Pre-tax profits at the operator of Intersport Elverys in 2024 declined by 7% to €6.59m after an "exceptional" 2023 performance as a result of the 2023 Rugby World Cup.
New accounts filed by Staunton Sports Ltd show that pre-tax profits declined as revenues dipped by 2% from €129.24m to €126.6m in 2024.
The directors state that "the trading performance for the financial period remained very strong, with turnover of €126.6m reducing by only 2% compared to the exceptional 2023 performance in the Rugby World Cup year".
The directors state that they "are very satisfied with the trading performance".
The firm operated 44 bricks and mortar stores nationwide during the year along with "a strong online presence via elverys.ie".
The directors state that "the company's gross margin remained stable at 42.8%, supported by careful supply chain management and disciplined pricing. Inflationary cost pressures were partly offset by operational efficiencies and increased use of renewable energy sources".
The directors state that "the company remains financially robust, with net assets increasing to €38.8m and significant liquidity available through cash reserves and banking facilities".
They state that "capital expenditure during the year focused on upgrading warehouse automation, digital systems, and the retail store network".
The accounts show that operating profits declined by 5% to €6.94m and profits reduced by net interest payments of €343,810 to €6.59m.
The firm recorded post tax profits of €5.71m after incurring corporation tax charge of €876,990.
On January 28 of this year, Cork City Council issued a final grant of permission to connected firm, Tricondale Ltd, to redevelop the former Debenham's Store on Cork's Patrick Street.
This follows in May 2023, the Co Mayo headquartered chain continued on its growth strategy with the reported €12m purchase of the flagship Debenham's outlet.
The city council has given the green light to sub-divide the former Debenhams department store into four separate outlets.
On the firm's future developments, the Staunton Sports Ltd directors state that the company plans to continue to invest in the company's online infrastructure, sustainability initiatives and store modernisation programme.
They state that in 2025, capital investment will prioritise further automation, customer experience enhanced and energy efficient operations.
They state that "while inflation and cost of living pressures may temper short term consumer spending, the directors remain confident in the long term strength of the brand and its market position".
In a post balance sheet event, the directors state that the automated warehouse installation is complete with improvements continuing to be made in 2025.
The firm generated net cash from operations of €8.04m in 2024.
The company's profits for 2024 take account of non-cash depreciation costs of €2.74m.
Numbers employed increased from 571 to 586 as staff costs rose from €16.39m to €17.6m.
The profits for 2024 further strengthened the group's balance sheet as shareholder funds increased to €38.8m that included accumulated profits of €32.72m.
The group's cash funds decreased from €8.88m to €7.1m.
The group made payments of €3.75m to acquire property in 2024 following an outlay of €7.33m under that heading in 2023.
Reporting by Gordon Deegan
