The Kilkenny Design Group, the Irish fashion and design retailer owned by the O’Gorman family, last year returned to an operating profit of €504,244 despite revenues dipping by 5%.
New consolidated accounts filed by Clydaville Holdings Ltd show that the group recorded the operating profit of €504,244 after sustaining an operating loss of €865,603 in 2023 – a positive swing of €1.36m.
The group – which has its flagship store on Dublin’s Nassau Street – returned to profit as revenues decreased by €1.7m from €33.06m to €31.36m in the 12 months to January 28, 2024.
Kilkenny Design Group operates 17 bricks and mortar stores here while the Wright Group operates Kilkenny Cafes at Kilkenny Design shops in Nassau Street, Dublin; Kilkenny; Cobh Heritage Centre in Cork and Shanagarry in Cork.
Clydaville – which has its registered office in Killarney- recorded a pre-tax profit of €171,294 after various costs including €125,230 in reorganisation costs – are taken into account.
Numbers employed last year reduced by 22% decreasing by 64 from 283 to 219. Staff costs reduced from €9.67m to €8.25m.
The other costs include non-cash amortisation costs of €155,655 and net interest payable of €136,888.
The profits also take account of combined non-cash depreciation and amortisation costs of €1.07m. Directors’ pay declined from €770,062 to €580,825.
After incurring a corporation tax charge of €101,930, the group recorded a post tax profit of €69,364.
In accounts signed off on July 31st, the directors state that “operating in an environment of economic volatility, Kilkenny Design faced headwinds that were beyond our control”.
They state that “the ongoing global cost of living crisis added pressures on our cost structures posing additional challenges to the performance of the business”.
They state that the business “delivered a turnaround in the current year, returning to profitability compared to a loss in the prior year”.
They state that “this improvement reflects the positive impact of strategic initiatives and decisive actions taken by management, including operational restructuring, and proactive cost-saving strategies, margin-enhancing activities and the successful introduction of new brands and new Own brand ranges into the portfolio”.
“The company successfully restructured its debt during the year, resulting in improved financial flexibility. As a result, the company is now well-positioned to meet its debt obligations as they fall due,” they said
“While the road ahead may continue to present uncertainties, the strategic decisions made by the management team have laid a foundation for sustained growth and resilience, which has highlighted the adaptability and strength of the Kilkenny Design team,” they added.
In a post balance sheet event, the directors state that “a loan facility of €2.48m, which was due to expire in August 2025, was refinanced in July 2025”.
On future developments, the directors state that they continue to review opportunities to grow and expand the business.
“The management team are actively monitoring the potential impact of the potential tariffs from the US on our cost structure and are taking steps to mitigate these risks,” they state.
The directors said that a going concern evaluation is supported by robust cash flow projections up to July 2026, which indicate that the Group has sufficient liquidity and access to financing options.
They state that they are confident in the group’s ability to navigate market conditions and manage operational costs effectively, ensuring that it can fulfil its financial obligations as they arise.
Shareholder funds at the end of last year totalled €7.34m.
Reporting by Gordon Deegan
