Pretax profits at the Galway company behind one of Ireland’s best known brands, Dubarry, last year “substantially exceeded expectations” by increasing more than six-fold to €6 million.
New accounts lodged by Glentawn Investments Ltd show the footwear and clothing business recorded the growth in profits as revenues increased by 38 per cent from €19.74 million to €27.31 million in the 12 months to the end of November last. Pretax profits climbed by €5.05 million from €973,531 to €6.02 million during the year.
Last year, the Ballinasloe business – established in 1937 – paid out an interim dividend of €9 million to its parent firm FLWG Holdings Ltd.
The Glentawn directors – Eamonn Fagan, Michael Larkin and Michael Walsh – noted that “profit for the year substantially exceeded expectations on the back of sales strength”. They said the second half of the year had been particularly strong. “While the growth in online sales continued from 2020, the return of retail during the year gave that sector the confidence to restock, which was rewarded with strong customer demand,” they noted.
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The directors said the group had begun the year with strong stock levels “and was able to take full advantage of the supply chain issues faced by [its] competitors and the resultant product shortages in the market”.
They were, however, cautious on the 2022 outlook, highlighting supply chain issues. “Stock levels have reduced significantly, and this coupled with increased competition and rapidly rising material costs will combine to make 2022 an altogether more challenging environment”.
Numbers employed by the business last year increased from 110 to 116 and “Irish staff costs” increased to €2.8 million while “other staff costs” totalled €1.85 million. Directors’ pay, including pension contributions, last year totalled €427,620.
At the end of November last, Glentawn Investments Ltd had shareholder funds of €19.88 million, including accumulated profits of €16.7 million. The company’s cash funds decreased from €6.35 million to €4.34 million.
