Pre-tax losses up despite increasing turnover at O’Dwyer Group

Despite a 4.5 per cent increase in revenue from €24.2 million to €25.3 million, the O’Dwyer brothers posted a pre-tax loss of €10 million in the year to the 25th September 2011, up 56.3 per cent on the 2010 figure of €6.4 million via their pub/hotel/cleaning company Toji Holdings.

The hotels and pubs arm took in €23.5 million.

The slimmed-down portfolio now managed by the O’Dwyer’s hotel and pub group consists of Break for the Border and the Dragon Bar as well as The Grafton and Trinity Capital Hotels. The others – Café en Seine, The George and Howl at the Moon – went into Receivership in 2009.

Operating Losses at Toji were €3.3 million last year after the group recorded a small Operating Profit of just under €300,000 in 2010.

This Operating Loss, however, also includes a €4.634 million write-down in fixed and current assets.

Together with a slight rise in interest payments to €6.74 million, net debt at the group rose to €115.9 million from €111.1 million where previously the company had managed to reduce its level of interest payments in 2010.

And despite again reducing its staffing from 322 to 304, staff costs increased slightly from €7.6 million to €7.7 million.
The amount owed to the banks again rose to €116 millilon from €111 million in 2010 and the group continues to rely on the support of NAMA.??Cap: Operating Losses at Toji Holdings were €3.3 million last year after the group recorded a small Operating Profit of just under €300,000 in 2010.