Pre-tax profits at the Peter Mark Hair Salon group increased by 6.5% to €1.37m in 2023.
The group operates 69 salons and new accounts filed by Peter Mark Hair Salons UC show that profits increased after revenues rose by 12% from €51.7m to €58m.
The 2023 revenues at the country's largest hair salon operator of €58m easily top pre-Covid-19 revenues of €50m as the group fully recovered from the impact of the pandemic in 2023.
The hairdressing industry was one of the hardest hit by Covid-19 restrictions and the business had to shut down for long periods in 2020 and 2021 sustaining a cumulative revenue hit of €35m across the two years.
The new accounts show that the group in 2023 received no Government Covid-19 assistance after receiving a cumulative €31m in Government Covid-19 assistance in 2022, 2021 and 2020.
Group revenues for the island of Ireland were boosted during 2023 by Peter Mark opening up a new flagship outlet at the Blanchardstown Shopping Centre.
The group operates 27 salons in Dublin City and county and numbers employed at the group last year increased by 16 from 1,394 to 1,410 as staff costs rose from €38.11m to €42.81m.
The profits last year take account of non-cash depreciation costs of €1.1m and exceptional costs of €564,224.
On the main risks and uncertainties facing the business, the directors point to "cost inflation", comprising decreasing margins due to rising costs or reduction in prices due to competition.
The business has been operating for over 60 years after opening its first salon on Dublin's Grafton Street in 1961.
The business - led today by CEO Peter O'Rourke - is still owned by members of the Keaveney family.
James R Keaveney, Patrick J Keaveney and Paul V Keaveney and Cathal Keaveny also serve as directors along with Mr O'Rourke.
At the end of December 2023, the group had accumulated profits of €11m while the group's cash funds increased from €5.7m to €8m.
The group recorded a post tax profit of €1.29m for 2023 after incurring a corporation tax charge of €78,578.
Reporting by Gordon Deegan
