Irish designer Kiely hoping to bag 20pc increase in revenue as company expands
Published 07/09/2011 | 05:00
Renowned Irish fashion designer Orla Kiely is hoping that revenues at her growing business will increase by a further 20pc arising from an overseas expansion and an increased number of retail outlets.
Ms Kiely's views are contained in accounts just filed by Kiely Rowan plc which confirm that revenues at the London-based firm increased by 11pc from £7m (€7.9m) to £7.89m in the 12 months to the end of March this year.
The figures filed with Companies House in London show the company's pre-tax profits dropped by 9.6pc from £468,479 to £423,277 last year.
Dublin-born Ms Kiely is best known for her distinctive print handbags and the company -- which she runs with her husband Dermott Rowan -- also sells branded clothes, accessories and homeware.
Ms Kiely and Mr Rowan are the company's two directors and they state that they "are satisfied with the improvements shown in the period ended March 31, 2011, despite the hard economic conditions during this period".
The company's gross profit increased by 10.5pc to £3.8m and the firm's gross-profit margin remained stable at 48pc.
The accounts show that Ms Kiely and Mr Rowan each received £152,000 in salary last year -- a 16pc increase on the £130,000 the two received for 2010.
The two directors also each received a dividend of £75,000 during the year. The previous year, Ms Kiely and Mr Rowan each received £100,000 in dividends.
A graduate of the National College of Art and Design (NCAD) in Dublin, Ms Kiely last year was one of six Irish designers honoured by An Post with the release of six fashion stamps.
The figures show that the company recorded a modest loss of £27,931 but £488,884 from 'other operating income' resulted in an operating profit of £456,953.
The company had accumulated profits of £1.28m at the end of last March.
The figures show that the company's revenues were driven by growth in its UK and European markets.
The figures show that the UK market -- which last year accounted for 58pc of the company's sales -- grew by 20pc from £3.86m to £4.6m, with the company's European market growing by 43pc from £1m to £1.5m.
The company's US market sustained a 20pc drop in business from £1.57m to £1.25m with the company's 'rest of the world' dropping from £550,171 to £460,862.
Staff employed by Ms Kiely rose 16pc last year from 49 to 57, with 11 of the employees engaged in design.