One of the country’s best-known fashion brands, Magee, reported strong sales demand and customer sentiment this year, leading to improved trading.
New accounts filed by Donegal Bay Group Ltd show the group returned to profit last year, with a pre-tax profit of €784,986. The return to profit follows a 22% increase in revenue to 8.75 million euros. Last year, the number of employees increased by 1 to 80, with personnel costs amounting to 2.33 million euros.
Magee Clothing Managing Director Rosy Temple said: “Covid-19 continued to impact retail in 2021 with the extended closure of non-essential retail businesses.” She said Magee “has seen an encouraging recovery in the second half of 2021 and into 2022, with strong demand across the board; from our fabrics designed and woven at the Donegal City weaving mill to the lifestyle collections for men, women, interiors and accessories”.
Directors say it continued to receive government Covid-19 supports last year and the amount the company received in “other operating income” last year was 1, 38 million euros and this follows the €596,185 received in this respect in 2020.
At the end of last year, the group’s equity stood at 3.65 million euros, while the group’s cash position last year fell from 1.39 million euros to 1.88 million euros.