The firm behind one of Ireland’s best known pubs, O’Donoghue’s on Dublin’s Merrion Row is toasting a return to profit after recording post tax profits of €215,886 last year.
New accounts filed by the Barden family-owned O’Donoghues (Merrion Row) Ltd show the business recorded the profits in the 12 months to the end of June last after sustaining two successive years of Covid-19 related losses.
The business recorded a post tax loss of €286,621 in the prior year during which Covid-19 restrictions resulted in business for the pub trade only returning to normal in January, 2022 – more than six months into the year.
The accounts, signed off by directors Oliver Barden and Marie Barden on April, 2nd, show that at the end of June last, the company was sitting on accumulated profits of €1.669 million.
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The profit last year takes account of non-cash depreciation costs of €188,833. The company received no Government grants last year after receiving €210,944 under that heading in the prior year.
Covid-19 interrupted years of strong performance where the business enjoyed profits of €434,020 in 2019, €521,152 in 2018 and €452,098 in 2017.
At the end of June last, the company had shareholder funds of €9.09 million that included the accumulated profits of €1.66 million and a revaluation reserve of €7.42 million.
The company’s cash funds decreased from €3.29 million to €2.16 million. Directors’ remuneration more than doubled from €128,142 to €345,000.
The value of the company’s tangible assets last year increased from €6.12 million to €7.3 million and this was mainly due to the addition of an investment property that had a book value of €1.36 million.
The pub is owned and operated by the Barden family and numbers employed increased from 20 to 22 during the year. The abridged accounts do not provide a revenue figure for the year.
The pub has long been associated with traditional Irish music, the Dubliners in particular who began to play there in the 1960s. Bruce Springsteen has also been a visitor.
The premises was built in 1789 and in 1934 began operating as a full-time pub when Maureen and Paddy O’Donoghue opened the bar. Oliver Barden purchased the pub in 1988.
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