Irish catering and hospitality service provider Kylemore Services Group (KSG) grew its profit ninefold last year as turnover was boosted by increased sales and the addition of some new contracts to the business.
KSG Dining, the holding company for the group that operates commercial catering and restaurant and hospitality services in Ireland and Britain, generated a profit of €1,026,000 in the year ended March 31st, 2024, which was up from €112,000 the year before.
The rise in profit reflected an increase turnover at the group from €70.2 million in 2023 to €86.2 million last year. Cost of sales increased from €57.4 million to €69.8 million.
Shareholders enjoyed a dividend of €3 million after nothing was paid out in 2023.
KSG Dining is owned by DCC Group, chief executive Michael Gleeson and the Hogan family that originally founded the company in 1920.
It provides catering services to employers such as Microsoft, KPMG, Accenture, MSD, Pfizer, Deloitte and William Fry Solicitors.
It also operates restaurants, cafes and bars in locations such as Dublin and Cork airports, UCD and UCC, Liffey Valley Shopping Centre and Swords Pavilions Shopping Centre.
The directors of the company said it performed “satisfactorily” during the year as the operational activity continued to expand and grow.
They said the group “successfully managed” the impacts of labour resourcing challenges and food inflation.
They added they remained “optimistic” with regard to the trading outlook of the business and the “further development” of profitable growth and expansion opportunities.
KSG grew its headcount by 18 per cent last year, with the average number of people employed by the company up to 1,508 from 1,279 the year before. The company spent €38.5 million on staff, which was up from €33.2 million.
There were no State wage supports included in staff costs, down from 1 per cent in 2023.
