Febvre records 87% increase in 2011 pre-tax losses

Febvre & Co recorded an 87% increase of in pre-tax losses to €1.9 million in the year to 31st December 2011 from the previous year’s pre-tax losses of just over €1 million on a turnover itself up 2% to €45.8 million from €44.9 million in 2010.

Febvre’s turnover in Ireland was up 4.6% to €26.3 million from €25.1 million in the previous year while that for the Rest of Europe was €19.6 million, down slightly from 2010’s €19.7 million.

The closing of the Group’s US office cost the company €68,293 while a bad debt arising from the collapse of R Harris Wines, the UK agent for its Paul Sapin SA wines company in France, was written-off costing the company €814,974. Initial losses of €281,682 in Febvre Travel Retail were also included in this total non-recurring item of €1.17 million.