Business Irish

Saturday 19 August 2017

Sales at Mayo's Portwest hit €100m

Harry Hughes, one of the directors at Co Mayo firm Portwest
Harry Hughes, one of the directors at Co Mayo firm Portwest

Gordon Deegan

The growing number of people taking part in outdoor activities contributed to pre-tax profits at Co Mayo firm Portwest rising by 11pc to €14.3m last year.

New accounts filed by Portwest Ltd show that the company recorded the increased profits after topping the €100m mark in revenues.

The figures show that revenues at the company last year increased by 17pc, going from €88.2m to €103.3m.

According to the directors' report, "the company traded satisfactorily during the financial year in line with directors' expectations and budgeted forecasts".

The firm produces outdoor leisurewear, personal protective equipment and workwear.

At the end of February 28 this year, the firm had accumulated profits of €63.26m.

The firm had shareholder funds of €65.23m and its cash pile more than doubled, going from €2.53m to €6.1m.

The bumper year for the firm resulted in the directors giving themselves a pay hike, going up from €411,884 to €740,663.

The directors are listed as Cathal Hughes, Harry Hughes, Owen Hughes, Anthony Kirby, Raymond Carney and Henry Alan Hughes.

Numbers employed by the firm during the year increased from 57 to 64, with staff costs going up from €4.49m to €5.33m.

The firm was founded in 1904 and Portwest is now a global business with bases in the UK, Poland, Germany, Dubai, Bangladesh and the US.

The profit takes account of non-cash depreciation costs of €104,432. The firm last year recorded a gross profit of €27.88m after cost of sales totalled €75.45m.

Irish Independent

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