trading with a positive operating profit. In 2018 the group recorded an operating loss following three earlier profitable years. An increase in operating costs was registered at the same time as annual turnover fell by over £1m, creating an operating loss of £295,000.

Interest paid in the most recent year cost £2.1m.

During the last year, interest-bearing loans and borrowings fell by over £3.6m and at year's end, creditors falling due after more than one year were £39.3m.

A particular feature of the newly registered accounts is that, in 2018, the profit-and-loss account took provisions against amounts recoverable under pharmaceutical dispensing contracts of £8.1m. When operating losses are also included, the end-year result was a pre-tax loss of £10.5m.

Michael Guerin controls 74% of the issued share capital in the business.

The group balance sheet shows that the fixed assets are valued at over £35m. Of this, nearly £30m is attributed to intangible assets.

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During the year, £4.5m of the intangible assets were amortised.

Employment in the group fell to 551 employees from 580 a year ago. However, it had previously increased from 483 people six years ago.

Belfast Telegraph

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