Gate Gourmet, the Dublin airport based in-flight catering company, saw its pre-tax losses narrow to €1 million as it benefited from the easing of Covid-19 international air travel restrictions.
New accounts filed by Gate Gourmet Ireland Ltd show that revenues last year increased by 65% from €2.14 million to €3.53 million.
However, the 2021 revenues of €3.5m revenues are 80% down on pre-Covid 2019 revenues of €17.98 million.
The pre-tax losses of €1.04 million are 61% down on the pre-tax losses of €2.65 million recorded in 2020.
The company last year received €1.42 million in Government wage Covid-19 subsidy scheme supports and this followed Covid-19 wage supports of €1.13 million received in 2020.
According to the directors' report, the company's strategic plan "will be to sustain its profitability and build on its already strong business models".
They said that "we are confident that, in cooperation with our customers and other stakeholders, we will see the company’s financial performance continue to improve to pre-pandemic financial performance if no further restrictions are implemented in 2022".
At the end of December last, the company’s shareholder funds totalled €5.2 million that included accumulated profits of €641,899.
The company’s cash funds increased sharply from €239,025 to €1.11 million.
Underlining the impact of Covid-19 on Dublin airport based food and beverage firms, HMSHost Ireland Ltd last year recorded zero revenues due to the Covid-19 pandemic.
This compares to pre-Covid 19 revenues of €15.6 million in 2019.
HMSHost Ireland Ltd last year recorded pre-tax losses of €270,937 that followed pre-tax losses of €1.88m in 2020.
The Dublin business ceased trading in March 2020 due to Covid-19 and contracts expired at the end of January 2021.
The directors state that Covid-19 has delayed a new tendering process that will take place during 2022/23 with a trading date of 2024.
