Profits leap to €36.58m at clothing firm Portwest
Pre-tax profits at Co Mayo- based specialist clothing firm Portwest last year increased by 67pc to €36.58m as revenues surged.
New accounts show that Portwest recorded the increase in profits as revenues went up by 26pc from €146.56m to €185.27m 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 and the firm's revenues have grown from around €200,000 in 1979 to €185.27m.
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The business's five-year plan is aiming to increase revenues to €1bn.
According to the directors' report, they are satisfied with the company's performance for the year and expect it to continue to improve.
The group employs 2,000 globally with distribution from bases located here, in the UK, Poland, Dubai, Australia and the US.
Portwest also has manufacturing facilities in Bangladesh, Myanmar and China.
Accumulated profits totalled €133.3m. Directors' remuneration last year increased from €1.14m to €1.2m.