Costelloe profits top €184k
ACCUMULATED profits at the design management firm owned by Paul Costelloe, one of Ireland’s best known designers, last year increased to €1.374m.
New accounts filed by Paul Costelloe Design Management Ltd show the company recorded profit after tax and dividends totaling €184,354 for the 12 months to the end of August. The company has delivered consistently strong profits after dividends and after tax over recent years – €182,173 in 2018, €458,033 in 2017 and €236,649 in 2016.
The cash pile at the company last year increased from €1.29m to €1.6m.
The numbers employed remained static at six with staff costs, including directors’ pay, decreasing to €565,117 from €587,275.
Accounts show that one of the company directors, Gerald Mescal, was paid €112,000 in respect of financial consultancy, accounting, management and office services provided by his firm.
Mr Costelloe has been a feature on the Irish design landscape for decades.
His career highlights include designing a uniform for British Airways staff in 1992 that remained in service for a record 12 years, designing the Irish Olympic team uniform for the 2004 Athens Olympics, and designing the uniforms for the wives of the European Ryder Cup team from 2006 to 2011.
Mr Costelloe has benefited from his link-up with Irish retailer Dunnes Stores, which sells his
‘Paul Costelloe Living’ range.
The Dublin-born designer – who left Ireland for Paris at the age of 19 to “live off tins of ravioli”, as he once put it – soon became a royal favourite and designed many of Princess Diana’s outfits.