It’s hats off to Galway milliner, Philip Treacy as new accounts show that profits soared at his fashion firm last year to over €319,000.
The Galway-born designer has achieved worldwide recognition for his hat designs and has a client base that includes Lady Gaga, Madonna, Beyonce, David and Victoria Beckham, and Grace Jones.
Latest accounts filed by Treacy’s London-based Philip Treacy Ltd show that the firm recorded a post tax profit of £238,604 (€319,029) in the 12 months to the end of June 30 last (2014).
This arose from his accumulated profits increasing from £13,661 to £252,265.
The figures lodged with Companies House in the UK show that the cash pile at Treacy’s firm reduced from £248,860 to £144,948.
The profits recorded last year are more than double the £112,812 profit recorded in 2013 and the profits of £110,585 in 2012.
The three years of successive profits at the milliner’s firm followed a loss-making year in 2011 when accumulated losses increased by just under £100,000 from £111,317 to £210,009.
The firm’s shareholder funds last year totalled £402,365 that included share capital of £150,100.
The firm’s business includes the operation of the Philip Treacy boutique at Belgravia in London.
In a statement on his website, Mr Treacy says: “I have had the greatest pleasure of having the opportunity to challenge people’s perception of what a hat should look like in the 21st century.
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