Operating profits at Brody Sweeney’s Camile Kitchen restaurant business last year plummeted by 83.5 per cent to €115,384.
New accounts show that operating profits at Camile Thai Kitchen Ltd reduced sharply at the restaurant chain as revenues decreased by 13per cent from €6.54 million to €5.67 million last year.
The operating profits of €115,384 compare to operating profits of €701,642 in 2021 and the profits were hit due to huge increases in food, labour, packaging and energy costs combined with a slow-down in consumer spending.
The firm recorded a pre-tax loss of €3.15 million after an inter-company loan of €3.2 million due to the firm from group companies was written off.
Two UK entities in the Camile group – Camile Thai Kitchen UK Ltd and Camile Thai Franchise UK Ltd – went into voluntary liquidation in April 2023.
A statement of affairs lodged with UK Companies House showed that Camile Thai Kitchen UK owed £2.988 million (€3.44 million) to Camile Thai Kitchen Ltd at the time of going out of business.
The decision to wind up the UK companies was part of a strategic refocus on Camile’s “flagship” business in Ireland, which continues to expand its footprint and will open its 50th restaurant here by the end of the year.
The accounts state that “Camile Thai continues to operate in the UK through franchisees and these are now contracted with the Irish entities”.
The growth of the business has been franchise led with the accounts confirming that there are currently five company owned stores in Ireland.
The directors state that they plan "to increase the number of stores, particularly franchised stores in the future".
Revenues last year were reduced after the firm enjoyed a “generally positive” business impact from the Covid-19 pandemic in 2020/2021 as the Camile Thai’s delivery model performed well as people stayed home.
The firm’s business performance in 2022 was "much more difficult than the previous two years”.
Speaking previously on the 2022 performance, founding chief executive and majority shareholder, Brody Sweeney said: "Huge increases in food, labour, packaging and energy costs, have not been helped by a slow-down in consumer spending as many of our hard-pressed customers struggle to make ends meet.”
Camile Thai Kitchen Ltd employs 79 and staff costs last year totalled €1.24 million. The firm’s operating profit takes account of non-cash depreciation and amortisation costs of €209,174.
At the end of December last, the firm had accumulated losses of €44,935. The company’s cash reduced from €160,782 to €81,451.
