Revenues at fast food, hotel and property group Supermac's jumped by 10% to €189.4m in 2019.

New accounts show that the Pat McDonagh led firm enjoyed a record year before Covid-19 hit the business in 2020.

Supermac’s (Holdings) Ltd recorded a 3% increase in pre-tax profits to €24.5m in 2019.

This follows revenues rising by 10% from €172m to €189.4m.

In an interview last month, Mr McDonagh estimated that his fast food business will be down around 30% in revenues for 2020 while the hotel business will be around "70% plus down" due to the Covid-19 enforced closures and tourist industry impact.

Addressing the Covid-19 impact in the directors’ report, Mr McDonagh and his wife, Una state that the company will be in a position to trade through the current difficult period.

At the end of December 2019, the group had accumulated profits of €144m while its cash funds increased by €4.5m to €24.5m.

The two state that the business "has sufficient liquid resources to absorb any disruption to trade caused by Covid-19 for at least 12 months from the date of signing the financial statements".

The McDonaghs also state that the Covid-19 outbreak has had a material adverse impact on the company's interests in the hospitality sector in the US.

The group in 2019 continued on its upward growth path as the number of those directly employed increased from 1,720 to 1,964 in 2019 as staff costs increased from €37.47m to €43.3m.

The group, which operates the very successful Obama Plaza, recorded post tax profits of €20.8m after paying corporation tax of €3.9m.

The post tax profit takes account of non-cash depreciation costs of €5m.

The group continued its expansion in 2019 as €17.9m was paid out to acquire property and this followed a spend of €15.4m under the same heading in 2018. 

In 2019, directors’ remuneration stood at €152,425.

The accounts disclose that €1.99m was repaid to Pat McDonagh reducing the amount owed to the former school teacher at the end of 2019 by the group to €6.9m.