Pretax profits at The Wright Group increased almost threefold to €10.67 million last year as revenues surged at the expanding food and beverage company.
Led by chief executive Michael JF Wright, it operates outlets across Dublin, including the airport, and has expanded into new regions.
Consolidated accounts for its holding company Treasure Trail Holdings Ltd show the surge in profits coincided with group revenues rising 38 per cent from €35.6 million to €49.04 million in the 12 months to the end of last September. Pretax profits of €10.67 million compare to €3.96 million in 2022, a jump of 169 per cent.
The directors state that the 38 per cent growth in revenues “was driven by strong sales across our existing units and the successful opening of new units in new markets and regions in Ireland”.
“[We] are delighted to announce that the group again delivered exceptional financial performance in the current financial year.”
The group’s operating profit increased by 75 per cent to €9.32 million. while a net exceptional cost of €1.2 million concerning the write-off of intercompany balances and the disposal of Wrights Cafe Bar Airside Ltd reduced profits.
Operating profits were further lowered by €853,964 in interest payments offset by a €3.42 million non-cash gain on the value of investments.
Some of the group’s businesses include Marqette food hall at Dublin Airport, UCD food hall, the Bloody Stream in Howth, Hogs and Heifers in Swords and the Anglers Rest at Strawberry Beds, Dublin.
The directors state that the group’s earnings before interest tax depreciation and amortisation (EBITDA) last year increased by 54 per cent. This reflects the profit on the sale in Airside, improved operational efficiencies and cost management initiatives.
The accounts show the group recorded a profit of €4.96 million on the disposal of tangible assets in 2023.
The boost in revenues at the Swords-headquartered business coincided with passenger numbers at Dublin Airport increasing last year from 28 million to 31.9 million.
Numbers employed by the group almost doubled from 248 to 490 and staff costs increased by 50 per cent from €8.64 million to €12.99 million.
Aggregate directors’ pay last year declined by 20 per cent from €756,044 to €604,354.
The group recorded a post-tax profit of €8.59 million after incurring a corporation tax charge of €2.07 million.
At the end of September last the group had shareholder funds of €11.93 million. The group’s cash funds almost doubled from €3.9 million to €7.58 million.
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