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.
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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.