Profits rise 14pc to €1.86m at Press Up hospitality group
Pre-tax profits at the country's largest and fastest growing pub and restaurant group, Paddy McKillen Jnr's Press Up Group, increased 14-fold to €1.86m last year.
New accounts filed by Orsen Ltd with the Companies Office show that the group recorded a significant rise in pre-tax profits as revenues increased by 32pc, going from €43.9m to €57.88m.
The group enjoyed the jump in revenues following the opening of nine new venues in 2017 that included the Stella Theatre, Roberta's Restaurant and Terrace and the Tomahawk steakhouse.
The directors said that "all the businesses in the group traded well in 2017, with increased profitability across the board".
The group - which owns dining spots including Temple Bar's Elephant and Castle restaurant - last year recorded earnings before interest depreciation tax and amortisation (EBIDTA) of €7.42m which represents a 54pc increase on the 2016 figure of €4.8m.
The business last year paid out of a dividend of €1m.
The directors said the top performers in the group last year were The Dean hotel, and Angelina's, along with new venues that opened during the year, most notably Roberta's and the Stella Theatre.
The directors said that the two new venues each "financially exceeded initial revenue projections". They added that seven new businesses have been added to the group in 2018 with the further expansion resulting in the group now employing 1,500.
New businesses in 2018 include the Stella diner, The Grayson Bar and Restaurant on Stephen's Green. Staff costs last year rose from €15.5m to €18.7m. Shareholder funds totalled €8m while the group's cash pile increased to €2.2m.