Profits surge 37% at Irish Costa Coffee and KFC operator
Pre-tax profits at the company which operates the Costa Coffee chain in Ireland and a string of KFC outlets here increased by 37% to €11.44m last year, accounts show.
The newly-filed accounts also show that revenues at MBCC Foods (Ireland) rose by 10% to €94.2m in the 12 months to the end of last January. A breakdown of the company’s revenues show that €70m was recorded in the Republic and €24.18m "in the UK".
The company’s profit last year takes account of non-cash depreciation costs of €6.3m and property lease rentals of €8.5m. Numbers employed by MBCC, in its last financial year, increased from 1,614 to 1,710 with staff costs jumping from €22.15m to €25.6m.
During the year MBCC continued its expansion by opening an additional 17 outlets. The company also opened an additional eight Costa Coffee outlets since its year-end and closed one of its KFC outlets, at the Omni Park Shopping Centre in Santry in north Co Dublin.
Since the end of last January, the company acquired five new properties in Ireland to enable it to expand its operations.
MBCC also said it has completed a detailed review of the business's trading activities and is confident that it has plans to continue to increase revenues and profits going forward.
Last year, the business spent €155,105 on uniforms; €522,473 on waste disposal and €209,313 on security.
Four directors served on the board during the year, Raju Tuli, Sundeep Tuli, Michael Conroy and Fiona Cooke. Directors’ pay last year increased sharply from €588,579 to €916,592.
MBCC Foods acquired the Irish franchise rights for Costa Coffee, from its previous owner Whitbread, in 2005.
Whitbread was, last month, cleared by the EU to sell the Costa brand to Coca-Cola.
