Pre-tax profits at The Wright Group were almost three times higher last year, as revenues surged at the expanding food and beverage group.
Profits of €10.67m for 2023 compare to pre-tax profits of €3.96m in 2022, a jump of 169%.
The group - led by CEO Michael JF Wright - operates outlets in Dublin Airport and across Dublin.
New consolidated accounts for Treasure Trail Holdings Ltd show that the surge in profits coincided with the group revenues rising by 38%, from €35.6m to €49.04m, in the 12 months to the end of September last.
The directors state that the 38% growth in revenues "was driven by strong sales across our existing units and the successful opening of new units in new markets and regions in Ireland".
The directors state that they "are delighted to announce that the group again delivered exceptional financial performance in the current financial year."
The group's operating profit increased by 75% to €9.32m and a net exceptional cost of €1.2m concerning the write off of intercompany balances and disposal of Wrights Cafe Bar Airside Ltd reduced profits.
Operating profits were further reduced by €853,964 in interest payments off-set by a €3.42m non-cash gain on the value of investments.
Some of the group's businesses include Marqette Food Hall at Dublin Airport, the UCD Food Hall, Hogs and Heifers in Swords and the Anglers Rest at Strawberry Beds, Dublin.
The directors state that the group’s earnings before interest tax depreciation and amortisation last year increased by 54%.
The directors state that this reflects the profit on the sale in Airside in Swords, improved operational efficiencies and cost management initiatives.
The accounts show that the group recorded a profit of €4.96m on the disposal of tangible assets in 2023.
The boost in business at the Swords headquartered business coincided with passenger numbers at Dublin Airport increasing last year from 28m to 31.9m.
Numbers employed by the group almost doubled from 248 to 490 and staff costs increased by 50%, from €8.64m to €12.99m.
The directors state that a focused strategic approach to balance sheet management has supported the growth strategy at the group.
They state that this has been done through assessing and reducing the group’s debt profile, maintaining adequate liquidity, and ensuring that all investment decisions generate sustainable returns and contribute to the group’s competitive advantage.
Aggregate directors’ pay last year declined by 20%, from €756,044 to €604,354.
The pre-tax loss also takes account of combined non-cash depreciation and amortisation costs of €2.22 million.
The group recorded a post tax profit of €8.59m after incurring a corporation tax charge of €2.07m.
At the end of September last, the group had shareholder funds of €11.93 million. The group’s cash funds almost doubled from €3.9m to €7.58m.
Reporting Gordon Deegan
