Kilkenny Group remains 'cash positive' despite Covid-19 lockdowns

Revenue tops €34m as reopenings see footfall rise

Kilkenny Group chief executive Evelyn Moynihan: “Footfall in shopping centres is ahead of the reopening last summer.”

Kilkenny Group chief executive Evelyn Moynihan: “Footfall in shopping centres is ahead of the reopening last summer.”

 

Family-owned retailer the Kilkenny Group has continued to be “cash positive” despite the Covid-19 lockdowns that temporarily shut its outlets.

Its holding company, Clydaville Holdings Ltd, recorded a pretax profit of €364,349 in the 12 months to the end of January 26th, 2020, according to its most recent accounts.

The Killarney-registered group recorded the pretax profit as revenue topped €34.15 million.

The group operates 16 retail outlets and five cafes, some of which are co-located. It also operates an online shop.

Kilkenny Group employs 290 and works with more than 200 Irish suppliers of premium craft and design.

Footfall

The group’s stores recently reopened as Covid-19 restrictions eased and Evelyn Moynihan, the group’s new chief executive, said on Thursday: “Footfall in shopping centres is ahead of the reopening last summer, and with outdoor hospitality open since last week we are seeing further recovery in footfall in key city centre and town locations.”

Ms Moynihan, who was appointed in April, said the group’s annual 50-per-cent-off summer sale was “also being well received and we are very confident in the prospect of restoring and growing business in the coming 12 months”.

Ms Moynihan replaced co-owner of the Kilkenny Group Marian O’Gorman, who now acts as group chair after over 20 years as chief executive.

Addressing the impact of Covid-19 on the business, the report said the business had availed of Covid-19 wage-subsidy scheme supports and all other available Government supports.

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

The report said that the group was confident it would return to normal business activity levels during the current financial year without incurring any long-term negative effect on the group’s financial position.

However, cautioned that the pandemic may affect the carrying value of certain long-term property assets .

Profit

The group last year recorded operating profit of €836,312 and reorganisation costs totalling €325,015 reduced profit and this followed reorganisation costs of €1.55 million in the prior period.

The profit also takes account of combined non-cash depreciation and amortisation costs of €783,408.

The group reached a €1 million non-compete agreement with Ms O’Gorman in 2018 and €495,684 of this was owing at the end of January 2020. Key management personnel shared €508,076 in pay last year.

At the end of January 26th, 2020, shareholder funds totalled €9.7 million that included €1.68 million in accumulated profit.

The company’s cash funds increased from €3.98 million to €4.04 million.