The Kilkenny Group has continued to be ‘cash positive’ despite the Covid-19 lockdowns that temporarily shut down the family-owned retailer’s craft and design stores during the pandemic.
That is according to new accounts for the group’s holding company, Clydaville Holdings Ltd, which show the business recorded pre-tax profits of €364,349 in the 12 months to January 26, 2020.
The Killarney-registered group recorded the pre-tax profits as revenues topped €34.15m.
The group currently operates 16 retail outlets, five cafés, some of which are co-located, along with an online store.
The group employs 290 and works with over 200 Irish suppliers of premium craft and design. Its stores recently reopened as Covid-19 restrictions eased. The group’s new ceo, Evelyn Moynihan, said yesterday that “footfall in shopping centres is ahead of the reopening last summer, and with outdoor hospitality open since last week, we are seeing further recovery in footfall in key city centre and town locations”.
Appointed in April, Ms Moynihan said the group’s annual 50pc-off summer sale “is also being well received and we are very confident in the prospect of restoring and growing business in the coming 12 months”.
Ms Moynihan replaced co-owner of the Kilkenny Group Marian O’Gorman, who now acts as group chairperson after over 20 years as ceo.
Addressing the Covid-19 impact on the business, the directors state that the business has availed of Covid-19 Wage Subsidy Scheme supports and all other available Government supports.
“This has had a very positive impact in countering the downturn on income for the period,” they stated.
The directors say they are very confident they will return to normal business activity levels during the current financial year without incurring any long-term negative effect on the group’s financial position.
They caution that the ongoing pandemic may impact the carrying value of certain long-term property assets since the year end. It is their view that Covid-19 will not have an adverse impact on the company’s ability as a going concern.
The group last year recorded operating profits of €836,312 and reorganisation costs totalling €325,015 reduced profits and this followed reorganisation costs of €1.55m in the prior period.