But Denvir Holdings, led by directors Pete Boyle and Ciara Denvir, swung to a pre-tax loss of £4.2m following the write-off of “intercompany bad debt” of £6m, the accounts said.
As well as Argento, Denvir Holdings is also the holding company for the directors’ property business, Angus Properties.
There are 18 Argento stores in Northern Ireland, with two in the Republic and four in Great Britain.
The cost of sales at Denvir Holdings, based at Royal Avenue in Belfast, rose from £6.8m to £7.1m.
Gross profit rose from £9.7m to £9.8m, while operating profit declined from £2.5m to £1.8m.
However, pre-tax profits of £2.5m in the year to June 30 2022 swung to a £4.2m pre-tax loss due to an exceptional item of £6m described in the accounts as “write-off of intercompany bad debt”.
The company declined to comment further on the accounts.
In a strategic report with the accounts, the group’s principal activities were given as “the retail distribution of all manner of jewellery and accessories in the UK, and property rental and development”.
According to the accounts, around £16.48m of turnover was derived from sale of goods, with the remainder from rental income.
Turnover from sales of goods was up from £15.6m the year before, though turnover from rental income had declined from around £876,260 the year before.
There were 248 employees, down from 256 the year before. But wages and salaries went up nonetheless, from £3.4m to £3.7m.
The strategic report said: “The directors are pleased to report another profitable year. Turnover has increased from £16.5m in the year ending June 30 2022 to £17m, with gross profit of £9.84m and operating profit of £1.8m.
“The group had a solid financial position at the year end with net assets of £21.7m, down from £26m, and net current assets of £4m, down from £10.5m.”
Describing market risk, the group said that it “operates in a retail sector that has become highly competitive and driven by sales discounting”.
“Political and economic uncertainties depress retail spending and discounting erodes profitability,” it said.
“Given the group’s history within the industry and service within its workforce, the group is in a strong position going into the year ahead.
“With a proven record of innovative and strategic planning and the ability to deliver excellent product and customer service, the directors are confident that the necessary skills and knowledge are available within the business to retain and grow the success it has seen in the current year.”
It added: “The group’s strategy is to further enhance its position within the UK retail jewellery and property market by offering a unique customer experience driving customer loyalty.”
It said the group would continue to concentrate on achieving maximum growth in the market sector by driving competitive strengths, improving efficiency in all areas of operations and aiming to increase market share and maximise sustainable profit levels.
The first Argento shop was opened in 1997.
This week law firm Millar McCall Wylie announced it had relocated to the Printworks building in Belfast’s Queen Street, owned by Angus Properties. It has carried out an extensive restoration of the red brick warehouse.
