Severance costs push Wrights parent to annual loss
The group behind the Howth-based Wright seafood and restaurant firm last year recorded a pre-tax loss of €102,589 due to almost €500,000 in redundancy costs.
New consolidated accounts filed by Ireland's Eye Seafoods Ltd show the vast bulk of redundancy costs of €494,800 appear under the heading of 'directors' remuneration'.
The group recorded the pre-tax loss in the 12 months to the end of January last, after recording a pre-tax profit of €695,271 in the prior year - a negative swing of €797,860.
Revenues dipped by 6pc, to €20m from €21.36m.
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The directors stated that they were pleased with the overall performance in the 12 months to the end of January last, and pointed out that the loss was due to the one-off redundancy costs incurred.
The directors also stated that the drop in revenues could be attributed to the closure of a restaurant in Dawson Street in 2017 and the closure of a retail unit at Dublin Airport in 2018.
Directors' pay more than doubled to €1.07m from €471,012 due to the redundancy costs. The €1.07m was made up of remuneration of €583,498 and redundancy costs of €494,800.
The group's main activities were the selling of smoked salmon and other deli products; the wholesale and retail of fish products; the operation of a convenience store at Dublin Airport; the operation of a restaurant in Howth; and the operation of a food court at T2 at Dublin Airport.
The directors stated that the main risk to the company was increased competition, but added: "Passenger numbers are increasing and the directors are confident, with their tight control on costs and superior products, they can continue to generate profits in the group."
Staff costs increased to €5.2m from €5m.