Pre-tax profits perk up at Insomnia coffee shop chain
Numbers employed by company rise to 441 as new store openings drive revenue
“Revenue in 2018 was driven by new store openings in both the UK and Ireland as well as new product launches including the new Voyager medium roast coffee, ” the company said.
Pre-tax profits at the company behind the Insomnia coffee shop business increased to €3.69 million last year.
Accounts filed by BHJ Holdings Ltd show that revenues increased by 7.5 per cent from €28.78 million to €30.9 million.
The group’s profits sustained a hit in the previous year associated with the cost of businessman and broadcaster Bobby Kerr exiting the company.
Numbers employed rose from 405 to 441 as staff costs totalled €10.1 million.
“Revenue in 2018 was driven by new store openings in both the UK and Ireland as well as new product launches including the new Voyager medium roast coffee, ” the company said. “By the end of 2019 we will have 182 stores and 420 sites with self-service machines. In 2020 we will open our 200th store and our first store outside of Europe. We currently employ 560 staff directly and a further 320 within our franchise community.”
According to report, the group will look to further grow the business in Ireland as well as abroad.
A breakdown of the group’s income last year show that Irish revenues increased from €26.7 million to €28.5 million while UK revenues increased from €2 million to €2.38 million.
The group recorded operating profits of €5.27 million and enjoyed the pre-tax profit of €3.69 million after combined non-cash depreciation and amortisation costs of €1.25 million and interest charges of €324,835 are taken into account.
The business recorded a post tax profit of €3.18 million after paying corporation tax of €515,627.
Shareholder funds totalled €1.64 million while the business’s cash pile decreased from €2.8 million to €1.8 million.