Insomnia brews up three fold increase in profits to €2.49m as revenues increase to €39.87m
Pre-tax profits at the firm behind the Insomnia coffee chain brewed up more than a three fold increase in pre-tax profits to €2.49 million in 2023.
Accounts filed by BHJ Holdings Ltd show that the group recorded the sharp increase in profits as revenues increased by 7 per cent from €37.32 million to €39.87 million.
The pre-tax profits of €2.49 million for 2023 follow pre-tax profits of €797,236 in 2022.
The directors, Harry O’Kelly, John Clohisey and Barry Kehoe state that they are satisfied with the performance of the group in 2023 “and will look to further grow the business in Ireland as well as abroad”.
The company paid a dividend of €1.625 million during the year.
The directors state that the 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”.
The group operates a chain of coffee outlets here and in the UK and the €39 million revenues for 2023 top pre-Covid 19 revenues of €36.77 million for 2019.
The group recorded revenues of €39.16 million in Ireland and €714,853 in the UK.
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.
Insomnia Coffee Company is the country’s leading independent coffee shop chain and the 15th largest in Europe.
More than 25 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.
The company also has over 600 self-service machines in operation in Ireland and the UK.
The group’s operating profits totalled €4.69 million which takes account of €1.83 million in non-cash net depreciation costs and €106,679 in a non-cash impairment of assets.
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The group made a pre-tax profit of €2.49 million after paying interest charges of €251,834. The group had a post tax profit of €2.27 million after paying corporation tax of €217,000.
Numbers employed increased from 491 to 509 as staff costs increased from €12.65 million to €13.2 million.
The company continued to expand in 2023 as it paid out €3.1 million for the purchase of tangible fixed assets.
Shareholder funds at the end of 2023 totalled €8m that included accumulated profits of €7.44 million. The group’s cash funds increased from €1.45 million to €3.23 million.
Sourse: breakingnews.ie