Turnover dips but Gate Gourmet serves tasty profit
PROFITS at the Irish arm of inflight catering company Gate Gourmet remained strong last year, despite turnover dropping nearly 15pc during the year.
The company, which provides catering for flights out of Dublin Airport, made a profit for 2010 of €1.17m compared to €1.5m a year earlier, according to newly filed accounts.
Profits were maintained largely through cost-cutting, with wages and salaries in particular being reined in. They accounted for €4.05m in expenses last year, down €698,000 on 2009, even though staff levels remained almost unchanged at 135.
The company said it concluded a successful review of its operations in 2009 and was pleased at a "strong" performance in 2010.
"We are constantly seeking new opportunities and the directors hope to further expand the business in the foreseeable future and anticipate continued profitability in the coming year," the company said.
The company has been one of the few businesses to improve its bottom line during the downturn. It made less than €800,000 as recently as 2006.
Gate Gourmet Ireland is part of the Gate Group which provides the food on planes leaving dozens of airports across the globe including New York's JFK and Tokyo's Narita and Haneda airports.
The parent company reported operating profit of CHF88.4m on revenues of €1.3bn for the first half of 2011 last month.