The sale of diamond engagement rings last year added sparkle to revenues at Dublin-based family jewellers Appleby.
That is according to a director at the business, John Appleby, who said that the sale of diamond engagement rings "represents the largest portion of our business".
Mr Appleby made his comments when asked to comment on new accounts for Appleby Jewellers Ltd which show that post tax profits plummeted from €633,147 in fiscal 2023 to a modest post tax profit of €7,245 in the 12 months to the end of April.
At the end of April last, accumulated profits totalled €3.25m.
Mr Appleby said: "We're very happy with the results for FY24. Trading was good, with good growth in revenue, particularly in diamond engagement rings, which are our great speciality".
"While FY2024 was a big year for investment, we have managed to make those investments in our future growth while still trading profitably," he said.
The drop in profit follows the company’s costs increasing.
"We have increased our marketing spend significantly and also increased our headcount. We now employ 48 people. We have also been investing heavily in the 'craft' side of our business, with significant increases in our workshop staff and equipment," he said.
"Average sale prices have stayed steady (+1%), but so far this year, we are seeing what looks like an increase there also," he stated.
"I expect that we'll continue to see good revenue growth in 2025, however, we remain in investment mode. So while we will be profitable, we’re very focussed on growing our market share and continually improving the customer experience, so we are not expecting a sharp increase in profits this year," Mr Appleby said.
He said there "are four of us involved from the second generation and five from the third generation" in the business.
"The roles vary from general management, to marketing, to gemmology, to design, manufacture and goldsmith. It remains, very much, a "family" business throughout every process," he added.
The abridged accounts do not disclose a revenue figure for 2024. At the end of April last, the company’s cash funds totalled €853,350.
The profit last year takes account of non-cash depreciation costs of €101,623 and interest costs of €23,445.
Margaret Appleby first began the family business in 1950's Dublin, making jewellery in the family home and by 1960 she and her husband John had opened their first store at Johnson’s Court.
Reporting by Gordon Deegan
