New consolidated accounts for the Blarney-headquartered retail and hotel group show profits increased even as revenues dipped by 1pc, 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 retail chains. The group also operates hotels and restaurants situated in Blarney, Co Cork; Dove Hill, Co Tipperary; and Bunratty, Co Clare.
Profits were hit in the preceding year as a result of €1.13m being repaid to Revenue over Covid-19 Employment Wage Subsidy Scheme (EWSS) payments.
Accounts for Blarney Woollen Mills Group Ltd and subsidiaries showed the group received a cumulative €7.1m in Covid-related EWSS payments from the State across the 2022 and 2021 financial years.
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 8pc 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 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.
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. “Other income” of €358,996 was reported.
Numbers employed decreased by one to 507, comprising 216 in retail, 194 in hotel and restaurant, 53 in administration and 44 in production. Staff costs increased from €14.49m to €15.14m
Directors’ emoluments decreased from €936,718 to €820,000 – €660,000 in remuneration and €160,000 in pension contributions.
Pay to key management personnel – directors and members of the executive team – decreased from €1.54m to €1.1m, comprising €944,167 in salaries and €162,417 in pension contributions. The group generated €5.93m in cash from its operations.
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