On-trade

Pre-tax profits of €140k for Porterhouse Pubs

Revenue at Wavecrest Inns, the holding company for the Porterhouse Group of pubs, restaurants and brewery, showed a decline of 6% in the year to the 29th of February 2020, to €29.75 million from €31.65 million.

 

The company recorded pre-tax profits of €140,440 in the year set against pre-tax losses of €2.1 million the previous year.

The company recorded pre-tax profits of €140,440 in the year set against pre-tax losses of €2.1 million the previous year.

While most of the income resulted from its Porterhouse and Porthouse outlets as well and its brewing and distribution business, over a quarter of its overall income came from its outlet in London.

RoI income was down 9.4% to €22 million while the London operation took in €7.7 million (5.3% more than the previous year).

This comprised a decline of 29% on food sales to €5.9 million from the previous year’s €8.3 million figure), but a rise of nearly 2% on drinks sales to €23.9 million from €23.4 million the year before.

The company recorded pre-tax profits of €140,440 in the year set against pre-tax losses of €2.1 million the previous year. At €790,023, Operating Profits were down 21% on the previous year’s Operating Profit figure of €1 million.

Despite an increase in the number of staff from 247 to 285, staff costs fell 6% to €8.8 million from €9.4 million the previous year (which included over €72,000 set aside for redundancies).

Remuneration for the two directors Elliot Hughes and Liam LaHarte was up to €447,179 from €330,726.

According to Elliot Hughes in a report in the Irish Times recently the Group lost 10% of its workforce to other sectors during the subsequent pandemic.

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