Business Irish

Sunday 21 October 2018

Profits up 60pc at Topshop Irish arm

Revenues were up at the firm which operates the Burton, Dorothy Perkins and Evans brands
Revenues were up at the firm which operates the Burton, Dorothy Perkins and Evans brands

Gordon Deegan

Pre-tax profits at the Irish arm of Cristina Green's retail firm Top Shop/Top Man last year increased by 60pc to £2.955m (€3.3m).

This follows revenues at Top Shop/Top Man (Ireland) Ltd increasing by 2pc from £25.58m to €26.1m in the 12 months to the end of August last as the brands benefit from the boom in the Irish economy.

The profits take account of an exceptional non-cash £106,000 charge in connection with future lease obligations of the firm's loss-making stores.

Numbers employed by the company last year decreased from 378 to 362 with staff costs increasing from £4.85m to £5.17m.

Topshop now sells in 620 shops across some 35 countries and accumulated profits at the Irish arm of the business last year increased - going from £2m to £4.5m

Ms Green and her husband, Philip Green have overseen the growth of the clothing brands and figures from a separate Green Irish firm which operates the Burton, Dorothy Perkins and Evans brand names show that the company returned to profit last year to record pre-tax profits of €1.84m.

Accounts for Arcadia Group Multiples (Ireland) Ltd show that the company returned to profit as revenues increased by 10.7pc going from £18.3m to £20.26m.

The profit takes account of an exceptional non-cash income of £420,000

Numbers employed at the company last year decreased from 370 to 356 with staff costs increasing from £4.6m to £5.5m.

Accumulated profits at the company increased from £9m to £12.37m.

Accounts for a separate Green firm, Miss Selfridge Retail (Ireland) Ltd show that it also reduced its pre-tax losses last year from £392,000 to £89,000. This followed revenues increasing by 11pc going from £4.29m to £4.774m. In common with some other Green-controlled firms, the Miss Selfridge firm last year incurred a non-cash exceptional expense of £51,000 against the future leasing obligations of its loss-making stores and also the impairment of tangible assets.

Numbers employed by the company last year increased from 95 to 108 with staff costs increasing from £1m to £1.29m.

The most recent accounts for the UK arm of Topshop/Topman show that pre-tax profits at the business last year plummeted going from £84.56m to £909,000.

Underlining the size of the operation in the UK, revenues at Topshop/Topman UK last year totalled £933m - a drop on the revenues of £990m recorded in fiscal 2016.

Philip Green's wealth is currently estimated to be around £2bn.

Irish Independent

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