Irish arm of catering firm enjoys tasty profits of €1.38m
Pre-tax profits at the Irish arm of catering firm BaxterStorey last year increased 15pc to €1.38m.
New accounts filed by Baxterstorey Ireland Ltd show that the firm's profits increased from €1.2m as revenues went up by 8pc to €39m. The firm - which provides a wide range of food services to businesses and industry - continued to expand last year.
Employee numbers increased from 506 to 569.
According to the directors' report, they are pleased with the results in the period to the end of January 1 of this year.
The directors' report states: "The year saw continued growth, with new business wins and growth of existing contracts increasing turnover by 8.2pc year-on-year."
The report adds: "Aligned with the increase in turnover has been robust margin performance with gross margin of 10.6pc versus the prior year's 9.3pc."
The directors state that the strong profit and loss performance is reflected in the year end balance sheet which shows net assets of €3.4m.
The directors say that they are confident that the business is adequately structured to realise the benefits of the significant growth already achieved and from the opportunities forecast for 2016.
The business's workforce was made up of 553 in production and 16 in office and management with staff costs increasing from €17m to €18.6m.
Directors' remuneration last year increased from €308,000 to €339,000.
A breakdown of the firm's revenues show that its Irish revenues increased by 10.6pc from €32.9m to €36.4m.
The firm's Dutch and Belgian revenues declined from €3.2m to €2.65m.