Revenues last year surged at the Porterhouse Group by 79 per cent to €25.55 million as the business recovered from the Covid-19 pandemic impact.
New consolidated accounts for Wavecrest Inn Ltd show that the hospitality group recorded an operating profit of €3.19 million in the 12 months to the end of February last.
This follows revenues increasing by €11.2 million to €25.55 million.
After finance costs of €517,514 and non-cash write-downs of €810,474 are taken into account, the group recorded a pre-tax profit of €1.86 million.
The pre-tax profits of €1.86 million is 50 per cent down on pre-tax profits of €3.74 million for the prior year which were skewed by a non-cash gain of €7.9 million on the value of investment property.
The accounts cover the Porterhouse Bars in Dublin and London, restaurants in Dublin and London and the group's brewery and distribution business.
Director of the Porterhouse Group, Elliott Hughes said: "The performance of the group last year was a great improvement on the year before but still below 2019 levels.”
Pre-Covid revenues
The group had pre-Covid 19 revenues of €29.74 million and Mr Hughes said: “Last year was challenging as we juggled changing restrictions, but we managed well and we are glad to get back to trading as normal in this year.”
Mr Hughes stated that the increase in turnover is largely related to reduced restrictions and closures due to Covid-19.
In the current year, Mr Hughes stated: “Business has been good in this financial year as trade has returned to normality. We have renovated and rebranded our bar on Nassau Street, Tapped, which saw us close for two months however aside from that we have been open and trading well for the year."
Mr Hughes stated that the business is “not looking to expand at this given time but focusing on growing and improving our existing operations after a challenging few years”.
A breakdown of the group’s revenues last year show that €20.8 million was generated through drink sales and €4.66 million through food sales. The company also received €3.74 million in other operating income.
The bulk of the group’s revenues were generated in Ireland at €21.46 million as UK revenues increased four-fold to €4 million.
Numbers employed increased from 180 to 194 as staff costs increased by 63pc from €3.8 million to €6.24 million. The staff costs included redundancy costs of €214,318.
Directors’ pay last year increased €146,775 to €284,802.
The group’s accumulated profits totalled €21.3 million while the group’s cash funds last year increased from €1.69 million to €5.7 million.
