Profits soar by 82pc at Gogarty pub group
Published 05/02/2016 | 02:30
Pre-tax profits at the group that operates the Oliver St John Gogarty pub in Dublin's Temple Bar soared by 82pc to €3.1m last year.
The Martin Keane-controlled Drayton House Holdings operates the well-known Dublin pub.
It was named after the Dublin literary figure immortalised in James Joyce's 'Ulysses' where he appeared as Buck Mulligan.
Every year, tens of thousands of tourists descend on the pub and new figures for Drayton show that the pub contributed to revenues increasing by 6pc from €12.23m to €12.92m at the group in the 12 months to the end of February 28 last.
The group also operates Blooms Hotel in Temple Bar.
The accounts show that the group's pre-tax profits rose from €1.7m to €3.1m.
Numbers employed by the group increased from 104 to 107. Staff costs, including directors' pay, fell from €3.67m to €2.73m. The figures show that the number of administrative staff totalled 69, bar staff totalled 35 and number of construction staff at three.
The accounts show that operating profits increased from €1.76m to €3.12m.
Cost of sales totalled €2.6m while administrative expenses amounted to €7.15m.
During the year, the company spent €6.1m on tangible fixed assets and the book value of the firm's fixed assets increased from €26.7m to €32.6m.
The profit last year takes account of non-cash deprecation costs of €264,933. The directors' aggregate remuneration last year dropped marginally from €228,906 to €217,500 and a pension contribution of €900,000 to directors in 2014 was not repeated last year.
At the end of February last, the firm had €25.8m in accumulated profits with shareholder funds standing at €31m that included a revaluation reserve of €5.1m. The firm's cash during the year increased from €2.27m to €3.95m.