Blarney group operating profits rise

Blarney group operating profits rise

Operating profits at the Cork-based group which operates the Meadows & Byrne and Blarney Woollen Mills retail outlets were up 25% to almost €4.5m.

However, pre-tax profits were down by over 70%.

New accounts lodged by Blarney Woollen Mills Ltd and subsidiaries show that revenues at the retail and hotel group rose 6% to €40m in the 12 months to the end of January.

The pre-tax profits were 71% down on the €13.65m posted in the previous year when profits were bolstered by exceptional gains.

Along with the chain of retail shops, the group operates hotels located at Blarney in Co Cork and at Bunratty in Co Clare.

“In recent years, the group has traded profitably and during the prior year and the current year has refinanced its banking facilities which has resulted in the group returning to a sustainable financial position,” said the directors in the accounts.

The group met all its banking covenants, they said.

A breakdown of revenues shows that the group’s retail sales increased by 2% to €28m, while its hotel and restaurant income increased 2.3% to €8.8m.

Revenues from manufacturing knitwear increased from €2m to €2.57m, while concession income increased from €302,119 to €405,935.

Staff numbers increased from 462 to 473, and staff costs increased from €9.68m to €9.73m.

Directors’ pay fell from €602,831 to €526,207 in the year.

After paying corporation tax of €479,384, it posted a net profit of €3.2m.

Meanwhile, the group’s cash pile climbed from €5.27m to €7.6m.

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