The link up by Fran O'Gorman’s Sundrelle with beauty entrepreneurs, Marissa Carter and Suzanne Jackson is paying off handsomely for the Meath businessman.
Accounts for the O’Gorman owned Sundrelle Ltd show that in 2018, revenues increased by 8% from €29m to €31.2m.
Sundrelle is one of the largest pharmacy wholesale distributors here and the company exclusively distributes some of Ireland’s most popular beauty brands – the tanning range by Marissa Carter, Cocoa Brown and a range of products by fashion blogger, Suzanne Jackson.
The deals by the Ashbourne-based business with the two business women contributed to Sundrelle recording pre-tax profits of €1.4m in 2018.
The pre-tax profits for 2018 were 54% down on the pre-tax profits of €3.22m recorded in 2017.
The chief factor behind the decline in profit was pay to four directors for Sundrelle soaring by 67% from €2.1m to €3.66m.
Along with Fran O’Gorman, Elizabeth O’Gorman, Donal O’Gorman and Thomas Nolan all served on the board in 2018.
Underlining the positive impact of the link up with SoSueMe blogger, Suzanne Jackson, Sundrelle purchased goods totalling €8.3m from San Fran Ltd during 2018.
San Fran is co-owned by Fran O’Gorman and Suzanne Jackson and the €8.3m purchased from San Fran Ltd during 2018 was an increase of 74% on the €4.7m of goods purchased from the company in 2017.
According to the directors’ report for Sundrelle, they are satisfied with the performance of the company during 2018.
The directors state that they will concentrate on the continued growth of the company in the coming year.
The report states: "The corporate strategy for the coming year is to increase stakeholder value through enhancing market share and developing the company’s customer base."
The main activity of the company is the wholesale distribution of toiletries and novelty goods to the retail trade.
On the company’s future developments, the directors state that due to the global demand for the products sold by the company and the current product development, the immediate prospects for the company’s market remain satisfactory.
Numbers employed by the company increased from 74 to 94 in 2018 and staff costs, boosted by the large rise in pay for directors, increased from €5.2m to €7m.
The profit takes account of non-cash depreciation costs of €304,090.
The company’s balance sheet remains very strong with accumulated profits of €25.72m at the end of December 2018. The company’s cash pile increased from €15.4m to €17.56m.
The company recorded a post tax profit of €1.24m after paying corporation tax of €236,012.
