Temple Bar sees profit soar to €3.2m
The Temple Bar pub is one of the most famous pubs in the country,
And according to new accounts, one of the most profitable.
The accounts show pre-tax profits at the company that operates the Temple Bar pub soared last year by over €520,000, or 19%, to €3.29m.
In a bumper year for the pub company, gross profits at Temple Inn Ltd, jumped 17%, or by €1.48m, from €8.8m to €10.3m in the 12 months to the end of October 2016.
The multi-award winning Temple Bar pub is a haven for tourists throughout the year and it has its own merchandise shop adjacent to the pub selling Irish luxury brands.
The pub has had significant expansion in recent years.
Two years ago, it added a distillery store that serves Irish, Scotch, and rare whiskeys.
The two directors of the firm are Tom Cleary and Jackie Cleary who live in Dublin 4.
However, their aggregate pay last year fell from €360,819 to €337,197.
The monies were made up of €300,000 in salaries and €37,197 in pension contributions.
The Clearys also paid themselves a dividend of €100,000 for the year.
At the end of October, the group had accumulated profits of €11m and shareholder funds of the same amount.
The directors’ report states that the company which operates both as a licensed vintner and retail shops traded strongly during the year with the benefit of new outlets for the retail business.
The firm’s cashpile last year increased from €3.44m to €4.76m.
Staff costs, including directors’ salaries, last year increased from €2.12m to €2.33m.
The group’s operating profits last year ran to a total of €3.8m.
Net interest payments of €544,403 reduced the group’s profits to €3.29m.
Its had a post-tax profit of €2.84m, after paying corporation tax of €452,230.
The book value of the group’s tangible assets last year stood at €15.9m and the profit last year takes account of non-cash depreciation costs of €223,377.
The group recorded the operating profit after accounting for €4.6m in administrative expenses and €1.8m in distribution costs. The firm’s assets increased from €23.15m to €24.23m.
Its liabilities decreased from €14.8m to €11m with the firm’s net assets increasing by €2.74m.
This story first appeared in the Irish Examiner
