Pre-tax profits at Pamela Scott firm Flairline Fashions last year increased more than three fold to €765,575.
New accounts filed by ladies fashion retail firm Flairline Fashions Ltd show that the business recorded the sharp increase in profits after revenues increased by 11% from €17.77m to €19.75m in the 12 months to the end of last August.
The business continues to expand as the directors state that since the end of last August they have opened a new retail outlet in Dungarvan, Co Waterford.
The Dungarvan opening followed a new Pamela Scott retail outlet at Kilmore Rd, Beaumont, Dublin 5 opening in the prior year.
On the performance last year, the directors state that the group's online sales performed well for the financial year, and the group is continuing to invest in their online sales platform and open new sales outlets in suitable locations.
The group's profits were last year boosted by an exceptional gain of €147,836 that concerned a provision for obligations under lease contracts.
The business also benefited from other operating income of €179,969 that was mainly made up of €137,081 in Government grants receivable.
In another post balance sheet event, the directors also state that the group's store in Midleton, Co Cork was flooded.
The directors state that the group was adequately insured and is pursuing a claim over the cost to cover the repairs. The group re-opened the store five weeks after the flooding event.
Numbers employed increased from 171 to 203 and staff costs increased from €4.7m to €5.3m.
The opening of the new stores follows 12 stores from the wider Pamela Scott group being shut down in October 2020 following the appointment of provisional liquidators to two connected firms of Flairline Fashions.
The consolidated accounts for Flairline Fashions cover the performance of retail subsidiaries including Pamela Scott (PS) Clothing for the likes of Kilkenny, Ennis, Waterford, Wexford, Navan, Kilkenny and Pamela Scott online.
Pamela Scott is the flagship brand of the Flairline Group, which also incorporates Ashley Reeves, Lisa Perkins and lingerie brand Satin & Lace.
Directors' pay increased sharply rising from €603,459 to €724,030 made up of remuneration of €645,199 and pension contributions of €78,831.
A breakdown of revenues for last year show that sales at the company's "bricks and mortar" stores increased €2.16m to €17.12m while online sales reduced from €2.81m to €2.62m.
A note attached to the consolidated accounts states that Sean Barron has a fixed and floating charge over the group's assets as security for loans granted by him to the group.
A separate note states that at the end of August last, Richard Barron, Robert Barron, John Barron and Scott Barron were the joint controlling parties of the business.
The note states that Richard Barron held 49% of ordinary "A" shares with Robert Barron, John Barron and Scott Barron each having a 17% share.
At the end of August last, accumulated profits totalled €1.7m. The company's cash funds decreased from €6.85m to €5.77m.
Reporting by Gordon Deegan
