BY CLAY FISHER

Golden Disc Group is planning two new store openings this year after announcing turnover of of €12.1 million in the year to end December 2017.

Last year the company opened new stores in Limerick and Wexford, as well as at The Square in Tallaght and on Henry Street in Dublin.

Golden Discs chief executive Stephen Fitzgerald commented: “We’ve experienced six consecutive years of vinyl growth and it shows no signs of abating. There’s no denying the convenience of streaming services but consumers want something more tangible and we anticipate this year’s sales being our biggest since the 1980s.”

The company’s net profit in 2017 was €174,000, the same as in the 18-month period to December 2016.

Golden Discs has traded since 1962 and has seen off competition from HMV and Xtravision. “Due to reduced competition in the industry the company is now the market leader in home entertainment retailing in Ireland,” said Fitzgerald. The company is also active online through goldendiscs.ie.

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Golden Disc Group Ltd’s gross profit margin in 2017 was 36.7%. Cash generated from operations was €1,257,000 and the company took on a new €400,000 loan. Year-end cash amounted to €2.9 million.

Year-end liabilities totalled €5 million, with net current liabilities amounting to €370,000. Trade creditors expanded through 2017 from €2,964,000 to €3,311,000. Annual outlays on lease rentals reduced from €1.43m to €1.2m through 2017.

Pay and pension remuneration for Fitzgerald and fellow directory Tony Killoran was €166,000 compared with €245,000 in the prior year.