The link up by Fran O'Gorman's Sundrelle with beauty entrepreneurs Marissa Carter and Suzanne Jackson continues to pay off handsomely for the Co Meath businessman.
This follows new accounts showing Mr O'Gorman’s Sundrelle last year recorded pre-tax profits of €2.79m - a 35% drop on pre-tax profits of €4.3m for 2021.
The business recorded the decrease in profits as revenues increased by 8% from €34.8m to €37.52m.
Sundrelle is one of the largest pharmacy wholesale distributors here and the company exclusively distributes some of Ireland's favourite beauty brands - the tanning range by Marissa Carter, Cocoa Brown and a range of products by fashion blogger Suzanne Jackson.
Fran O'Gorman, Elizabeth O'Gorman, Donal O'Gorman and Thomas Nolan all served as directors on the board of Sundrelle in 2022.
The profits allowed the four directors to share pay of €4.14m in 2022 - an increase of €483,000 on the €3.66m paid out in 2021.
The directors' pay last year was made up of emoluments of €3.7m, pension contributions of €284,000 and social security costs of €152,357.
Underlining the positive impact of the link up with SoSueMe blogger, Suzanne Jackson, Sundrelle purchased goods totalling €5.29m from San Fran Ltd during 2022.
San Fran is co-owned by Fran O'Gorman and Suzanne Jackson and the €5.29m purchased from San Fran Ltd during 2022 was a slight increase on the €5.15m on goods purchased from the company in 2021.
According to the directors' report for Sundrelle, they are satisfied with the performance of the company during 2022.
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 87 to 96 in 2022 and staff costs, boosted by the rise in pay for directors, increased marginally from €6.99m to €7.07m.
The profit takes account of non-cash depreciation costs of €339,213. The company recorded post tax profits of €2.29m after incurring a corporation tax charge of €493,400.
The company's balance sheet remains very strong with accumulated profits of €40.26m at the end of December 2022. The company's cash pile increased from €12.21m to €16.68m.
Reporting by Gordon Deegan
