Turnover passes €13m as profits rise at Fallon & Byrne
Pretax profits for Dublin food hall, wine bar and restaurant business more than double
Fallon & Byrne is to open a new flagship food hall, delicatessen and casual eatery in Rathmines in Dublin shortly
Fallon & Byrne, the Dublin food hall, wine bar and restaurant business, saw turnover rise to €13.2 million last year, newly filed accounts show.
The business, which bounced back into profit in 2015 after a few turbulent years following on from it entering examinership, saw revenues rise by almost 5 per cent from €12.6 million recorded for the prior year ending June 30th 2015.
The company said there was also a 2 per cent increase in like-for-like business which exceeded the general rate of growth while gross margins rose 1 per cent to 55 per cent of turnover.
Pretax profits for the company more than doubled to €270,215 from €119,368. A year earlier it recorded a €166,432 loss.
Operating profits were up €38245 to €336,434. Earnings before interest, taxes, depreciation and amortisation (ebitda) totalled €559,144, up from €440,213.
“The ebitda figure in the context of the group’s total bank loans at the year-end of €388,644 leaves the group with a relatively low level of debt in comparison to its earnings,” the directors Paul Byrne, Fiona McHugh and Frank Murphy said in a note attached to the accounts.
“The directors feel the group is now very well positioned to take advantage of further opportunities for growth,” they added.
Fallon & Byrne, whose flagship Exchequer Street shop, wine bar and restaurant opened in 2006, established a second operation in the People’s Park, Dun Laoghaire in November 2014. The company, which is due to open in Rathmines over the summer,
It employed 179 people at the end of June 2016 with staff costs having risen from €4.5 million to €4.9 million.
The group entered examinership in December 2011, and emerged from the process in April 2012. The firm was unable to pay a €1.4 million tax bill, but was profitable when historic and current tax liabilities were not taken into account, the court was told at the time.