Blarney Woollen Mills Ltd, which operates three Blarney Woollen Mills stores and a hotel of the same name in Blarney in Cork, swung back into profit last year amid a pick-up in demand across its retail network.
However, the company, which specialises in clothing and homeware, warned that the sourcing and pricing of inputs remained a key problem for the business.
Blarney Woollen Mills is part of the bigger Blarney Woollen Mills Group, which also owns the Meadows & Byrne chain.
According to recently filed accounts, turnover for the 12 months to the end of January this year rose to €24 million, up from €20.9 million for the previous period. Retail sales accounted for €16.6 million while hotel and restaurant sales accounted for €7.4 million.
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The company reported a profit after taxation of €121,386, up from a loss of €239,942 previously. The net liability position of the company stood at €2.3 million.
“Turnover increased for the year [ending January 31st, 2024] driven by the company’s key retail markets performing strongly,” Blarney’s directors Freda Hayes and Fergus Gately said. “Demand for the company’s products remains strong; however, the sourcing and pricing of key inputs remains challenging.”
Blarney Woollen Mills employed an average of 246 staff in the year to the end of January 2024, up from 234 a year earlier. Its total wage bill for 2024 was €6.6 million, up 10.6 per cent.
The two directors shared remuneration just shy of €190,000
Separate accounts for Meadows & Byrne show it generated turnover of €22.6 million last year, up from €22.1 million in the previous year “driven by the company’s key retail markets performing strongly”.
[ Strong retail performance drives 50% increase in Blarney Woollen Mills revenuesOpens in new window ]
Retail sales accounted for the lion’s share (€19 million), while cafes and restaurants generated €3.3 million.
Despite the increase in turnover, the company’s profit fell to just over €800,000, down from nearly €1.5 million previously.
“This reduction is largely attributable to the repayment of amounts previously unprovided for under the Employee Wage Subsidy Scheme,” it said.
The company similarly highlighted the sourcing and pricing of inputs as a challenge. It also said “inflationary pressures on the cost base” were a key risk for the business. The accounts said the company employed 194 staff last year, down one on the previous year but staff costs jumped 7 per cent to €4.7 million.
The directors, who were Ms Hayes and Mr Gately alongside Colin Hayes, shared remuneration of over €209,000.
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