BaxterStorey profits dip but revenues rise
Pre-tax profits at the Irish arm of catering firm BaxterStorey dipped 7pc to €1.2m last year in spite of a jump in revenues. New accounts filed by BaxterStorey Ireland show that revenues rose by 14pc to €36m.
The firm continued to expand as employee numbers rose from 506 to 595. According to the directors' report, "we strive to be the food service provider of choice for clients who understand the benefits of local sourcing and demand the highest quality fresh food".
The directors say they are "very pleased" with the results.
"The year saw a continuation of high organic turnover growth with year on year turnover increasing by 14pc. Aligned with the increase in turnover has been robust margin performance with gross margin of 9.3pc versus the prior year's 9pc," they said. The directors say "the strong profit and loss performance is reflected in the year end balance sheet which shows €1.7m of cash".
Revenues were made up of €32.9m in revenues from Ireland with Belgium and the Netherlands making up €3.2m in sales. The Irish operation recorded a gross profit of €3.79m compared to a gross loss of €444,000 in Belgium and the Netherlands.