Catering firm serves up profits rise despite sales fall
Sales at Fitzers Catering were hit in 2016 after Belfast Titanic brought its catering contract in-house, according to new accounts, writes
The firm, which employs around 580 full and part-time staff, still boosted pre-tax profits by 21.5% to €546,869, as revenues tumbled by 9% to €14.38m. The drop in revenues was attributed to a catering contract at Titanic Belfast coming to an end, in June 2016.
Chief executive Barry Storey said that “the 2016 bottom line was overall satisfactory”. In 2017, the company will post revenues of €13.2m and an after-tax profit of €400,000, he said. That compares with an after-tax profit of €498,225 earned in 2016.
Mr Storey said the business was bolstered in 2016 by the start-up of a new contract at Slane Castle, where the company’s contracts include Browne’s Bar and The Gandon Room.On the company’s projected revenues this year, Mr Storey said it is targeting revenues of around €13.6m, including a full year of trading at Slane Castle and increased revenues in the Convention Centre Dublin.
Fitzers has a five-year catering contract with the Convention Centre.Some of the company’s high-profile clients in 2016 included LinkedIn, Google, Facebook, the Pendulum Summit, and Dublin Comic Con.
Accumulated profits at the end of 2016 stood at €2.27m. The firm’s cashpile rose from €1m to €1.39m.
Staff costs in 2016 fell from €6.8m to €6.25m.
