Online sales at the Intersport Elverys last year resulted in the sports retailer achieving revenues in line with 2019.

Staunton Sports Ltd recorded EBITDA in excess of €4 million for 2020 despite the impact of the Covid-19 pandemic.

The Castlebar headquartered retail group operates 51 outlets across the country.

The directors said that while Covid-19 forced the group's bricks and mortar stores to temporarily close, online sales "have substantially grown in 2020" and "total turnover for 2020 will be in line with the year 2019".

Staunton Sports Ltd recorded more than a four fold increase in pre-tax profits to €2.2 million in 2019, and revenues rose 12% from €77.05 million to €86.39 million.

In a note on the Covid-19 impact, the directors said that the company continues to generate positive cash flows from trading activities by ensuring a strong gross margin is maintained together with constant management of overheads.

They said that Staunton Sports Ltd is well placed to manage its business risks successfully as the company has considerable resources available to it.

On the 2019 performance, the directors said the group's trading performance improved driven by key sporting events, team results and investment in store portfolio.

The profit for 2019 takes account of non-cash depreciation costs of €1.399 million.

The company recorded post tax profits of €1.88 million after paying corporation tax of €320,885.

Numbers employed at the group increased from 633 to 650 in 2019 as staff costs decreased from €12.73 million to €12.44 million.

Shareholder funds at the end of December 2019 totaled €9.24 million that included accumulated profits of €3.16 million.

The group’s cash funds almost doubled from €3.6 million to €6.6 million.

On the group’s future developments the directors said they are cautious of the significant threats posed by Covid-19 to the business together with ongoing Brexit uncertainty.

They state that they will continue to develop the business in the ensuing year engaging in further significant retail partnerships supported by continued investment in the store portfolio and online platform.