Orla Kiely reports 61 percent profit increase

Irish retailer Orla Kiely has filed its full year accounts for 2023, in which it said that it had seen a 61 percent increase in profit, taking overall profit for the financial year to 870,000 pounds.

The heritage brand additionally reported a 42 percent increase in turnover to 5.004 million pounds, while operating profits also saw an increase of 66 percent, rising from 659,000 pounds to 1.093 million pounds.

The results come as Orla Kiely bounces back from its administration filing in 2021, with the company stating that trading had “improved significantly” as it continues to “on the strength of its brand and designs”.

Turnover, for example, came in at 3.3 million pounds, up from 2.1 million pounds in the year prior, and was driven by product revenue and its e-commerce business, bolstered by the launch of a new website which it said has aided in significant growth in both the UK and international markets.

Orla Kiely’s royalties income also rose from 1.3 million pounds to 1.6 million pounds, while its cash balance remains stable at 1.9 million pounds, up from its previous 1.5 million pounds.

On the results, Dermott Rowan, managing director and co-owner of Orla Kiely, said in a release: “The Orla Kiely brand has delivered another year of strong trading. Our highly successful ecommerce operation has supported a significant jump in product income, as Orla Kiely products are enjoyed by more people in more countries.

“I am deeply proud of the Orla Kiely team for building the brand into the powerhouse of mid-century design that it is today, with a growing and dedicated international customer base.”