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Homebase Ireland Expected to Break Even This Year

Homebase Grantham.jpg

According to accounts filed for Homebase Ireland the business is expected to break even this year.  

The business reported operating losses of €7.2m for the 16 months ended 30th June 2018, on the back of a revenue figure of €67.7m.  

The home improvement retailer reported pre-tax profit of €2.7m, as a result of €10.4m in exceptional gains related to the release of an onerous lease provision.

In June 2018, Bunnings sold the Irish arm of Homebase to Ark UK Holdings.

In the reports, the directors advised of a plan for to close loss-making stores, negotiate on rental payments, reintroduce product ranges eschewed by Bunnings, and focus on cost reduction; enabling the business to break even on EBITDA this year and to become profitable in the following year.

Source : Insight DIY Team 

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30 October 2019

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