It’s hats off to Galway hat designer Philip Treacy as new accounts show accumulated profits at his fashion firm last year totalled £335,082 (€386,487).

The designer has achieved worldwide recognition with his hat designs and has a client base that includes Lady Gaga, Madonna, Beyonce, David and Victoria Beckham, Grace Jones and Sarah Jessica Parker.

New accounts filed by Mr Treacy’s London-based Philip Treacy Ltd show that the firm’s profits increased from £300,820 to £335,082 in the 12 months to the end of June.

The cash pile increased from £293,608 to £301,000. The increase in profit last year followed a number of years of strong growth at the firm. In 2015, accumulated profits increased by £48,558 while profits soared in 2014 by £238,604.

The abridged accounts do not provide a revenue figure or salaries paid out during the two years.

The 2016 accounts which were signed off yesterday by Mr Treacy show that the firm’s shareholder funds last year totalled £450,920, including share capital of £150,100.

The firm’s business includes his boutique at Belgravia in London.

Lady Gaga — who made famous one of Mr Treacy’s best-known creations, a telephone shaped headpiece with a removable handset — has previously declared at a London Fashion Week event that Philip Treacy “is the greatest milliner in the world”.

A native of Ahascragh in Galway, Mr Treacy made his first hat in the National College of Art and Design.


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