Pre-tax profits at pizza group, Domino's largest Irish franchise last year increased by 16% to €12.25m.
New accounts show that Domino’s firm, Shorecal was making 'lots of dough’ as revenues increased by 9% from €55.25m to €60.26m in the 12 months to the end of December 26th last.
Shorecal operates about 30 of the 86 Domino’s outlets across the country and also operates outlets in Northern Ireland.
The business is majority owned by the Belfast-based Caldwell family and the accounts show that in January of this year, the business paid out a dividend of €20.24 million.
This followed a dividend payout of €8 million in 2021.
Domino Pizza Group, the listed company that runs the pizza chain in Britain and Ireland, took a 15% stake in the business in 2019 for €12.5 million.
The Bronfman family from the US, whose wealth was originally derived from Seagram whiskey, also owns about a third of the business.
The directors state that both the level of business and the end of year financial position were satisfactory.
On the Covid-19 impact, the directors said they have seen "a significant effect on its trading activities as a result of the virus".
The directors add that they are confident that the group has the necessary financial resources and liquidity asset in getting through this uncertain period.
On the performance of the business since the end of last year, the directors state that the Covid-19 pandemic continues to have a negative effect on its trading activities.
The firm recorded a post tax profit of €10.34 million after paying corporation tax of €1.9 million.
The profit takes account of non-cash depreciation costs of €1.4 million.
The business generated sales of €40.7 million here and €19.49 million in Northern Ireland.
Numbers employed last year reduced by 74 from 516 to 442 and staff costs increased from €9.9m to €10.49m.
Accumulated profits stood at €27.87 million as its cash funds increased sharply from €15.2m to €27.5 million.
The company said it is awaiting a Court of Appeal ruling on its challenge to a tax assessment that one of its businesses wrongly treated its delivery drivers as self-employed independent contractors.
The case was heard last July.
The Revenue argued the drivers should be treated as employees for tax purposes.
Shorecal's Karshan (Midlands) business has subsequently lost appeals to the Tax Appeals Commission and the High Court in what was the first "gig economy" ruling from an Irish court.
The case dates back to a 2014 Revenue €215,718 assessment on Karshan’s tax treatment of its delivery drivers in 2010 and 2011.
The note states that in the event that the appeals is unsuccessful, the directors are of the opinion that the possibility of a liability behind the Revenue estimates for 2010 and 2011 is remote.
