Pre-tax profits at the group behind Newbridge Silverware plummeted by 98 per cent to €18,817 due, in part, to a range of costs arising from the war in Ukraine.
New consolidated accounts filed by the Co Kildare based Rossbawn Ltd show that the business’s pre-tax profits reduced by more than €1m despite revenues increasing by 23 per cent from €12.066 million to €14.82 million.
The directors state that the group produced an operating profit of €40,011 for the year, which was a €939,147 decrease on the operating profits of €979,158.
The pre-tax profit of €18,617 compares to a pre-tax profit of €1.04 million in 2021.
The firm’s range includes the Amy Huberman collection and the directors said that the decrease in profits "was due to the slow and unpredictable return to normal trading post Covid, and the increase in a range of costs due to the conflict in Ukraine”.
The directors’ report states that “overall, the directors are satisfied with the group performance during the year, and are confident that current trading levels can be improved for the year ahead”.
The group’s costs increased as administrative costs rose from €4.43 million to €6.58 million as cost of sales increased from €5.26 million to €6.6 million. Distribution costs rose from €1.38 million to €1.53 million.
The principal activities of the group are the manufacturing, distribution, and sale of cutlery and jewellery products.
Numbers employed by the business last year increased from 124 to 128 as staff costs increased from €2.33 million to €4.15 million.
Directors’ pay last year increased from €472,018 to €501,041 made up of remuneration of €375,241, pension contributions of €96,800 and fees of €29,000
The profit last year takes account of non-cash depreciation costs of €530,549. Operating lease costs totalled €732,208. The group last year received €58,484 in Covid-19 wage subsidy support payments compared to €910,028 in the prior year.
At the end of December last, the business had accumulated profits of €15m. The group’s cash funds reduced from €3.93 million to €3.1 million.
