Newbridge Silverware pre-tax profits take on extra shine as they increase seven fold
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Pre-tax profits at the group behind Newbridge Silverware took on an extra shine last year as they increased more than seven fold to €143,967.
New consolidated accounts filed by the Co Kildare based Rossbawn Ltd show that the business’s pre-tax profits increased sharply from €18,617 to €143,967 as revenues increased by 1% from €14.82m to €14.9m.
The firm’s range includes the Amy Huberman collection.
The profits take account of re-organisation costs of €389,200.
The group recorded an operating profit of €532,015 — a 13-fold increase on the €40,011 operating profits for 2022.
The company recorded a post-tax profit of €57,505 after incurring a corporation tax charge of €86,462.
The company incurred distribution costs of €1.66m while administrative expenses reduced from €6.58m to €5.92m. Cost of sales increased marginally from €6.667m to €6.78m.
The directors state they “have continued to implement cost cutting measures on specific cost items as well as implementing a reorganisation plan designed to improve the results of the group”.
In a post balance sheet event, the directors state that on January 2, 2024, they implemented “a group reorganisation plan where a new subsidiary of the company was formed. One of the company's subsidiaries also transferred its shareholding in another group company to this new company”.
On the company’s future development, the directors state that “the group plans to continue its present activities and increase trading levels”.
The principal activities of the group are the manufacturing, distribution, and sale of cutlery and jewellery products.
Numbers employed by the business last year remained at 131 as staff costs increased from €4.15m to €4.44m. Directors’ pay last year increased from €501,041 to €533,565 made up of remuneration of €450,265, pension contributions of €54,300, and fees of €29,000.
An accompanying note states that “the increase in directors remuneration during the year is attributable to a reclassification of remuneration based on director appointments during the year”.
The profit last year takes account of non-cash depreciation costs of €509,613. Operating lease costs totalled €721,941.
At the end of December last, the business had accumulated profits of €14.1m. The group’s cash funds reduced from €3.1m to €1.92m.