Flying Tiger retail stores back in the black
The firm behind the Flying Tiger retail stores in Ireland returned to profit last year to post pre-tax profits of almost €269,500. New accounts filed by Tiger Retail Ireland Ltd show the company posted the pre-tax profits as revenues rose 4% from €15.56m to €16.1m.
The business posted the profits after recording a loss of €171,201 in the previous year. The directors confirm that the firm plans for further expansion with the intention to open new stores in the future.
“The future growth of the business is dependent on finding suitable high-profile, high-footfall locations at appropriate rental levels,” said the directors.
Staff numbers were mostly unchanged in the year at 241, with staff costs at €4.7m. Separate accounts filed by Shannon-based industrial diamond manufacturer, Element Six show that pre-tax profits at the firm last year more than halved to $14.2m (€12.7m).
According to new filings, the South African-owned company sustained a sharp drop in profits after revenues dropped by 12% from $258m to $226.9m. Staff numbers at Element Six fell during the year from 535 to 513 people, while staff costs increased from $33.6m to $37.5m.
The directors in the accounts said that the main challenges it faced last year were trying to match the supply to volatile customer demand. Shareholder funds at the end of last year totalled $139.2m.
