Profits fall 23pc to €417,000 at Fitzers Catering
CONTRACTS to cook for the likes of Elbow, Duran Duran, Picture This and Mumford and Sons helped Fitzers Catering record pre-tax profits of €417,553 last year.
CEO Barry Storey said the profits came in above budget as the company was estimating profits of €400,000 at the start of 2017. The pre-tax profit was down 23pc on the pre-tax profits of €546,869 in 2016. Revenues dipped by 6pc to €13.37m for 2017.
Please sign in or register with Independent.ie for free access to this article.
This arose from the company's contract at Titanic Belfast coming to an agreed end in June 2016 as the catering operation moved in-house.
Mr Storey said: "When the 2016 income from Titanic is stripped out, on a like-for-like basis the remaining group turnover is actually up 3pc."
The firm employs 70 full-time and over 500 part-time workers, and staff costs last year fell from €6.26m to €6m. Mr Storey said that 2017's performance was satisfactory with operating profits of €428,000 after incurring some non-recurring costs in the period, and that the pipeline for 2018, and 2019 is strong. At the end of December last, accumulated profits stood at €2.65m.