ITSA BAGEL, the Dublin-based sandwich chain, restaurant operator and catering company, returned to the black last year, posting pretax profits of just under €366,000 for the year to the end of February 2010.
This compares to a pretax loss of €77,000 for the previous year.
Operating profit at the company, which is run by chef and Irish Times food writer Domini Kemp and her sister Peaches, jumped to €429,000 for the year, compared to an operating loss of almost €51,000 the previous year.
Domini Kemp said the company’s return to profit was due to a combination of cost-cutting measures, a diversified business model and increased revenue streams during the financial year.
In particular, the opening of two restaurants, in Brown Thomas in Dublin and Cork in April 2009, boosted revenue.
The previous year’s losses had been attributable to the sudden closure of the company’s outlet in the Habitat store as well as the general economic downturn, Ms Kemp added.
The accounts show that net debt fell to €167,500 during the year, down from €523,600 in the previous 12-month period.
Equity shareholders’ funds stood at €267,300 at year end, compared to a shareholders’ deficit of €98,600 the previous year.
The company’s two directors were the Kemp sisters.
Directors’ remuneration for the year, including pension contributions, was €369,000 up from €239,000 the previous year.
No dividend was paid.
Jerry Mellerick and Roark Cassidy were appointed as directors to the company subsequent to the end of the financial year, in May 2010.
Itsa Bagel operates four Itsa Bagel sandwich shops, in Dún Laoghaire, Sandyford, Fitzwilliam Lane in Dublin 2 and in Arnotts department store in Henry Street in Dublin.
A fifth outlet is due to open in Malahide in the coming months. In addition, the company has three restaurants, located in Brown Thomas in Cork and Dublin, and its Itsa4 restaurant in Sandymount.
The company also owns Feast Catering, a high-end catering company.
While the accounts show that the company employed 79 people during the period under review, Ms Kemp said this had now increased to approximately 100.
In terms of trading patterns since year-end, Ms Kemp said revenues have stabilised but the climate remains challenging, particularly for the restaurant side of the business.
