Fallon & Byrne returns to profit
Company's directors feel the group is 'very well positioned to take advantage of further opportunities for growth'
30 March 2016
The upmarket Dublin food hall, wine bar and restaurant business, Fallon & Byrne, returned to profit last year, with turnover rising by an impressive 19.2%.
The Irish Times reports that for the 12 months ending June 2015, the company’s pretax profit was €119,365. This reversed a loss of €166,432 the previous year. Furthermore, the company’s newly-filed accounts also showed sales rose from €10.6 million to €12.6 million. This led to earnings before interest, taxes, depreciation and amortisation (ebitda) of €528,806.
With its total bank loans at the year-end amounting to €400,000, Fallon & Byrne said this ebitda figure left it with a “relatively low level of debt in comparison to its earnings”. The company also reported an 8% increase in like-for-like business during the year under review.
The group which opened a second site in November 2014 at the People’s Park in Dun Laoghaire, expressed optimism about its future.
“The directors feel the group is now very well positioned to take advantage of further opportunities for growth and to leverage off the business’s strong brand recognition and reputation for quality,” the group said in a statement.
The Irish Times also reports Fallon & Byrne is set to be an anchor tenant in the redevelopment of Dollard House, a building on Wellington Quay, Dublin, beside the Clarence Hotel.
Fallon & Byrne entered examinership in December 2011, and left the process in April 2012. At the time, the group was unable to pay a €1.4 million tax bill.