Profits up 44.5% at Peter Mark hair salons

Pretax profits at the company which operates the Peter Mark hair salon business last year increased by 44.5 per cent to €1.62 million .

This came as revenues increased by 5 per cent from €47.14 million to €49.17 million at Peter Mark Hair Salons Unlimited Company in the 12 months to the end of December last.

Numbers employed at the business last year decreased from 1,747 to 1,711.

Staff costs last year totalled €44.47 million.

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The company commenced operations in 1961 when it opened its first salon on Grafton Street in Dublin.

Since then, Peter Mark has grown into one of Europe’s most successful hairstyling groups, with 71 salons nationwide.

The business recruits and trains all of its staff at its training centres in Belfast and Dublin.

The company recorded an operating profit of €1.06 million and gains resulted in the pretax profit of €1.62 million.

The gains included a credit of €493,784 from the forgiveness of an inter-company loan; the profit of €48,891 on the sale of a fixed asset and €16,000 in interest income.

At the end of December last, the company’s accumulated profits stood at €6.8 million. Its cash pile last year fell from €12.1 million to €6.5 million.