Reorganisation costs totalling €155,632 at the group behind Newbridge Silverware last year contributed to the group recording a pre-tax loss of €368,094.
New consolidated accounts filed by the Co Kildare based Rossbawn Ltd show that the business recorded the pre-tax loss after revenues dipped by 3% from €14.9m to €14.5m last year.
The pre-tax loss of €368,094 follows a pre-tax profit of €143,966 in 2023.
The firm's range includes the Amy Huberman collection and the accounts show that the group sustained an operating loss of €149,564 before re-organisation costs and interest costs are taken into account.
The spend of €155,632 on re-organisation costs in 2024 followed a spend of €389,200 under the same heading in 2023.
The directors state that operating in a period marked by economic volatility, the group continued to face external challenges beyond its control.
They state that the ongoing global cost-of-living crisis placed additional pressure on the Group's cost base, creating further obstacles for overall performance.
But despite these pressures, they said the group generated a profit before interest, depreciation, tax and amortisation of €170,616 in 2024 - down from the €688,232 under the same heading in 2023.
The directors state year on year gross profit margin increased from 54% to 56%.
They state that this improvement reflects the positive outcomes of strategic initiatives and decisive actions implemented by management, including ongoing operational restructuring and proactive cost-saving measures.
"Whilst the improvement plan is starting to show gradual improvement for the group’s financial outlook, further measures and considerations are still required," they state.
"Post a group reorganisation at the commencement of the year, we have taken purposeful steps to streamline operations and improve efficiency," the directors say.
"Although uncertainties may persist, the strategic decisions made by the management team have established a strong foundation for sustained growth, highlighting the adaptability and strength of the group," they added.
The principal activities of the group are the manufacturing, distribution, and sale of cutlery and jewellery products.
Numbers employed by the business last year reduced by three from 131 to 128 as staff costs reduced from €4.44m to €4.22m.
Directors' pay last year decreased sharply from €533,565 to €384,010 made up of remuneration of €338,210, pension contributions of €16,800 and fees of €29,000.
The loss last year takes account of non-cash depreciation costs of €534,875. Operating lease costs totalled €791,448.
At the end of December last, the business had accumulated profits of €13.7m. The group's cash funds increased from €1.92m to €3.5m.
Reporting by Gordon Deegan
