Pre-tax profits at the family owned firm behind the luxury Magee clothing brand last year more than doubled to €1.718m.
New accounts show the Co Donegal business was on the rebound even before July's global endorsement of the brand by Hollywood star and frequent Co Donegal visitor, Sarah Jessica Parker.
Parker posted an image of her just purchased Magee pink tweed coat to her 9.5 million followers on social media.
Magee said that the €575 coat began selling out after the Sex and the City star posted an image of the coat online.
Now, new accounts for the firm behind the brand, Donegal Bay Group Ltd, show that profits surged in 2022 as revenues increased by 62% or €5.4m from €8.75m to €14.2m.
The pre-tax profit of €1.718m compared to a pre-tax profit of €784,986 in 2021 - an increase of 119%.
The directors state that the group "experienced strong sales across all sectors due to the recovery of the market post Covid".
Asked to comment on the 2022 performance, the CEO of Magee Clothing, Rosy Temple, said "2022 saw an encouraging post-Covid recovery, with a notably strong trading performance from the Weaving Mill in Donegal town, which exports luxury fabrics to international markets".
Ms Temple stated that The Magee 1866 stores in Donegal Town, South Anne Street in Dublin, Magee at Arnotts and www.magee1866.com "delivered excellent sales across the lifestyle collections for Men, Women, Home Interiors and Accessories".
"Magee 1866 stockists in Ireland and the UK also performed well," she added.
Ms Temple pointed out that "a profitable 2022 puts us in a position to re-invest in the business, its infrastructure, environmental initiatives, and the continued development of the brand".
Part of the fifth family generation to run the brand, Ms Temple added that "2023 is expected to be a good year, particularly on the retail and e-commerce front with increasing consumer demand for quality, design led pieces featuring unique fabrics, designed and woven at the Mill, such as the Corrib and Emma coats in our AW23 collection."
The directors state that "the uncertainty surrounding Brexit has been identified and the directors have taken action to mitigate the effects on its business and group supply chain".
The accounts show that numbers employed, including executive directors, last year was 91, as staff costs increased from €2.33m to €3.31m. The profit last year takes account of non-cash depreciation costs of €147,562.
At the end of December last, shareholder funds had increased to €6.8m that included accumulated profits of €5.42m.
Cash funds increased from €1.88m to €2.44m.
Reporting by Gordon Deegan
