Appleby Jewellers Ltd, a family-owned firm based in Dublin, saw a significant increase in profits last year, spurred by a soaring number of couples purchasing engagement rings. The company’s post-tax profits for the year ending April 30th significantly grew by 43.5% from the previous year, rounding off at €633,147. Accumulated profits touched the mark of €3.24 million by the end of April, boosting the family’s wealth.
“Business was quite favourable during the past year with persistent robust demand,” claimed John Appleby, Director at Appleby’s. “We saw an impressive surge in the count of couples intending to get married.”
The company mainly deals with diamond engagement rings, diamond jewellery, and other diamond rings, but they have recently noted considerable growth in gold and pearl jewellery. “Our key factor contributing to profit growth is an enhanced market share,” added Mr Appleby.
While the abridged financial accounts do not reveal a revenue statistic, Mr Appleby assured that their sales demonstrated “healthy growth”. The company is a family endeavour, with a team of four brothers holding directorial and ownership roles, and the next generation of Applebys also plays a part.
“We put in considerable effort to preserve our initial principles. From our standing in 2024, we take immense pride in offering the same level of experience to every customer, no matter the size of the purchase,” claimed Mr Appleby. The engagement rings from Appleby’s start at around €2,000, with no theoretical maximum limit.
Looking forward, Mr Appleby stated, “We’re constantly striving to sustain the growth rate, with some months performing better than others. However, Christmas brought us a strong sales period, hence we view the ongoing year with optimism.”
The company’s workforce consists of around 40 employees, including gemmology experts, craftsmen, design centre workforce and retail staff. The last fiscal year’s profits incorporated non-cash depreciation costs of €111,554. Directors’ remuneration experienced a 29% hike from the previous year, touching €936,863. Cash reserves dropped approximately by half to €648,926, with shareholder funds standing at €4.63 million.
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