New consolidated accounts filed by the Ballinasloe-registered FLWG Holdings Ltd show the group recorded the drop in profits as revenues decreased by 11pc from €24.4m to €21.63 in the 12 months to the end of November last.
The profits of €1.18m for 2024 follow pre-tax profits of €3.7m in 2023.
Directors said that over the past year the group has faced difficult economic climates, particularly in the UK, that have impacted consumer spending, resulting in a decline in sales, tighter margins and higher stock levels.
They said the group remains committed to maintaining strong relationships with their retail partners by maintaining the brand’s commitment to providing high-quality footwear, clothing and accessories.
Dubarry’s directors are optimistic that investment in their online presence, completed in 2024, and the planned expansion into new markets and product sectors will help achieve and improve performance for the group in 2025.
The principal activity of the group is the design and related research and development activity, manufacture, marketing and distribution of clothing and footwear.
During the year the firm paid a dividend of €1m.
FLWG Holdings directors Eamonn Fagan, Michael Larkin and Michael Walsh said they are satisfied with the group’s ability to manage and control risks the business faces and are satisfied with the performance of the group for the year.
Numbers employed by the business reduced from 123 to 118 and Irish staff costs decreased from €3.3m to €3.27m. Other staff costs increased from €2.27m to €2.4m.
A breakdown of those employed show 57 were employed in marketing, 28 in administration, 28 in production and five in research and development.
Directors’ pay last year increased from €449,424 to €497,541.
The pre-tax profit last year takes account of combined non-cash depreciation and amortisation costs of €716,526.
The group’s net cash generated from operating activities totalled €1.95m last year.
FLWG Holdings last year recorded post-tax profits of €867,773 after incurring a corporation tax charge of €320,205. Accumulated profits totalled €16.69m.
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