Revenues at the group behind Costa Coffee Ireland and a string of KFC franchises here slumped by €48m last year due to the Covid-19 pandemic.
New accounts filed by Tuli (Holdings) Ireland Ltd show that the business's pre-tax profits reduced by 56% to €4.81m in the 12 months to the end of 31st January this year.
This followed revenues declining by 45% from €106.2m to €58m.
The business also operates Pizza Hut here and the figures show that 'other operating income’ of €10.5m, compared to €860,332 under that heading in 2019, prevented the business from recording losses last year.
The ‘other operating income’ was made up of ‘other income’ of €9.03m, royalties receivable of €1.36m and net rents receivable of €105,710.
The directors state that they have carried out a detailed review of the business "and are confident that they have plans in place to continue to increase revenues and profits going forward".
The directors state that they are satisfied with the results for the year and are in line with expectations due to the pandemic.
On the Covid-19 impact on the business since the end of last January, the directors state that due to measures taken the related impact of Covid-19 on the business is manageable.
The directors state that they "are confident that the company's results will return to pre-pandemic levels".
The Tuli (Holdings) Ireland Ltd accounts are consolidated and figures released by the Revenue Commissioners shows that Tuli (Holdings) Ireland Ltd subsidiary, MBCC Foods (Ireland) Ltd received payments under the Temporary Wage Subsidy Scheme (TWSS) and the Employment Wage Subsidy Scheme (EWSS) last year.
The pre-tax profits last year also take account of non-cash depreciation costs of €7.36 million.
Numbers employed at the business last year declined by 425, from 2,084 to 1,659, and staff costs reduced by €9.54m, from €30.53 million to €20.99 million.
Directors’ pay last year reduced by 62% from €787,751 to €299,779 made up of emoluments of €260,586 and pension payments of €39,193.
Tuli Holdings is owned by brothers Sundeep and Raju Tuli, who are based in Scotland.
The directors state that, during the year, the company paid interim dividends of €448,141 and declared dividends post year end of €547,452.
The directors state that "dividends are payable to directors at year end and are included in the director loan balances owed".
Shareholder funds at the end of last January total €55.17m while the group’s cash funds more than doubled from €4.28m to €9.5m.
