Business model pays off for Andrea as firm makes €1m
Published 08/08/2014 | 02:30
The model agency established by former Miss Ireland Andrea Roche has enjoyed bumper revenues of almost €1m in its first two years of operation, new accounts show.
The 37-year-old showed plenty of business know-how to establish the start-up company against long-established model agencies here, and her firm, the Andrea Roche Model Agency, almost doubled pre-tax profits last year to €28,467.
The rapid success of the firm has been helped by having some of the biggest names in Irish modelling on the agency's books - Georgia Salpa, who is now enjoying success overseas, former Miss World Rosanna Davison, and former Miss Universe Ireland Roz Purcell.
The Tipperary native established the Dublin-based firm in December 2011 after working for 13 years in the fashion industry and discovering many of Ireland's top models during that time.
The married mother-of-one combines her new role with overseeing a business that has 200 female and male models on its books, including Pippa O'Connor and Clara McSweeney.
The accounts for the 12 months to the end of December 2013 just filed by AR Models Ltd show that the business achieved revenues of €490,529 last year.
This was only marginally down on the €499,475 revenues generated in 2012. Combined revenues for the two years total €990,004.
The accounts show that the business last year recorded a gross profit of €179,054, and administrative expenses totalling €150,514 reduced the firm's profits to €28,540.
The profit represented an 82pc increase on the €15,675 pre-tax profit for 2012 that took account of start-up costs that contributed to cost of sales amounting to €352,677. Last year, cost of sales totalled €311,475.
At the end of December last year, the business had total shareholder funds of €40,004 while its cash pile at year end amounted to €68,631.