Pretax profits at the Blarney Woollen Mills Group that operates the Meadows & Byrne retail chain last year increased more than fourfold to €8.38 million, new accounts show.
The accounts reveal that Blarney Woollen Mills Group Ltd and subsidiaries recorded the 447 per cent increase after revenues surged by 44 per cent or €11 million to €35.75 million in the 12 months to the end of January 31st this year.
The group benefited from €4.59 million in Covid-related Government wage subsidies, which followed €2.14 million received under that heading in 2020.
The group also operates the Bunratty Castle Hotel in Co Clare, and benefited from net €1.75 million insurance proceeds received as a result of a fire that caused extensive damage to the property in June 2021.
The accounts show that insurance proceeds of €1.98 million were offset by associated costs of €230,581.
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Along with Blarney Woollen Mills and Meadows & Byrne shops, the group operates two hotels, one at Blarney in Cork along with the hotel in Bunratty.
The accounts – signed off by directors Freda Hayes and Fergus Gately on November 23rd – show that retail sales rose by 36 per cent from €19.5 million to €26.56 million, while hotel and restaurant sales more than doubled from €3.1 million to €6.4 million.
Within the accounts, directors noted that group revenue and profit increased, driven by retail and hospitality markets reopening following Covid-19 shutdowns and the continued successful execution of the company’s growth strategy.
They noted strong demand for the company’s products, but added that “sourcing and pricing of key inputs remains challenging”.
The group recorded operating profits of €8.75 million, while interest costs of €367,489 reduced this to €8.38 million.
Its revenues from manufacturing knitwear increased by 43 per cent from €1.83 million to €2.62 million, while concession income fell from €266,777 to €169,847.
Directors’ pay increased from €665,541 to €697,103. Key management personnel shared pay of €999,315.
Shareholder funds at the end of January totalled €25.37 million. Cash funds doubled from €9.27 million to €18.55 million.
