Profits surge 48pc to €2m at Wexford group
Published 13/06/2015 | 02:30
Pre-tax profits at the firm behind the four-star Talbot hotel group and the long established Wexford-based Pettitt's supermarkets increased by 48pc to €2m in 2013.
The group also operates the Stillorgan Park Hotel in Dublin and revenues at the group declined marginally from €108m to €106m in the 12 months to the end of December 2013.
Numbers employed by the group decreased from 735 to 721.
According to the directors' report for Torski Ltd "the results for the year and the financial position at year end were considered satisfactory by the directors in light of the current economic environment."
The group operates the Talbot four star hotels in Wexford, Carlow and Stillorgan. However, the figures show that the largest proportion of the group's revenues come from the retail trade.
The group generated revenues of €87.3m in its supermarket business last year with its hotel trade accounting for €17m of revenues. The group also generated €1.35m through farming and €316,037 in rental income.
The profit takes account of combined non-cash depreciation and amortisation costs of €2.63m.
The figures show that Torski Ltd's three directors, Desmond Pettitt, Bernadette Pettitt and Cormac Pettitt shared emoluments of €1.23m - down on the €2.78m shared between the three in 2012.
The group increased its operating profits by 33pc from €1.674m to €2.23m.
The group's balance sheet remains strong with accumulated profits of €52.6m.
Shareholder funds totalled €57.2m while the group's cash decreased from €6.19m to €4.59m.
Staff costs declined from €18.59m to €18.12m.