Turnover at Blarney Woollen Mills Limited, the subsidiary which operates three Blarney Woollen Mills stores across Ireland and a hotel of the same name in Blarney in Cork, rose by more than 50 per cent to €20.93 million in its latest financial year, driven by strong retail performance.
However, the company reported a loss after taxation of €239,942, as distribution costs rose and directors highlighted challenges in sourcing and pricing key inputs.
Blarney Woollen Mills Limited is a subsidiary of the Blarney Woollen Mills Group, and accounts for the retail and hospitality businesses under the Blarney Woollen Mills name.
The overall group, not included in these accounts, also operates Meadows & Byrne shops, the Bunratty Castle Hotel, and a manufacturing plant in Ireland that produces a range of fashion garments and accessories.
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The latest financial accounts for the year to 31st January, 2023 note that turnover for Blarney Woollen Mills Limited reached €20.93 million, up from €13.87 million in 2022.
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The majority of turnover, €14.57 million, came from retail sales, while €6.36 million was from hotel and restaurant sales.
However, after tax the company incurred a loss of €239,942, down from a profit of €1.90 million a year previously.
A directors’ report accompanying the latest accounts noted that increased turnover was “driven by the company’s key retail markets performing strongly”.
“Demand for the company’s products remains strong however the sourcing and pricing of key inputs remains challenging,” it said.
The company saw the cost of sales rise from just under €5 million in 2022 to €8.85 million in 2023. Distribution costs rose to €9.57 million in the year to the end of January 2023, up from €5.26 million a year previously.
Other operating income fell to €131,415 in 2023, from €2.06 million in 2022, largely due to the fact that the company no longer qualified for the temporary wage subsidy scheme.
Blarney Woollen Mills employed an average of 234 staff in the year to the end of January 2023, up from 161 a year previously. Its total wage bill for 2023 reached €6.06 million, up from €4.43 million in 2022.
Directors noted that the principal risks and uncertainties for the business include the general economic environment, access to resources and talent management, information security, and laws and regulations.
Blarney Woollen Mills were contacted for comment.
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