The firm behind the Insomnia coffee chain last year brewed up a seven fold increase in pre-tax profits to €4.1m.
New accounts filed by BHJ Holdings Ltd show that the group's pre-tax profit increased by 640% from €557,858 in 2020 to €4.1m last year.
The group recorded the surge in profits as revenues increased by €2.76m or 11% from €25.52m to €28.28m.
The profits for 2021 also take account of "other income" of €3.2m made up of Government Covid-19 Employment Wage Subsidy Scheme (EWSS) payments, which compared to €1.8m in Covid-19 wage support payments received in 2020.
The directors state that they are satisfied with the performance of the group in 2021 "and continue to monitor and manage the impact of Covid-19".
On the Covid-19 on the business, the directors state that based on robust modelling of the impact of the crisis on trading for 2022 and 2023, the Board is "confident in the resilience of the business model and access to sufficient cash flows and financing to allow the group positively face the challenges ahead".
Insomnia has grown from a single location in a Galway bookstore in 1997 to an estate of over 170 coffee shops in Ireland and the UK.
It operates across a mix of company-owned high street stores and through franchise partnerships with Spar, Eurospar, Mace, Londis, Maxol, Aramark and individual high street franchise owners.
The directors state that the group plans to further develop and consolidate its existing activities in in the coming year.
The group's operating profits last year increased almost five told from €862,720 to €4.28m. The operating profit takes into account non-cash net depreciation and amortisation costs of €1.89m.
The group made a pre-tax profit of €4.1m after paying interest charges of €165,690. The group had a post tax profit of €3.68m after paying corporation tax of €432,265.
The revenues for 2021 are still someway off the pre-Covid-19 revenues of €36.77m for 2019.
The group's Irish revenues increased by 11.6% from €24.68m to €27.55m while UK revenues decreased from €834,875 to €726,925.
Numbers employed decreased from 463 to 433 as staff costs increased from €7.35m to €10.65m.
Shareholder funds at the end of last year totalled €6.93m, which included accumulated profits of €6.36m. The group's cash funds increased from €1.15m to €1.19m.
Reporting by Gordan Deegan
