CITROEN and Peugeot distributor Gowan Group made profits in the region of £4.5 million last year. The company has not finalised its 1995 accounts but finance turnover Mr Michael Cawley said and profitability at the group were in line with the strong performance shown in 1994.

Convest Ltd, the holding company of the Gowan Group, had sales of £75 million in 1994, compared to £55 million in the previous year. Profits before tax came in at £4.3 million, compared to £3.2 million in 1993. The "Peugeot and Citroen distributorship accounts for around 85 per cent of Convest's turnover.

Directors' remuneration was £298,817 in 1994 and was shared among four directors of Convest chairman Mr Michael Maughan, Mrs Gemma Maughan, Ms Fiona Smith and Mr Patrick Kilroy

There was also a dividend payment of £500,000 to the company's shareholders. The largest shareholder is Mrs Gemma Maughan with 43 per cent of the company. Ms Smith owns 12 per cent and Mr Kilroy 8 per cent. Dividends in 1993 were £563,000.

The jump in turnover and profits in 1994 was due mainly to the introduction of the Citroen Xantia model in that year, said Mr Cawley. Turnover in 1995 held steady despite no new models being introduced, reflecting the overall buoyancy of the market, he said.

The group's kitchen appliance distribution operation, Kitchen Accessories Ltd, also had a good year in 1995, according to Mr Cawley. The appliance division is the Irish agent for Franke sinks and Neff appliances and accounts for around 15 per cent of turnover.

The outlook for 1996 is very positive, with Gowan having very high hopes for the new Peugeot 406.