Newbridge Silverware on course for 'solid profit' in 2021

Newbridge Silverware is confident that based on trading so far this year “solid profit figures will be achieved in 2021”.

In a statement accompanying its most recent accounts, chief executive William Doyle pointed to the growth in online business and efficiencies achieved as indicators of the positive trend.

The company undertook a comprehensive review of the operation due to the challenging retail environment, Mr Doyle said.

The accounts show that the business’s pre-tax losses last year increased by 29 per cent to €1.93 million.

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The increase in losses was driven by a €475,249 exceptional cost concerning the closure of retail stores.

Revenues at the group declined by 27 per cent from €15.96 million to €11.62 million last year.

The business continues to benefit from its link up with actor and screenwriter Amy Huberman with its Amy Huberman collection of jewellery, Mr Doyle said.

He also noted that the group’s employees’ unstinting commitment and exceptional effort had been a major contributing factor in returning the group to profit.

The company last year paid a dividend of €520,989 to the group’s holding company.

Challenges posed

The group’s operating loss of €1.2 million last year was down 24 per cent on the operating loss of €1.59 million for 2019, the report said and pointed out that business recorded the reduced operating losses despite the challenges posed by Covid-19 and its significant impact on the group’s operations.

The loss last year takes account of non-cash depreciation costs of €475,249.

Operating lease costs last year reduced from €990,162 to €854,382.

Numbers employed declined from 129 to 99 as staff costs reduced from €4.38 million to €3.12 million.

Pay to directors last year went down 31.5 per cent from €527,966 to €361,822. This was made up of remuneration of €262,697, pension contributions of €50,000 and fees of €48,925.

Pay to key management personnel totalled €674,578.

At the end of last year the group had accumulated profits of €14.09 million. The group’s cash funds stood at €4.67 million.