Profits continued to sparkle at Dublin jewellery retailer Appleby as it recorded post-tax profits of over €440,000 last year.

New accounts for the family-owned retailer, Appleby Jewellers Ltd, show that profits of €441,983 for the 12 months to the end of April last were a 7pc increase on profits of €412,184 during the previous year which covered the early stages of Covid-19.

Commenting on the firm’s business performance, John Appleby, Director at Appleby Jewellers, said the business enjoyed “a slight improvement” in the sales of engagement rings during the Covid-19 period.

Mr Appleby said that “the rate of engagement ring business was completely unaffected by the inability to hold a wedding”.

He said: “People were anxious to mark all the positive developments in their lives. If anything, I’d say the engagement ring business improved.”

The business employs 50 people and Mr Appleby said: “Overall we were very happy with how the business performed in the fiscal year. Clearly we were heavily impacted by the pandemic, but we recovered well.

“While, like most retail businesses, we were forced to close during lockdown. It was surprising how our customers were willing to continue to do consultations online.

“We believe that the pandemic made people even more determined to celebrate important life events. Thus, even when we were closed, we managed to continue to conduct a small level of business.

He added: “So, while Covid-19 had an absolutely massive impact on the business, it is surprising how resilient a good brand with a strong customer proposition has proven to be. Business bounced back very quickly and continues to be good.”

The family business was founded in the 1950s and the main activity of the business is the manufacture, sale and repair of fine hand-crafted jewellery.

At the end of last April, the company’s accumulated profits had increased to €2.6m.

The company had shareholder funds of €3.99m and cash funds at the company doubled from €574,992 to €1.15m.

The profit last year takes account of non-cash depreciation costs of €98,409 offset by €22,761 received in Government grants. Aggregate remuneration to directors increased by 85pc from €391,655 to €723,459.