The firm behind one of Ireland’s best known pubs, O'Donoghue's on Dublin's Merrion Row, last year suffered post-tax losses of €286,623 following the impact of Covid-19 restrictions.
The measures introduced during the pandemic greatly impacted the hospitality industry, with activities only returning to normal in January 2022 - more than six months into the year under review.
New accounts for O’Donoghues (Merrion Row) Ltd show losses of €286,623 for the 12 months to the end of June last were up 66 per cent on the €172,182 losses recorded the previous year.
Last year's loss resulted in accumulated profits falling from €1.75 million to €1.453 million and takes account of non-cash depreciation costs of €187,129, off-set by €210,944 in Covid support received from the State, up from €293,528 received the previous year.
As restrictions eased, the accounts show the number employed by the business increased from five to 20.
Prior to the pandemic, the business enjoyed strong profits of €434,020 in 2019, €521,152 in 2018 and €452,098 in 2017.
At the end of last June, the company had shareholder funds of €8.8 million, which included accumulated profits of €1.45 million.
The company’s cash funds increased sharply from €2.73 million to €3.29 million, while directors' remuneration increased from €106,754 to €128,142. The firm also paid out a dividend of €10,313.
The amount owed by the firm in taxation and social welfare due within one year increased from €11,823 in 2021 to €563,895 last year.
The pub, which is owned and operated by the Barden family, has long been associated with traditional Irish music, having regularly hosted the Dubliners.
The premises was built in 1789 and began operating as a full-time pub in 1934 when Maureen and Paddy O'Donoghue started running the bar.
Oliver Barden purchased the pub in 1988 and shareholder funds at the company last year totalled €8.87 million, which included €7.42 million in a revaluation reserve.