Company Report: Denvir Holdings
Denvir Holdings is a Belfast-registered retail company which brings together a group of eight wholly owned subsidiaries.
Prominent among the subsidiaries are Argento Contemporary Jewellery and Pyrrha Ltd. Pyrrha trades in Scotland. Argento is also registered in the Republic as well as having large trading outlets in Northern Ireland.
In the most recent trading results, Argento profit for the year was £1.3m and at Pyrrha profit was £4.8m.
While not consolidated in Denvir Holdings, White Water Dreams is classified as a related party because it has the same directors as Denvir. The Irish-registered Argento is also deemed to be a related party. Denvir Holdings has enjoyed increasing turnover and enhanced returns on its investments in the last three years. Turnover has increased by over 60% and pre-tax profits were over 80% higher in the year to June 2017 than two years earlier.
The growth of the group has been assisted by a continuing programme of capital investment. The investment of £5.4m in 2017 comes from £3.1m in the purchase of investment property and £2.4m in tangible assets. Employment in the group, which averaged 449 people in 2015, has increased to 771 in the year to June 2017.
The balance sheet value of shareholders' funds increased sharply in June 2017 to reach £10.2m. The year-end figures in the two previous years were affected by both the retention of post-tax profits and the impact of dividend payments to shareholders of £4m in the year to June 2015 and £8m the following year. No dividends were awarded in the year to June 2017.