Revenues surge 79pc to €25.5m at Porterhouse Group

Porterhouse chairman Peter Mosley and director Elliot Hughes

Gordon Deegan

Revenues last year surged at the Porterhouse Group by 79pc to €25.55m as the business recovered from the impact of the Covid-19 pandemic.

New consolidated accounts for Wavecrest Inn Ltd show that the hospitality group recorded an operating profit of €3.19m in the 12 months to the end of last February.

This follows revenues increasing by €11.2m from €14.3m to €25.55m.

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 €1.86m.

That figure  is 50pc down on pre-tax profits of €3.74m for the prior year which were skewed by a non-cash gain of €7.9m 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, Elliot Hughes said: "The performance of the group last year was a great improvement on the year before but still below 2019 levels.”

The group had pre-Covid 19 revenues of €29.74m 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 said: “Business has been good in this financial year as trade has returned to normality.”

Mr Hughes said the group is not looking to expand currently but is focusing and growing existing operations.

A breakdown of the group’s revenues last year show that €20.8m was generated through drink sales and €4.66m through food sales. The company also received €3.74m in other operating income.

The bulk of the group’s revenues were generated in Ireland, at €21.46m, as UK revenues increased fourfold from €1m to €4m. The operating profit last year takes account of €1.1m in non-cash depreciation costs.

Numbers employed increased from 180 to 194 as staff costs increased by 63pc from €3.8m to €6.24m. The staff costs included redundancy costs of €214,318. Directors’ pay increased by  €146,775 to €284,802.

The group’s accumulated profits totalled €21.3m while the group’s cash funds last year increased from €1.69m to €5.7m.

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