Growth strategy hurts Avoca profits

Expansion costs at family- owned retailer Avoca last year contributed to pre-tax profits declining at the group by 28% to €1.197m.

New figures show that Avoca Handweavers Ltd and subsidiaries sustained the drop in pre-tax profits in spite of revenues increasing 2.2% from €48.6m to €49.7m in the 12 months to the end of Jan 31 last year.

The company designs and manufactures its own clothing, food and home furnishings from its Co Wicklow base and it has 10 retail stores and cafes in Ireland.