Donegal’s iconic Magee clothing brand has bounced back into profit after a tough trading time during the Covid pandemic.
The clothing company is reporting strong sales demand and customer sentiment this year leading to improved trading.
New accounts filed by Donegal Bay Group Ltd show that the group last year returned to profit to record pre-tax profits of €784,986.
The profits last year followed pre-tax losses of €809,696 that was mainly due to exceptional costs of €736,084.
The return to profit last year followed revenues rising by 22pc from €7.17m to €8.75m.
Numbers employed increased by one to 80 last year as staff costs totalled €2.33m.
Chief executive of Magee Clothing Rosy Temple said continues to return to growth after a challenging time during Covid.
“Covid-19 continued to have an impact on retail trading in 2021 with the prolonged closure of non-essential retails.
“Magee 1866 has seen an encouraging recovery in the latter half of 2021 and into 2022 with strong demand across all areas; from our fabrics designed and woven in the Weaving Mill in Donegal town to the lifestyle collections for men, women, home interiors and accessories.”
Ms Temple said that independent retailers in Ireland and the UK, plus Magee’s own stores in Donegal town, Magee at South Anne Street and at Arnotts in Dublin, and www.magee1866.com continue to experience a positive sales uptake.
She said that Magee 1866 “continues to see a growing interest from both the domestic and international market for quality, design-led pieces made from natural fibre fabrics such as wool and linen”.
The directors state that it continued to avail of Covid-19 government supports and the amount the firm received in “other operating income” last year totalled €1.38m and this followed €596,185 received under that heading in 2020.
No costs were sustained under the group’s strategic plan last year. At the end of last year, the group’s shareholder funds totalled €3.65m while the group’s cash funds last year increased from €1.39m to €1.88m.
The profit last year takes account of non-cash depreciation costs of €165,128. The accounts disclose that Enterprise Ireland advanced a loan of €200,000 under the agency’s Sustaining Enterprise Fund and repayments are to commence in February 2025.
