Pre-tax profits at the InterSport Elverys sports retail chain last year increased by 33% to €8.17m.
New accounts show that in spite of Covid-19 restrictions for the first five months of 2021, Staunton Sports Ltd's revenues last year increased by €9.95m, or 11.6%, from €85.67m to €95.62m.
The surge in pre-tax profits last year continued the retailer's strong performance during Covid-19 where during the first pandemic hit year in 2020 pre-tax profits increased almost three fold to €6.12m.
The brand operates 46 stores here and online at elverys.ie and the directors state that the trading performance in 2021 "remained strong".
The firm's business was impacted by Covid-19 restrictions for 10 months of 2020 and last year for five months.
The directors' report states that "given the continued disruption to trade in the first five months of the year and overall uncertainty arising from Covid 19, the directors are satisfied with the trading performance".
The directors did not recommend the payment of a dividend for 2021 nor do they envisage paying a dividend in the coming years.
They say that this is due to planned substantial capital expenditure in updating and automating the warehouse systems and continued investment in freehold properties and the group's shop portfolio.
The directors state that in common with all companies operating in Ireland in the sector, Staunton Sports Ltd is facing challenges arising from Covid 19, other online websites, supply chain disruption and rising energy costs.
"However, the directors are of the opinion that the company is well positioned to meet these challenges," the report states.
On the group's 2022 performance, the directors state that "online continues to perform strongly albeit trading down versus the first half of 2021 year when the stores were closed".
They add that global supply issues continue to cause disruption to deliveries from many of the company's key suppliers and this together with increased energy costs, Ukraine conflict and cost of living in general, may have an adverse effect on trade whilst these variables continue.
The group recorded operating profits of €8.3m and this takes into account other operating income of €1.74m.
Numbers employed rose by 32 from 496 to 528 with staff costs increased from €10.69m to €11.3m.
The business last year paid consultancy fees of €250,000 to a related firm, Budget Sport Ltd where John Staunton, James Staunton, Marita Staunton and Helen Staunton each have a 25% share.
Staunton Sports Ltd last year recorded post tax profits of €7.1m after paying corporation tax of €1.07m.
At the end of December last, the company’s shareholder funds totalled €21.65m while the firm's cash funds declined from €8.8m to €7.7m.
Accumulated profits totalled €15.58m.
The company's profits for 2021 take account of non-cash depreciation costs of €1.7m.
Its cash from operating activities last year totalled €7.38m.
Reporting by Gordon Deegan
