Business Irish

Monday 23 July 2018

Sodexo enjoys a tasty profit as revenues leap

Enforcement Orders were served on food businesses in June by the Food Safety Authority. Stock picture
Enforcement Orders were served on food businesses in June by the Food Safety Authority. Stock picture

Gordon Deegan

Pre-tax profits at the Irish arm of catering firm Sodexo last year increased by 38pc to €3.734m as revenues jumped.

New accounts show that pre-tax profits at Sodexo Ireland Ltd increased after revenues went up by 11pc, going from €85m to €94.7m in the 12 months to the end of August last.

The accounts filed by Sodexo Ireland Ltd to the Companies Office show that the numbers employed by the firm last year increased from 1,710 and 1,866 as staff costs totalled €48.9m.

Emoluments for directors last year decreased from €290,000 to €269,000, which includes €52,000 in pension contributions. No dividends were paid last year.

Each day, the firm serves more than 90,000 people across 200 client locations in the country. At the end of August last, the firm had shareholders' funds of €5.4m, while its cash pile increased from €9.84m to €11.49m.

The firm's cost of sales last year increased from €75.15m to €83.9m, while administrative expenses decreased from €7m to €6.8m. The company recorded a 38pc increase in operating profits, going from €2.88m to €3.9m.

Interest payable and other finance charges totalling €223,000 reduced the firm's profits to €3.7m.

The firm recorded a post-tax profit of €3.2m after corporation tax of €519,000 was paid out.

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