Covid gives €18.58m haircut to Peter Mark’s 2020 revenues

The Peter Mark Hair Salon group took an €18.58 million haircut to revenues in 2020 due to Covid-19 shutdowns.

New accounts filed by Peter Mark Hair Salon Unlimited Company show that pretax profits more than halved to €493,458 in the 12 months to the end of December 2020.

The group only recorded a pre-tax profit after receiving €9.9 million in Government Covid-19 supports that included €9 million in wage supports.

The hairdressing industry was one of the hardest hit by Covid-19 restrictions, with Peter Mark directors noting that salons were closed for a total of 22 weeks in 2020 in accordance with Government guidelines.

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This contributed to revenues in the group's business across Ireland, both in the Republic and the North, decreasing by 37 per cent from €50.1 million to €31.53 million in 2020.

Numbers employed decreased by 440 from 1,805 to 1,365.

The directors noted that the impact of Covid-19 was reduced due to plans implemented by management including the introduction of cost-reduction measures and availing of Government supports. They said the group availed of various programmes to retain 1,300 of staff on the payroll despite being fully closed.

Grafton Street

Peter Mark has been operating for over 60 years since opening its first salon on Dublin’s Grafton Street in 1961, and today the Irish-owned business operates 69 salons across the island.

The group’s exceptional costs relating to Covid-19 include €478,623 spent on “salon PPE”, operating costs of €982,355 for the closure period, advisory costs of €97,000 and €13.2 million in payroll costs for employees in receipt of Government support.

The group’s overall staff costs reduced from €44.43 million to €31.87 million.

At the end of December 2020, the group had shareholder funds of €7.98 million while its cash funds increased from €7 million to €11.5 million.

The accounts – only signed off last month – show that the group recorded a post-tax profit of €299,081 for the year after paying corporation tax of €194,377.