Avoca profits increase by 316%

PRE-TAX profits at family- owned retailer Avoca last year increased more than fourfold to €1.6 million in spite of a dip in revenues.

Accounts just filed by Avoca Handweavers Ltd and subsidiaries to the Companies Office show that group revenues dropped by 5% from €48.5m to €45.9m to the end of January last year.

However, the Co Wicklow-based food and clothing retailer increased its pre-tax profits by 316% from €406,746 to €1.6m.