Airport record boosts Gate Gourmet profits
Record numbers of passengers going through Dublin Airport contributed to pre-tax profits at catering firm Gate Gourmet last year soaring 57pc to €1.384m.
Last year, 29.6 million passengers went through Dublin Airport which resulted in revenues at Gate Gourmet Ireland increasing by 12pc - going from €18.4m to €20.59m.
The directors' report states that "the company performed strongly in 2017, delivering a profit before tax of €1.38m. This was mainly driven by increase in volumes and new customers."
The firm is engaged principally in food manufacture and in-flight catering facilities at Dublin Airport.
The directors' report states: "Efforts continue to optimise the performance of the business."
The report adds: "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 figures show the firm's operating profits increased by 60pc, going from €794,650 to €1.273m.
The company's balance sheet show that the firm's accumulated profits increased from €1.8m to €3m. Shareholder funds increased from €6.3m to €7.5m and the firm's cash last year decreased sharply going from €694,316 to €8,817.
Numbers employed by the company last year increased from 105 to 115 with 89 in production, 19 in administration and eight in management.
The profit takes account of non-cash depreciation costs of €97,995. The figures show that the firm's cost of sales increased last year from €11.37m to €11.62m with administrative expenses increasing from €6.24m to €7.69m.