Staff costs hit profits at catering firm
A jump in staff costs last year hit profits at catering firm Sodexo Ireland with pre-tax profits declining by 80pc to €331,000.
Accounts just filed with the Companies Office show profits at Sodexo Ireland declined sharply in spite of revenues increasing by 1.5pc from €69.83m to €70.9m in the 12 months to the end of August last.
The firm's pre-tax profits of €331,000 follow pre-tax profits of €1.69m in 2013.
The figures show that the numbers that the French-owned company employed last year declined from 1,517 to 1,490 with the company providing a range of services that includes corporate catering, operating staff canteens along with award-winning restaurants.
Sodexo Ireland counts Irish international soccer star Stephanie Roche as a company health and well-being ambassador and the accounts state that no dividend was paid after a dividend of €2.85m was paid in 2013.
The firm's staff costs last year increased by €2.5m or 7pc going from €33.4m to €35.9m.
Over the past three years, Sodexo Ireland has recorded a customer retention rate of 97pc with revenues expected to reach €90m in the current financial year.
Directors' emoluments last year increased from €156,000 to €244,000. The firm has 200 client locations across the country and the company spends €19m per annum on local Irish foods.