New financial statements reveal that the Rugby World Cup boost helped drive a 17.5% increase in pre-tax profits at Staunton Sports Ltd, rising from €6 million in 2022 to €7.11 million in 2023.

The company’s directors described the 2023 trading performance as “exceptional,” with revenues climbing 13.5% (€15.39 million) from €113.85 million to €129.24 million. They expressed satisfaction with the results.

Operating 47 stores nationwide and an online platform at elverys.ie, the Mayo-headquartered retailer continued its expansion strategy in 2023.

This included a significant €12 million acquisition of the former Debenhams store on Patrick Street, Cork, in May 2023. Elverys is expected to occupy 20-30% of the iconic 1920s-built building.

The directors noted several key factors influencing profitability, including inflation, supply chain disruptions, payroll and energy costs, rent, input expenses, and exchange rates.

Regarding industry challenges, the company acknowledged growing competition from online retailers, direct-to-consumer brand offerings, supply chain issues, and inflationary pressures. However, they emphasized that Staunton Sports Ltd remains well-positioned to navigate these challenges.

Employment numbers at the retailer increased from 555 to 571 in 2023, with staff costs rising from €14.53 million to €16.39 million. The year’s profits account for non-cash depreciation costs of €2.64 million.

Looking ahead, the directors remain cautious about inflation and the cost-of-living crisis but affirmed their commitment to business development. Investment will continue in online platforms, store expansions, and warehouse automation. The company also plans further sustainability initiatives in 2024 and beyond.

A key post-balance sheet development is the completion of the company’s automated warehouse installation, with further enhancements expected this year.

InterSport Elverys reported post-tax profits of €6.17 million for 2023, after a corporation tax charge of €942,984. The strong financial performance bolstered the group’s balance sheet, with shareholder funds rising to €33.08 million, including €27 million in accumulated profits.

Cash reserves grew from €5.98 million to €8.88 million, while property acquisitions totalled €7.33 million in 2023, compared to €2.8 million the previous year.

Additionally, the company paid €250,000 in consultancy fees to Budget Sports Ltd, a business controlled by Helen and Marita Staunton.