Peter Mark hair salon profits up 44% to €1.6m

Pre-tax profits at the firm that operates the Peter Mark hair salon business jumped by more than 44% to €1.6m last year.

It comes as Peter Mark Hair Salons Unlimited Company increased revenues by 5% to €49.1m. Numbers employed last year fell from 1,747 to 1,711 and staff costs topped €44.4m.

The company started out in 1961 when it opened its first salon on Grafton Street in Dublin. Since then, Peter Mark has grown into one of Europe’s most successful hairstyling groups with 71 salons nationwide.

The business recruits and trains all of its staff at its training centres in Belfast and Dublin. The company posted an operating profit of €1m and gains resulted in the pre-tax profit of €1.6m.

The gains included a credit of €493,784 from the forgiveness of an inter-company loan; the profit of €48,891 on the sale of a fixed asset; and €16,000 in interest income. At the end of December, the company’s accumulated profits stood at €6.8m.

The company’s cashpile last year fell from €12.1m to €6.5m. The profit last year takes account of non-cash deprecation charge of €1m. Underlining the firm’s expansion, the company last year purchased assets of €1m and this followed a spend of €583,647 under the same heading in 2017.