The sale of diamond engagement rings last year added sparkle to revenues at Dublin-based family jewellers Appleby.
That is according to director at the business, John Appleby, who said that the sale of diamond engagement rings “represent the largest portion of our business”.
Mr Appleby was commenting new accounts for Appleby Jewellers Ltd, which show that post-tax profits plummeted from €633,147 in fiscal 2023 to just€7,245 in the 12 months to the end of April 2024. At the year end, accumulated profits totalled €3.25 million.
Mr Appleby said: “We’re very happy with the results for FY24. Trading was good, with good growth in revenue, particularly in diamond engagement rings, which are our great speciality.
“While FY2024 was a big year for investment, we have managed to make those investments in our future growth while still trading profitably.”
“We have increased our marketing spend significantly and also increased our headcount. We now employ 48 people. We have also been investing heavily in the craft side of our business, with significant increases in our workshop staff and equipment.
“Average sale prices have stayed steady (+1 per cent), but so far this year, we are seeing what looks like an increase there also.”
Mr Appleby expects to see “good revenue growth” in 2025, although the company remains in investment mode. “So while we will be profitable, we’re very focused on growing our market share and continually improving the customer experience, so we are not expecting a sharp increase in profits this year,” he said.
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The abridged accounts don’t disclose a revenue figure for 2024. At the end of April last, the company’s cash funds totalled €853,350.
Margaret Appleby first began the family business in 1950, making jewellery in the family home. By 1960 she and her husband John had opened their first store at Johnson’s Court in Dublin
