The board of Newbridge Silverware is confident that based on trading this year “solid profit figures will be achieved in 2021”.
A statement by Newbridge Silverware chief executive, William Doyle attached to the group's Rossbawn Ltd’s accounts says that happily the trends in 2021 show the benefits of the growth in online business and the cost efficiencies achieved as a result of a root and branch review of the business’s operations.
Mr Doyle stated that the review of the business arose from the challenges and opportunities from the changing retail environment in Ireland.
The new accounts show that the business’s pre-tax losses last year increased by 29% to €1.93 million. The increase in losses was driven by a €475,249 exceptional cost concerning the closure of retail outlets.
Revenues at the group last year declined by 27% from €15.96 million to €11.62 million.
The business continues to benefit from its link up with actor and screen-writer, Amy Huberman through a range of jewellery in Newbridge Silverware's Amy Huberman Collection.
In his report attached to the accounts, Mr Doyle said that the group’s employees’ unstinting commitment and exceptional effort has been a major contributing factor in returning the group to profit.
The company last year paid a dividend of €520,989 to the group's holding company.
The directors state that the group operating loss of €1.2 million last year was down 24pc on the operating loss of €1.59 million for 2019.
The directors state that the business recorded the reduced operating losses despite the challenges posed by Covid-19 and its significant impact on the group’s operations.
Numbers employed declined from 129 to 99 as staff costs reduced from €4.38 million to €3.12 million.
Pay to directors last year went down 31.5% from €527,966 to €361,822.
Pay to key management personnel totalled €674,578.
