22% drop in profits for Anthony Nicholas

PROFITS at Anthony Nicholas Group, the jewellery design and retail company, fell 22% last year.

Accounts filed at the Companies Registration Office show profits fell from €3.7 million to €2.9m in 2003.

Profits were hit by a €2.3 million decline in sales to €29.2 million and €1 million rise in operating expenses.

Apart from jewellery design, the company owns the Fields of Dublin seven-strong chain of market shops. The company was founded in 1949 and opened its first retail outlet on Grafton Street 25 years ago. This store recently underwent a major refurbishment. The accounts show that turnover in Ireland was up slightly from €23.7m to €23.8m, but its exports to Europe, the US and Australia fell from €7.7m to €5.4m. It did not give a reason for the fall in overseas business.

The company, though, remains in a very healthy financial position.

Its shareholders’ funds at the end of 2003 stood at €19.1m up from €16.6 the previous year, while its cash balances increased by €2m to €5.35m.

During the year, the company increased its workforce from 223 to 257.

The company increased its sales staff from 136 to 210.

However, it cut back on production and administration workers. The extra workers saw the wages and salary bill for the year come to €6.4 million from €6m in 2002.