The firm behind the Insomnia chain of coffee shops last year brewed up pre-tax profits of €2.67m as the company eyes further expansion in the UK.
Consolidated accounts filed by BHJ Holdings Ltd show that pre-tax profits increased by 7% from €2.49m to €2.67m as revenues rose by 8% from €39.87m to €43.09m.
Directors Harry O'Kelly, John Clohisey and Barry Kehoe say that they are satisfied with the performance of the group in 2024 "and will look to further grow the business in Ireland as well as abroad".
They state that "we are actively seeking owned store locations in the UK at present and plan to build that estate to 20 stores by the end of 2029".
The group operates a chain of coffee outlets here and in the UK and Irish revenues increased by 8.5% from €39.16m to €42.52m while UK revenues declined by 20% from €714,853 to €574,063.
On the company's future developments, the directors state that the group plans to further develop and consolidate its existing activities in the coming year.
The company paid no dividend last year after paying out a dividend of €1.625m during 2023.
The directors state that the 2023 dividend was paid to the ultimate holding company, Insomnia Coffee Limited, which is a company incorporated in Malta.
The directors state that "no dividends were paid to directors by any group company during the year".
Insomnia Coffee Company is the country's leading independent coffee shop chain.
Markingg 28 years in business, Insomnia has grown from a single location in a Galway bookstore in 1997 to over 175 coffee shops throughout Ireland and the UK, both on the high street and in partnership with retailers such as SPAR, EUROSPAR, Londis, Mace, Central England Co-op, Eason, Meadows & Byrne and Maxol.
The company also has over 600 self service machines in operation in Ireland and the UK.
The group's operating profits increased by 5.5% from €4.69m to €4.95m before combined non-cash depreciation and amortisation of €2.02m and non-cash impairment of fixed assets of €215,262.
It made a pre-tax profit of €2.67m after paying interest charges of €46,441 which was show sharply on the interest charges of €251,834 in 2023.
The group had a post tax profit of €2.15m after paying corporation tax of €514,335.
Numbers employed rose from 509 to 512 as staff costs increased by 15% from €13.2m to €15.23m.
The company continued to expand in 2024 as it paid out €3.4m for the purchase of tangible fixed assets.
The group recorded receivable grant income of €721,200.
Shareholder funds at the end of 2024 totalled €10.17m that included accumulated profits of €9.6m.
The group's cash funds remained at €3.2m.
Reporting by Gordon Deegan
