The private company owned by the well-known Queally family from Co Waterford saw its profits collapse by almost 40% last year to less than €12m.

Accounts filed this week for Arrow Group, which is the name of the business owned by the Queally family that acts as a holding company for the family’s wide array of business interests, show the company reported a 39% fall in pre-tax profits to just over €11.6m, despite a 7% increase in sales close to €0.6bn.