MAYO sports retailer Intersport Elverys netted a near-60% rise in profits last year, boosted by the recovering economy and higher online sales, according to a report in The Sunday Times.
The group, which has 57 stores and employs over 700 people, made €1.78m pre-tax profit in 2016, up from €1.14m in 2015. Revenues rose 3% to €76.9m, from €74.6m in 2015.
The directors of Elverys said they expected the trend to continue this year. They have refurbished some stores and opened new outlets in Dungarvan, Co. Waterford, and Castlebar.
Elverys, the sponsor of Mayo GAA, was bought out of examinership in 2014 by its management with the backing of private investors.
According to the 2016 accounts, the company has renegotiated rents with landlords and cut costs, helping it to meet the terms of its banking covenants.
The Elverys directors said the company was facing challenges from online retailers and “uncertainty surrounding Brexit”, but was well positioned to manage those problems. They expect the improving economy to boost revenues and profits.
The directors of Elverys are Patrick Rowland, Jason Carey and Lorna Irwin. The company’s parent, West Roxbury Trading, was paid a management fee of more than €352,000 last year.
The company has €4.8 million cash on its balance sheet, the report added.