Pretax profits at Thérapie beauty clinics plummet 95%
Expansion eats into profit as group opens two new clinics in Ireland and two in the UK
A range of therapies are available at the beauty clinics, including Botox, dermal fillers, lip fillers and laser hair removal. Photograph: Getty
Pretax profits at the parent company of the Thérapie network of beauty clinics last year plummeted 95 per cent to €73,051 due to expansion costs.
New accounts filed by Fellerim Ltd show that pretax profits decreased sharply as revenues increased 29 per cent to €26.24 million.
The business – led by brother and sister Phillip and Katie McGlade – increased revenues due to new clinic openings here and in the UK last year.
The directors state that since year end, the group opened four new clinics – two here and two in the UK – and intend to open further clinics in both Ireland and UK over the coming months and years. It has also introduced its Thérapie brand to India.
Fellerim’s revenues are made up of income from its beauty clinics and laser eye surgery clinics. Revenues from its beauty clinics increased 41 per cent to €21.8 million, and revenues from its laser eye surgery Optilase decreased to €4.4 million from €4.8 million.
A range of therapies are available at the beauty clinics, including Botox anti-wrinkle injections; dermal fillers, lip fillers and laser hair removal.
It recorded an 80 per cent decrease in operating profits from €1.79 million to €356,891 as interest costs of €283,810 reduced the profit to a pretax profit of €73,081.
Numbers employed increased from 216 to 299 as staff costs went up from €7 million to €9.94 million.
Paul Adam McGlade and William McGlade also served on the board during the year as directors’ pay last year increased from €378,448 to €426,081.
A geographical breakdown of revenues shows that revenues in the Republic increased 17 per cent to €20.1 million; revenues in Northern Ireland increased 42 per cent to €3.6 million; revenues increased in Scotland by 157 per cent to €1.65 million; and revenues in the company’s new market in England totalled €753,420.