Profits and revenues up at clothing firm Portwest
Pre-tax profits at Co Mayo-based specialist-clothing firm, Portwest last year increased by 7pc to €21.87m as revenues surged.
New accounts show that Portwest Ltd recorded the increase in profits as revenues went up by 15pc from €126.86m to €146.56m in the 12 months to the end of February this year.
The firm has been operating since 1904 and is today run by brothers, Harry, Cathal and Owen Hughes. The main activity of the firm is the design, sourcing and distribution of protective clothing. Its revenues have grown from around €200,000 in 1979 to €146.5m.
The business's five-year plan aims to increase revenues to €1bn.
The group employs 2,000 globally with global distribution from bases located here, in the UK, Poland, Dubai, Australia and the USA.
Portwest also has manufacturing facilities in Bangladesh, Myanmar and China, and customer support staff in over 120 countries.
The directors state that the Westport-head-quartered firm "continues to develop new products within its chosen market".
Accumulated profits totalled €100.6m. The company's cash pile during the year increased from €17.1m to €25.7m.
Numbers employed increased from 70 to 77, with staff costs increasing from €6.1m to €7.7m. Directors' remuneration increased from €846,373 to €970,244.