Revenues at the Dublin Airport-based arm of airline catering company, Gate Gourmet, plunged by 88% to €2.14m last year.
As a result of the Covid-19 pandemic decimating air travel for much of 2020, new accounts for Gate Gourmet Ireland Ltd show that the company took a €15.8m revenue hit during the year.
The accounts for the in-flight caterer show that revenues reduced from €17.98m to €2.148m in the 12 months to the end of December, which includes the first ten months of the pandemic here.
As a result of the plummeting revenues, Gate Gourmet Ireland Ltd last year recorded a pre-tax loss of €2.65m compared to a pre-tax profit of €1 million in 2019 - a negative swing of €3.65m.
The company last year received €1.13m in Government wage subsidy scheme payments.
Numbers employed by the company reduced from 131 to 108, as staff costs almost halved from €5.4m to €2.74m.
According to the directors' report, Covid-19 impacted the company’s 2020 business performance, with the company’s like-for-like volumes at just 16.4% of 2019 levels.
The directors state that this "had a significant impact on revenues and profits".
They state that they expect the most significant potential impact on the financial results and cashflows resulting from Covid-19 to be in relation to when customers will resume flights and the number of passengers that will be travelling.
They state that "it is likely there will be a level of uncertainty for the foreseeable future. However, the company, together with the gategroup group, are well placed to navigate this unchartered market condition".
The loss last year takes account of operating lease expense of €1m and non-cash depreciation costs of €162,290.
At the end of December last, the company’s shareholder funds totalled €1.59m.
The company’s parent, Gate Group Holding AG, recently went through a financial restructuring which became effective on March 29th, 2021.
The restructuring was approved by the High Court of Justice in England.