The Dizz Group of Companies has reported a loss of €3.3m for 2020 as a result of lower revenue from its fashion division and administrative and tax costs.

It said the loss was a material variance of some €3.1m from the 2020 projections  issued on 14 July 2020 which had projected a loss of €203,000.

The group said it had an adverse variance of €4.7m due to a decrease in the selling prices charged by the fashion division to attract more sales.

This was offset by a significant positive material variance of €3.1m relating to other income, primarily consisting of rental income from investment property and the granting of the COVID-19 wage and rent supplements and 'other income derived from the diversification efforts of the Group.'

But the group said it also had an adverse variance of €949,000 in relation to administrative costs which was primarily due to an increase in legal and professional fees, fines, loss on termination of lease and a higher rental cost than projected. This variance was registered despite the granting of the COVID-19 wage supplements received.

There was an additional adverse variance of €529,000 with regards to taxation.

The group said it managed to reduce its negative cash and cash equivalents by  €1.1m by increases in cash generated from financing activities.