Pre-tax profits at the Blarney Woollen Mills Group last year increased by 14% to €4.98m driven by a strong performance in the group’s retail and hospitality market.
New consolidated accounts for the Blarney-headquartered retail and hotel group show that the group enjoyed the increase in profits as revenues dipped by 1% from €55.66m to €55.1m in the 12 months to the end of January this year.
Blarney Woollen Mills Group Ltd and subsidiaries operate the Blarney Woollen Mills and Meadows & Byrne chain of retail outlets and profits were hit in the prior year by €1.13m repaid to Revenue concerning prior years Covid-19 wage subsidy payments received.
Prior year accounts for Blarney Woollen Mills Group Ltd and subsidiaries show that the group received a cumulative €7.1m in Covid-19 EWSS payments from the State across the 2022 and 2021 financial years. The group also operates hotels and restaurants situated in Blarney in Cork, Dove Hill in Co Tipperary and Bunratty in Co Clare.
The directors state that “demand for the company’s products remains strong however the cost of doing business has continued to increase”.
The group’s operating profits increased by 8% to €5.43m and interest costs of €456,047 resulted in pre-tax profits of €4.98m.
The profit takes account of non-cash depreciation costs of €507,947.
The company recorded the post tax profits of €4.29m after recording a corporation tax charge of €682,003.
A breakdown of revenues show that retail sales dipped from €35.7m to €34.49m while revenues from hotels rose from €16.7m to €17.43m.
Revenues from manufacturing knitwear decreased slightly from €3.03m to €2.95m while concession income rose slightly from €212,606 to €217,501.
The group benefited from “other income” of €358,996.
Numbers employed by the group decreased by one to 507 comprising 216 in retail; 194 in hotel and restaurant, 53 in administration and 44 in production.
Staff costs last year increased from €14.49m to €15.14m
Directors’ emoluments decreased from €936,718 to €820,000 made up of €660,000 in remuneration and €160,000 in pension contributions.
Pay to key management personnel made up of directors and members of the executive team decreased from €1.54m to €1.1m. This was made up of €944,167 in salaries and short term benefits and €162,417 in pension contributions.
The group generated €5.93m in cash from its operations.
The group last year incurred €2.2m in the acquisition of tangible fixed assets.
Shareholder funds at the end of January totalled €37m that included €13.06m in accumulated profits.
The group’s cash funds increased from €6.6m to €8.47m.
Reporting by Gordon Deegan
