A post-pandemic retreat from outdoor activities to the indoors contributed to revenue stalling at €27 million at the company behind Dubarry last year.
New accounts filed by Galway-based Dubarry holding company Glentawn Investments Ltd show pretax profit declined by 8 per cent from €6.02 million to €5.54 million in the 12 months to the end of November last.
This came as revenue at the footwear and clothing business increased only marginally from €27.31 million to €27.62 million.
The firm during the year paid out a dividend of €3 million to immediate parent FLWG Holdings Ltd. This followed a dividend payout of €9 million in 2021.
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According to the directors’ report, “the spike in sales in late 2021, as retailers replenished their depleted stocks, did not carry into 2022 leading to a flat year”.
They noted that “the pandemic shift to outdoor activity, which suited our business, eased considerably as occasions, socialising and return to work resumed”.
In addition, a significant shift to online sales during lockdowns “did not hold its new level as widely predicted by reversing considerably as bricks and mortar retail reopened”.
The directors also pointed out that “supply chain difficulties continued into 2022, compounded by relentless inflationary pressures on all costs leading to a fall back in profitability”. They pointed to Brexit-related difficulties too.
On 2023, the directors state that they anticipate a challenging trading environment in 2023 with “many headwinds including continued inflation forcing pricing reviews, trading with weaker economies with resulting currency fluctuations and continued supply chain difficulties particularly from the Far East”.
Numbers employed by the business last year increased from 116 to 123 and ‘Irish staff costs’ increased to €3.1 million while ‘other staff costs’ totalled €1.97 million.
Directors’ pay, including pension contributions, last year totalled €425,095
At the end of November last, the company had shareholder funds of €21.62 million that included accumulated profits of €18.62 million. Its cash funds decreased from €4.34 million to €3.42 million.
