"Really good growth" in the number of couples purchasing their engagement rings at Appleby jewellers had profits sparkling at the firm last year.
New accounts show that Appleby Jewellers Ltd recorded post tax profits of €633,147 in the 12 months to the end of April 30th last - a 43.5% increase on the post tax profits of €441,984 in the prior year.
The performance resulted in the family owned Dublin company having accumulated profits of €3.24m at the end of April last.
"We were very pleased with the business during the last year. Demand continues to be strong," said Director at Appleby's, John Appleby.
"We saw really good growth in the number of couples coming in to get engaged."
"Diamond engagement rings, other diamond rings, and diamond jewellery make up the bulk of our turnover. We are by far, the largest diamond jeweller in the country. However, we have also experienced great growth in our pearl and gold jewellery business."
Mr Appleby said that the main driver "in terms of our increase in profits, is an improvement in our market-share".
The accounts are abridged and don’t provide a revenue figure but Mr Appleby stated that revenues "showed some healthy growth".
"Every day, you’re helping your customer to celebrate a great life event. However, our mother, Peggy founded this business in the mid-50’s, at a time when most people in Ireland really struggled financially," he said.
Today, Mr Appleby and three brothers are owners/directors while three of the next generation are also involved.
"As a family business, we work hard to maintain our original ethos," he said.
"From our perspective in 2024, we’re very proud that every customer gets the same experience, whether they’re spending €200 or €200,000. Our engagement rings start at about €2,000 and there is no upper limit."
On business in the current year, Mr Appleby said that it has been "the usual roller-coaster that we’ve experienced over the last couple of years".
"As each year goes on, we find that we work harder and harder to maintain the growth, with some months being more successful than others," he explained.
"However, Christmas was a very strong period for us, so we’re quite optimistic about the current year. Generally, I’d say marketing is becoming a bigger and bigger expense as we try to get some clear messaging heard above all the "noise" on digital platforms."
Between craftsmen in the workshop, the firm’s gemmology department, design centre and shop staff, it employs around forty people.
"While we don’t plan on expanding our footprint, we continue to hire craftspeople for our manufacturing capacity," Mr Appleby said.
The profit last year takes account of non-cash depreciation costs of €111,554. Aggregate remuneration to directors increased by 29% from €723,459 to €936,863.
Shareholder funds totalled €4.63m while cash funds almost halved to €648,926.
- reporting Gordon Deegan
