Blaine Callard, the chief executive of Australian electronics retailer Harvey Norman’s Irish operations, has stated that the company is “not going anywhere” and would persist despite difficult trading conditions.

Callard made the comments in spite of a nine-fold increase in losses last year, up to €40m (£33m). He added that the company continued to invest in Ireland and highlighted the recent creation of his own chief executive position for Ireland.

A €15.7m (£12.9m) impairment charge on the value of the company’s 14 stores in the Republic of Ireland contributed to its losses last year.