Fashion jewellery firm more than doubles pre-tax profits

ONE of the largest employers in Co Limerick, Andersen Ireland Ltd, more than doubled its pre-tax profits last year to €1.1 million, figures show.

Accounts just returned to the Companies Office show that the Austrian- owned fashion jewellery manufacturer increasedits pre-tax profits after revenues increased from €15.8m to €17m in the 12 months to the end of December last.

The company, based in the West Limerick town of Rathkeale, employs 192 people with the company’s staff costs last year totalling €5.5m.

The figures show that the company increased its operating profit by 113% from €562,041 to €1.2m.

However, profits were hit by interest payments of €44,982 compared with interest payments in 2009 of €25,116.

The directors did not recommend the payment of a dividend last year after paying a dividend of €1m in 2009.

The figures include a non-cash depreciation cost of €292,139. The company’s gross profit last year was €3.2m compared with €2.5m in 2009.

The company’s cost of sales increased, marginally going from €13.3m to €13.7m while the company’s administrative expenses increased from €2m to €2.1m.

The directors identify any events which could lead to a disruption in the supply of gold or rhodium to the Irish market, or a significant decrease in the demand for costume jewellery in the European market, as the principal risks to the company.

The accounts show that the company has accumulated profits of €7.3m at the end of 2010 and had net assets of €11.3m.

The company did pay corporation tax of €49,008 after paying no corporation tax in 2009 and 2008.

The production site at Rathkeale is operated by Andersen Holding, which makes jewellery under the Pierre Lang brand name.

In 1999, the company secured planning permission for a 21,350 square metre manufacturing plant on the outskirts of Ennis, Co Clare, but never proceeded with the project.