Kilkenny Design sustains €15.27m revenue hit due to Covid-19

Kilkenny Design sustained a €15.27 million hit to revenues last year due to the impact of the pandemic. New accounts for the group’s holding company Clydaville Holdings Ltd show the family-owned retailer recorded a pretax loss of €2.27 million in the 12 months to the end of January 31st this year.

The chief factor behind the loss was a non-cash writedown of €2.4 million reflecting the reduced market value of group-owned buildings.

Revenues for the year fell by 45 per cent from €34.15 million to €18.88 million.The group also incurred €569,492 in reorganisation costs.

Kilkenny Design operates 17 retail outlets and five cafés across Ireland, some of which are co-located. It also runs a growing online business. Last year it recorded operating profits of €765,227, down 8.5 per cent on 2019.

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The group achieved the operating profit after benefiting from “other income” of €3.4 million, which a spokeswoman confirmed “is made up predominantly from all the various subsidies and grants provided by the Government to the business”.

Evelyn Moynihan, who was appointed chief executive in April, said: "The pandemic-induced closure of stores and restaurants, with city centre workers working remotely and the absence of international tourism all impacted turnover in 2020."

She said the business had focused on ecommerce, and had innovated in areas such as virtual reality. When this was combined with investment in its outlets, in technology and in logistics, some of the revenue decline was mitigated.

In a report accompanying the accounts, directors noted the company had been cash positive during 2021 and is “very confident” it will “return to formal business activity levels over the course of FY22 without incurring any long-term negative effect” on its financial position.

The business availed of relief on loan repayments to lenders for six months last year, while also availing of government supports.

“This has had a very positive impact in countering the downturn in income for the period,” the directors said.

Directors’ pay last year decreased by 37.5 per cent from €508,076 to €317,921.