PRE-TAX profits at family-owned retailer Avoca increased by 3 per cent to €1.64 million last year as revenues climbed to €48.6 million.
In accounts just filed by Avoca Handweavers Ltd and subsidiaries, they show that group revenues increased by 6 per cent from €45.9 million to €48.6 million in the 12 months to the end of January last year.
The numbers the group employed increased from 568 to 597 last year with group managing director Simon Pratt confirming yesterday that a further 80 jobs will be created this coming summer with the opening of a Avoca food hall, shop and cafe at Malahide Castle. This follows the opening of a new Avoca food hall at Monkstown last November creating 30 jobs.
Avoca designs and manufactures its own clothing, food and home furnishings from its Wicklow base and it has 10 retail stores and cafes in the island of Ireland.
Commenting on the group’s performance to the end of January last, Mr Pratt said: “We are satisfied with the increase in revenue. In the current climate, we feel that this is a good outcome and reflects a huge commitment from a great team of staff and very loyal customer base.
“2011 has proved to be slightly better again, with the mild weather in the run up to the Christmas being a key ingredient.”
Mr Pratt added: “It would be easy to freeze like a rabbit in the headlights in the current climate and try to simply manage our business, but we are entrepreneurs and it is our duty to try and prudently create new jobs in Ireland.”
The accounts show that the group had €14.7 million in accumulated profits at the end of January last. Its shareholder funds stood at 23 million. No dividend was paid last year.
Operating profit last year remained flat at €2.48 million, but interest payments on debts arising from the group’s expansion totalling €813,201 reduced the group’s profits to €1.69 million.
The group had bank loans totalling €16.2 million. The figures show the group’s cost of sales last year increased from €21.2 million to €22.8 million with administrative expenses decreasing.
The group’s staff costs last year increased from €15.6 million to €16.1 million with remuneration for directors – five members of the Pratt family – totalling €1.34 million.
