O’Neills Reports Record €3.4 Million Profit Driven by Jersey Sales

O’Neills, the renowned sports brand, announced a record pre-tax profit of €3.4 million for 2024, bolstered significantly by soaring sales of replica jerseys for the All-Ireland hurling championship teams. The company’s latest financial accounts reveal a 2% increase in pre-tax profits, up from €3.34 million the previous year, driven by a 1.5% rise in gross profit, which climbed from €14.48 million to €14.69 million.

### Strong Demand for Replica Jerseys

According to Paul Towell, Finance Director at O’Neills, the Cork replica jersey emerged as the top seller throughout 2024 and into 2025. He highlighted that the Clare replica jerseys also experienced a surge in popularity, particularly due to the successful launch of the commemorative blue Michael Cusack jersey, worn by the Clare team during their All-Ireland semi-final victory over Kilkenny.

Mr. Towell noted that O’Neills has benefitted from the enduring popularity of its products, attributable in part to the “Paul Mescal effect” from the acclaimed series *Normal People*, which began in 2020. The demand for O’Neill shorts remains robust, continuing to drive sales through 2024 and into 2025.

### Boost from Local Sports Success

Further contributing to O’Neills’ impressive financial performance was the success of local teams. The company capitalised on the excitement surrounding Derry City’s appearance in the 2024 FAI Cup Final and Cliftonville’s victory in the Irish Cup Final. Mr. Towell reported “very strong sales” of jerseys for Bohemians and the DC Fontaines, indicating a healthy demand for club merchandise.

Despite these successes, Mr. Towell acknowledged challenges posed by the condensed GAA inter-county season. He stated, “It is a negative. It is a loss of six weeks of sales, and sales have more or less stabilised since last year.”

### Investments and Future Outlook

O’Neills employs 1,070 people across the UK and Ireland. The company has invested €3 million to expand its manufacturing capacity by an additional 50,000 square feet at its facility in Strabane. Additionally, O’Neills has established a new sales centre in Haydock, England, to enhance its service capabilities in the UK market.

Mr. Towell emphasised the company’s commitment to reinvesting profits back into the business, stating, “We have never paid a dividend.” The financial statements indicate that operating profits dipped slightly from €3.08 million to €2.95 million, but increased interest income of €450,042 led to the overall pre-tax profit of €3.4 million. This figure also considers non-cash depreciation charges amounting to €339,821.

Looking ahead, Mr. Towell is optimistic about the company’s performance in 2025, noting a 5% increase in revenue compared to the previous year. The workforce at Balbriggan Textiles has also seen a slight increase, with the number of employees rising by nine to 147, and total staff costs reached €6.45 million. Accumulated profits have risen to €27.92 million, while cash reserves increased from €9.2 million to €11.59 million. Following a corporation tax charge of €541,482, the company reported a post-tax profit of €2.86 million.

O’Neills continues to navigate the evolving landscape of sports merchandising while capitalising on local sporting successes and strategic investments to foster growth in the competitive market.