Pre-tax profits jump 73% at Avoca

Avoca’s retail blend of fashion and food continued to deliver strong profits last year for the family business, with pre-tax profits jumping 73 per cent to €2.07 million.

The business reaped the benefits from its continued expansion as Avoca Handweavers Ltd and subsidiaries as revenues increased by 12 per cent to €55.6 million in the 12 months to the end of January last year.

Revenues and profits were boosted by Avoca’s opening of a new café and store on the grounds of Malahide Castle in October 2012 that created 110 new jobs.

Avoca designs and manufactures its own clothing, food and home furnishings from its Wicklow base and it has 11 retail stores and cafes.

The six members of the Pratt family who make up the board – Donald, Hilary, Amanda, Simon, Ivan and Vanessa – last year shared €1.43 million in remuneration and pension benefits, up on the €1.294 million in fiscal 2012.

Shops division
The figures show that the group's shops division, Avoca Handweaver Shops Ltd, recorded the lion's share of profits with €1.89 million in post-tax profits with Avoca Handweavers NI Ltd recording £101,484 in profits while Avoca Handweavers Designs Ltd recording a loss of €193,879.

Managing director Simon Pratt said yesterday: "Against what is continuing to be a tough economic backdrop for retailers, we were relatively pleased with our performance to January 2013."