Porterhouse Group sees pre-tax profits rise

Wavecrest Inn, the holding company responsible for the Porterhouse Group of pubs, restaurants and brewery, saw an increase in pre-tax profits in its financial year to the 28th of February 2021 according to its Consolidated Income Statement lodged with the Companies Office. 

 

The company declared pre-tax profits of €3.7 million for the year, considerably up on the previous year’s pre-tax profit figure of €140,433.

However revenue halved to €14.3 million from €29.8 million in 2020.

Within this figure sales of drink accounted for €11.9 million, down from €23.9 million the previous year while food sales accounted for €2.4 million, down 60% from €5.9 million the previous year.

RoI revenue accounted for €13.3 million of the total income, down 37% from the previous year’s €21.2 million figure, while income from ‘Europe’ accounted for under €1.1 million, down nearly 90% from €8.6 million the previous year. Employee numbers (including the two directors Elliot Hughes and Liam LaHarte) were reduced during the year from 282 to 180.

Total staff costs fell 57% from €8.8 million to €3.8 million including a once-off €54,771 redundancy cost in the current accounts.

Directors remuneration (including contributions to pensions) was €146,775, down considerably on the previous year’s €490,274.