Treacy gets a feather in his cap with increased profits
Its hats off to renowned Irish milliner Philip Treacy as new accounts show that the Galway man’s fashion firm recorded profits of £110,585 (€128,066) last year.
The designer has achieved worldwide recognition with his original hat designs and has a client base that includes Lady Gaga, Sarah Jessica Parker, Grace Jones and Posh and Becks.
New accounts filed by Treacy’s London-based Philip Treacy Ltd to Companies House in the UK show that the firm recorded a post tax profit of £110,585 in the 12 months to the end of June 30th last (2012) reducing the firm’s accumulated losses from £210,009 to £99,151.
During the same period, the firm’s cash increased from £192,753 to £229,477. The profit secured last year allowed the firm to swing from a shareholders’ deficit of £59,909 to shareholder funds of £50,949.
The profitable performance last year followed a loss-making one in 2011 when losses increased from £111,317 to £210,009
Treacy’s profile was enhanced during 2011 when he provided headwear to 36 of the wedding party to the wedding of Prince William and the Duchess of Cambridge.
![“Aggressive pricing and margin deterioration was exacerbated by a very poor summer release schedule as a result of numerous sporting events such as Euro 2012 and the [London] Olympics,” group managing director Stephen Fitzgerald said. Photograph: David Sleator](/polopoly_fs/1.1403323.1369252679!/image/image.jpg_gen/derivatives/landscape_140/image.jpg "“Aggressive pricing and margin deterioration was exacerbated by a very poor summer release schedule as a result of numerous sporting events such as Euro 2012 and the [London] Olympics,” group managing director Stephen Fitzgerald said. Photograph: David Sleator")
