Pre-tax profits at the hospitality group which operates the Oliver St John Gogarty pub in Dublin's Temple Bar this year increased by 53% to €5.04m.
New consolidated accounts filed by Martin Keane's Drayton House Holdings Ltd show that the group recorded the jump in profits as revenues rose by 27% from €13.1m to €16.64m in the 12 months to the end of February 28 this year.
The directors state that they are satisfied with the performance for the year and that "future objectives are for an improvement in profitability and further expansion of the group".
The directors state that the group is involved in operating a hotel, a pub and hostel, construction and investing activities.
The Blooms Hotel operator recorded post tax profits of €4.42m after incurring a corporation tax charge of €623,482.
Numbers employed by the group increased from 80 to 90 as staff costs rose from €3.15m to €3.69m.
Pay to directors Martin, Martina and Vera Keane increased marginally from €493,590 to €500,200.
The profit this year takes account of non-cash depreciation costs of €384,797.
A note attached to the accounts addresses the ongoing saga concerning the group's Iveagh Markets property on Francis Street in Dublin 8.
On the issue, the directors state that a subsidiary company within the group structure entered into an agreement with Dublin City Council to redevelop The Iveagh Markets.
The note states that a number of legal and title issues relating to the premises and site have been ongoing since the agreement was entered into and these legal and title issues have still not been fully resolved.
The note records that in December 2020, a third party entered the property and took possession of the property and Dublin City Council did not issue proceedings to protect its purported title to the property.
It states that in the opinion of the directors, having taken legal advice, this action was illegal and the subsidiary company together with its nominee companies within the group, who were to take assurances of parts of the property, are seeking legal redress from Dublin City Council and from the third party to correct this situation.
The note states that the directors are confident that the companies' legal action will be successful and the company will be able to proceed with redevelopment of the site.
At the date of signing these financial statements on November 27, the legal title to the property and the company's contractual arrangements with Dublin City Council are the subject of High Court proceedings.
The note adds that the legal title will not be assured until the ongoing legal matters are resolved.
The directors are satisfied that as at February 28, 2025 the carrying value of the long term leasehold land and buildings of €2.66m is appropriate having regard to the contractual arrangements with Dublin City Council.
The group generated €6.74m in net cash from operating activities this year as it paid out €1.79m on the purchase of tangible fixed assets.
At the end of February last, the group had a strong balance sheet with accumulated profits of €75.3m. The group's cash increased from €19.13m to €24.08m.
Reporting by Gordon Deegan
