Louis Fitzgerald Group’s profits double on 2% turnover drop
The Louis Fitzgerald Group of pubs increased its pre-tax profits by112% to over €3.3 million last year to the end of June from €1.56 million the previous year, according to the group’s financial statement.
Print6 June 2013
The Group’s holding company, Ocsas Holdings, reported the doubling of pre-tax profits despite a reduction of 2% in sales to €54.3 million.
With pubs such as the Poitin Stil, Grand Central, The Quays and the Stag’s Head under its belt the group operates some 18 pubs around the country as well as the Louis Fitzgerald Hotel at Newlands Cross and the Arlington Hotel on the quays in Dublin.
"Despite difficult trading conditions and the pressures on the licensed trade and hotel industry as a whole” the group achieved operating profits of €8 million compared to €6.2 million in 2011, the report stated.
The directors cut their pay from €2.29 million in 2011 to €442,304 last year.
However the group increased its employee numbers by five to 663 during the year.
The group also reduced its bank loan total by €4 million to €82.8 million during the year.
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