Pamela Scott operator posts €679k profit after €2.73m loan writedown
This came as revenues increased marginally from €21.9m to €22.49m in the 12 months to the end of August last.
According to accounts just filed by Flairline Fashions Ltd, the firm recorded the pre-tax profit as a result of the bank loan writedown of €2.73m, which followed a bank loan writedown of €9.37m in 2013.
On an operational basis, the firm continued to disappoint, with operating losses increasing by 67% from €1m to €1.74m last year.
The auditor for the company, Cooney Carney Accounting Ltd, says that the group successfully renewed its bank facilities during the year and has introduced cost-reduction plans. The note states that the directors expect the group to see the benefit of the restructuring in the upcoming year.
“The directors are budgeting positive cash flows until the group returns to profitability.”
According to the note, the group’s shareholders have advanced the group loans of €1.91m at year end and will continue to provide financial support for the upcoming year.
The number of employees at the group was last year cut from 274 to 267. Staff costs rose marginally, from €5.7m to €5.71m.
The pre-tax profit takes account of non-cash depreciation costs of €577,183, with operating lease costs increased from €3.31m to €3.32m.
The firm’s cash pile decreased from €2.76m to €830,823.
Remuneration for directors last year declined by over 28% from €905,252 to €646,849. The directors are listed as Sean Barron, Michaelina Barron, John Barron, Robert Barron, Richard Barron and Scott Barron.
According to the directors’ report “the group is undergoing a restructuring plan, consisting of a combination of closing loss-making stores and cost reductions.
They state: “The directors have started to expand the online business, with the expectation of doubling turnover in the next year with continued strong growth in future years.”
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