Kilkenny Design back in profit in spite of ‘headwinds that were beyond our control'
Consolidated accounts filed by Clydaville Holdings Ltd show that the group recorded an operating profit of €504,244 after sustaining an operating loss of €865,603 in 2023 - a positive swing of €1.36 million.
Revenues decreased by €1.7 million to €31.36 million in the 12 months to January 28th 2024.
Kilkenny Design Group operates 17 bricks and mortar outlets here, including its flagship store on Dublin's Nassau Street, opposite Trinity College in Dublin.
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Clydaville recorded a pre-tax profit of €171,294 after various expenses - including €125,230 in reorganisation costs.
Numbers employed last year decreased from 283 to 219 while staff costs reduced from €9.67 million to €8.25 million.
The profits take account of combined non-cash depreciation and amortisation costs of €1.07 million. Directors' pay declined from €770,062 to €580,825.
After incurring a corporation tax charge of €101,930, the group recorded a post-tax profit of €69,364.
In accounts signed off on July 31st, the directors state that 'operating in an environment of economic volatility, Kilkenny Design faced headwinds that were beyond our control'.
They state that 'the ongoing global cost of living crisis added pressures on our cost structures posing additional challenges to the performance of the business'.
They state that the business 'delivered a turnaround in the current year, returning to profitability compared to a loss in the prior year'.
'This improvement reflects the positive impact of strategic initiatives and decisive actions taken by management, including operational restructuring, and proactive cost-saving strategies, margin-enhancing activities and the successful introduction of new brands and new Own brand ranges into the portfolio,' the accounts add.
'The company successfully restructured its debt during the year, resulting in improved financial flexibility. As a result, the company is now well-positioned to meet its debt obligations as they fall due.'
The directors state that 'a loan facility of €2.48 million, which was due to expire in August 2025, was refinanced in July 2025'.
Shareholder funds at the end of last year totalled €7.34 million.
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